3 benefits of integrated payments in healthcare

May 26, 2021

A look at factors to consider when evaluating payment strategy and innovation.

By Tyler Eppley, Vice President, U.S. Bank

Today, healthcare organizations are complex enterprises that rely on a variety of software applications to collect, organize and process information. While these technologies offer many advantages that make managing a clinic or hospital easier, problems and inefficiencies can arise if they work in isolation.

For a smooth flow of information, integration across all your systems is key. This allows your various digital programs for medical records, billing and payments to automatically share data effectively.

When it comes to integrating payments, you need to implement a secure solution that protects patient data while seamlessly connecting with your other technology platforms. Here are just some of the benefits of integrated payments in the healthcare space:

 

1. Communicate seamlessly with your technology stack 

Effortless communication between all technology platforms is a top priority for most healthcare organizations that are working hard to follow industry best practices. In fact, a recent Deloitte Insights article argues that “consumer-centric care and interoperability are the keys to success” in the future of healthcare.

More than a crucial goal for providers, interoperability has become a compliance issue. The Centers for Medicare & Medicaid Services recently implemented a rule that requires organizations to share healthcare information with patients electronically via application programming interface (API) technology. The aim of this regulation is to provide patients with improved, instant access to their information on their smartphone, tablet or computer, as well as reduce the burden on payers and providers.

By integrating your payment solution with your business and clinical systems, you’ll not only ensure adherence to new compliance requirements, but you’ll also reap advantages of seamless communication with your technology stack. When payments are connected to appointment booking and electronic health records (EHR) systems, staff will spend less time reconciling various platforms and entering information manually. This frees them to focus on tasks that directly improve the patient experience.

 

2. Improve patient services and support

Integrated payments allow healthcare staff to access patient and payment data all in one convenient place. This facilitates more effective engagement between staff and patients, especially since an integrated payment solution can provide suggested scripts and prompts for staff.

With simple access to combined payment and patient data, providers can easily provide clear and consistent information that addresses common patient queries, including options for paying for care at the time of service, recurring payments to help manage high medical costs and prompt-pay discounts. Providers can also securely keep the patient’s card on file for future or remote payments, as well as schedule payments for recurring appointments like physical therapy or dialysis.

Many of these payment services are already of interest to patients, especially those who struggle with affordability. In our 2021 survey of U.S. healthcare consumers, we found that most patients appreciate options for managing their financial responsibility. According to our research, 46% are extremely likely to take advantage of a lump-sum bill discount, while 59% of consumers are very to extremely likely to choose recurring bill payments.

By streamlining communication around these services and payment options, patients can spend less time worrying about how they will pay for a visit and more time asking questions related to care and treatment. This can lead to increased patient satisfaction and better health outcomes.

“According to our research, 46% are extremely likely to take advantage of a lump-sum bill discount, while 59% of consumers are very to extremely likely to choose recurring bill payments.”

3. Collect payments quicker and more easily

An integrated payment solution opens up a variety of payment options, from self-serve kiosks to email. This means providers can offer the innovative payment methods patients really want. For example, our survey showed a strong consumer demand for newer options, with the top five ways for providers to modernize payments being patient portal (37%), mobile app (32%), contactless mobile wallets (24%), pay by text (20%) and pay by scanning QR code (17%).

Plus, these additional payment touchpoints create more opportunities for patients to pay, increasing the likelihood of prompt collection. In fact, our survey found that 31% pay medical bills faster when notified by text or email.

This makes a lot of sense, since patients can integrate paying their bill into other healthcare activities. For example, they can opt to pay for their previous visit while checking in for their current appointment at the self-serve kiosk or pay on the online patient portal when they go to book an appointment or request a prescription refill.

Patients benefit because these options make it more convenient for them to pay on their terms, whenever and however they want. Providers benefit because staff can spend less time processing payments and following up on past-due bills. As an added benefit for all, many of these methods are more secure, and 35% of consumers indicate security is the reason they’d like their healthcare provider to improve digital payment options.

 

Powering integrated payments

Payment integration offers many benefits to patients and providers, and it plays an essential role in improving patient access to their healthcare information. U.S. Bank specializes in integrated payment solutions, with unique tools and features for healthcare.

 

To learn more about how the pandemic is transforming healthcare payments and patient expectations, check out the full results from our survey in our 2021 Healthcare Payments Insight Report.

Tyler Eppley is the vice president of healthcare payment solutions at U.S. Bank and has worked exclusively with providers for more than 15 years to optimize revenue cycle operations and improve the patient experience.

Related content

6 things to know about long-term care insurance cost and benefits

Is your employer long term disability insurance enough?

What is Medicare? Understanding your coverage options

Myth vs. truth: What affects your credit score?

More payment options create checkout success

Want AP automation to pay both businesses and consumers?

Meeting healthcare strategy goals with electronic patient refunds

Access, flexibility and simplicity: How governments can modernize payments to help their citizens

How to plan and save for adoption and in vitro fertility treatment costs

Healthcare costs in retirement: Are you prepared?

ABCs of APIs: Drive treasury efficiency with real-time connectivity

How a Health Savings Account (HSA) can benefit your retirement plan

Colleges respond to student needs by offering digital payments

6 timely reasons to integrate your receivables

Benefits of billing foreign customers in their own currency

Improve government payments with electronic billing platforms

Hospitals face cybersecurity risks in surprising new ways

Webinar: Robotic process automation

Webinar: CRE technology trends

5 Ways to protect your government agency from payment fraud

Government agency credit card programs and PCI compliance

Standardizing healthcare payments

Consolidating payments for healthcare systems

Modernizing fare payment without leaving any riders behind

Tap-to-pay: Modernizing fare payments pays off for transit agencies and riders

How real-time inventory visibility can boost retail margins

Escheatment resources: Reporting deadlines for all 50 states

Payment industry trends that are the future of POS

White Castle optimizes payment transactions

Managing the rising costs of payment acceptance with service fees

Three healthcare payment trends that will continue to matter in 2022

Webinar: CSM corporation re-thinks AP

Increase working capital with Commercial Card Optimization

3 benefits of integrated payments in healthcare

Top 3 ways digital payments can transform the patient experience

Automate accounts payable to optimize revenue and payments

Automate escheatment for accounts payable to save time and money

Ways prepaid cards disburse government funds to the unbanked

Webinar: AP automation for commercial real estate

Understanding and preparing for the new payment experience

Safeguarding the payment experience through contactless

COVID-19 safety recommendations: Are you ready to reopen?

Higher education and the cashless society: Latest trends

3 ways to make practical use of real-time payments

4 benefits to paying foreign suppliers in their own currency

Restaurant surveys show changing customer payment preferences

Unexpected cost savings may be hiding in your payment strategy

Digital trends poised to reshape hotel payments

Enhancing the patient experience through people-centered payments

Automating healthcare revenue cycle

Overcoming the 3 key challenges of a lump sum relocation program

Streamline operations with all-in-one small business financial support

How mobile point of sale (mPOS) can benefit your side gig

Rethinking common time management tips

6 common financial mistakes made by dentists (and how to avoid them)

How to apply for a business credit card

How jumbo loans can help home buyers and your builder business

How to accept credit cards online

How Everyday Funding can improve cash flow

3 steps to prepare for a medical emergency

When your spouse has passed away: A three-month financial checklist

What documents do you need after a loved one dies?

How to save money in college: easy ways to spend less

3 awkward situations Zelle can help avoid

Dear Money Mentor: How do I set and track financial goals?

7 financial questions to consider when changing jobs

P2P payments make it easier to split the tab

Dear Money Mentor: How do I begin paying off credit card debt?

Disclosures

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.