Merchant Services Software Boosting Healthcare Payment Systems
healthcaretechoutlook

Merchant Services Software Boosting Healthcare Payment Systems

By Healthcare Tech Outlook | Tuesday, July 09, 2019

Merchant Services

Providing a higher level of flexibility and options in terms of healthcare payments such as monthly installments or any other plan is a great initiative that can help both the patients as well as the hospitals.

FREMONT, CA: Security and efficiency are the prime concern with national healthcare spending expected to rise by 5.5 percent per year from 2017 to 2026. The current healthcare payment processing solutions are outdated and must be revamped to cut down the costs and enable better patient experiences.

Critical areas that need urgent attention are utilizing a modern payment system to support creative payment plans and centralize analytics and reporting information. Healthcare organizations must also gear up to meet PCI and HIPAA standards.

Here are some of the ways toward safe and effective merchant services:

Vet Payment 

Payment providers imply a covered business entity. An antique system that fails to secure a patient’s data can be unintentionally violating HIPPA. And if outdated medical software is storing full card numbers, then it can be a violation of PCI.

As per the survey by NueMD, 60 percent of the respondents were ignorant of the upcoming HIPAA compliance audits. In case of PCI and/or HIPAA breach, along with hefty fines, almost 65 percent of the customers might consider switching providers.

EMV for Secure Transactions

Europay, Mastercard, and Visa (EVM) is a relatively older term, but its adoption by the U.S. healthcare system has been slow. There are numerous benefits of incorporating EMV, such as the diminished risk of lawsuits and fines, and secure patient data.

Moreover, it is easier to support EMV with custom point of sale (POS) integrations that make it easier to track payment transactions and enhance efficiency.

Diverse Payment Solutions

Providing a higher level of flexibility and options in terms of healthcare payments such as monthly installments or any other plan is a great initiative that can help both the patients as well as the hospitals.

Since the patients will be equipped with broader payment flexibility, they will rarely forego treatment or care while simultaneously increasing payments.

Patient Engagement

As the healthcare move toward patient-centric solutions, it is imperative that the health systems and the payment methods must also be scaled to meet the standards as seen elsewhere. By integrating multiple payment options, especially those used by people in everyday life, hospitals can promote a higher level of patient engagement.

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