As you’ve seen by now, are many people and processes involved in revenue management from collections, processing and patient communication – all of which are undoing decades of manual practices to participate in digital processes that empower today’s connected, educated consumer.
The increasing share of patient responsibility brings with it an increase in providers taking on added risk responsibility to ensure data collection remains secure throughout the payment process.
Below is an example of how responsibility can be integrated into the entire transaction process to empower transparency through systems such as Provider Financial Engagement (PFE) from Payspan.
Maintaining privacy remains the paramount concern and the healthcare economy will continue to see an increased awareness in encryption-based protocols that make sure the transmission of data remains secure in the new fluid, transparent transactions environment.
Whether consumers need to make a one-time or recurring premiums payment or they need to pay provider payments quickly online, making payments more efficient, clearer and more accurate brings new value to healthcare relationships while supplying the ease-of-use and flexibility they desire.
Health systems have been in place to facilitate payments for decades, yet these traditional payers often struggle with billing accuracy, a huge barrier to embracing the digital revolution. Everyone is taking a hit especially those previously entrenched in manual processing.
In order to overcome these barriers, it requires pairing the right programs and technologies together to ease the workload of the payment process while reducing administrative time and costs.
How have you experienced the payment struggle? How have you seen the payment struggle been solved when both money and data are reconciled?