The healthcare industry is growing increasingly complicated. Providers are often operating at the intersection of complex IT and billing solutions, competing state and federal policies, and the ever-evolving data-security landscape.
While this operational complexity can seem daunting, a recent survey has shed light on the various challenges facing the industry today, as well as issues that healthcare servicers will encounter in the future.
A 2018 Healthcare Business Strategy and Technology Survey polled the nation’s leading healthcare providers to reveal insights, challenges, and strategies related to topics such as healthcare payment processing, data security, billing and coding, and others.
Survey respondents included:
- Healthcare collections facilities (50%)
- Multi-location hospitals with shared service centers (25%)
- Single location medical practices (25%)
The survey revealed the following challenges:
Respondents said that patients’ inability to pay is the biggest challenge they face when it comes to revenue reconciliation. Respondents also noted that a lack of payment channels can also hamstring healthcare operations, including an absence of online payment portals, virtual assistants, or hospital staff to assist patients.
When it comes to payment processing and collections, 90% of respondents said they accept electronic payments from patients, including credit cards and debit cards as well as health savings or flexible spending accounts.
Integrating IT solutions like accounts receivable collections software into your healthcare organization can help alleviate some of the billing pains associated with patient checkout and payment collections. Accounts receivable collections software can also ensure that financial transactions are secure, efficient, and provide real-time data.
Innovative Payment Options
The survey also revealed that web payment options are increasingly important for healthcare providers. More than 60% of respondents said their institution or organization plans to add web payment options within the next 12 months.
Additionally, approximately 25% of respondents said they plan to add automated payment options to their phone system. This was an increase of 12% from last year.
Interactive voice response options, such as virtual assistants and intelligent automation, increased from last year as well. According to the survey, an estimated 50% of healthcare providers reported using or planning to adopt automated response systems, which is an increase of 7% from last year.
Regulations stipulated under the Health Insurance Portability and Accountability Act (HIPAA) are a big deal for healthcare providers, according to the survey. HIPAA rules are extremely complex but are intended to protect patients’ medical records and personally identifiable information. In fact, a majority of survey respondents ranked HIPAA compliance and reporting requirements as the top two factors when choosing a payment processing service.
Although documentation practices such as coding and billing weren’t discussed in the survey, insufficient or inaccurate documentation can lead to huge headaches for both the patient and healthcare provider. An estimated 80% to 85% of denied claims stem from incorrect documentation. Essentially, insurance companies can deny claims if bills and medical records are not coded to complete accuracy.
Payscout is a trusted, global payment processing provider working across six continents and connecting merchants and consumers via credit, debit, ATM, and alternative payment networks. Payscout makes it easy to manage payments on-site and across online and mobile platforms. Payscout even offers customized API connections for international payment processing and integrates with over a dozen software applications. If you work in a healthcare environment, Payscout’s mobile payment processing services can help drive revenue efficiently and securely.
Learn more about the importance of payment processing systems at www.payscout.com