Four Big Challenges Facing Healthcare Companies

Two male doctors in consultation at desk in office

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:

Payment Collections

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.

HIPAA Compliance

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.

Documentation

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.

About Payscout

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

 

Is Your Business Equipped to Handle the Holiday Shopping Frenzy?

mobile shopping - holiday look - with cc

The holiday shopping season is officially here, and consumers are ready to spend—big time—according to a recent analysis by Forbes. As consumers increasingly spread shopping experiences across multiple mediums – traditional malls, big-box stores, and online shopping and e-commerce – businesses that are equipped to accommodate the influx of online traffic stand poised to reap serious benefits.

Take a look at these holiday shopping stats:

  • Black Friday is still the busiest shopping time for storefronts, but foot traffic declined nearly 9% from 2017.
  • Consumers spent $3.7 billion online in 2018, a 28% increase from 2017.
  • Online Black Friday sales generated $6.2 billion, an increase of 23.6% from 2017.
  • Mobile devices accounted for 68% of online traffic and 54% of orders on Thanksgiving Day.
  • Mobile devices made up 67% of all digital traffic on Black Friday, a 61% increase on the same day last year.

In the age of online shopping, e-wallets and cashless checkouts, the “customer experience” is crucial. These days, consumers want and expect an expedited checkout process both in stores and online, frictionless mobile payment processing, in-cart transparency, and, of course, data security.

If your business or organization isn’t equipped to accommodate these consumer preferences, you might be missing out on both traffic and revenue.

Mobile Payments

Mobile payments refer to any transaction for a product or service that is made through an app, website, or payment processing attachment on a smartphone, tablet, or other mobile electronic devices. In most cases, payment information is encrypted for security purposes. Mobile processing differs from traditional payments such as cash, checks, or debit and credit card information that require a stationary touch screen or computer.

The expansion of mobile payment processing is driven largely by consumer demands, but it’s also easier for retailers. Moving more consumers through checkout efficiently with a mobile point of sale system can drive business in-store and provide customers with a seamless, PCI-compliant checkout experience online. As more consumers turn to online shopping, retailers that adapt to the changing market will be well positioned to capture future growth.

In-Cart Transparency

Consumers often add items to their cart whether or not they intend to buy them. This is especially true during high traffic periods, such as holiday shopping. However, Retail Dive reports that an estimated 23% of customers will abandon the items in their cart if they can’t see the total up front, including taxes, shipping costs, and delivery dates.

Retailers that can make the online holiday shopping experience easier on consumers, including securing and organizing their online carts, can reap the benefits of online shopping.

Giving Tuesday

Online shopping isn’t just for revenue-generating organizations, especially during the holidays. Giving Tuesday is one of the biggest days of the year for non profits and an important source of revenue for their operating funds.

A non profit payment processing system can help these organizations streamline donations during Giving Tuesday or any day of the year through a centralized merchant account, regardless of whether donors are online, on-site, or using a mobile platform.

About Payscout

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 utility 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.

Discover how you can leverage consumer preferences for online shopping at www.payscout.com

Will We See a Cashless Society? The Pros and Cons

Small business owner with terminal and customer

For a lot of people, it can feel as though they’re participants in a cashless society already. Their paychecks are direct-deposited into an account from which bills are automatically debited. They also regularly make payments (in-person and online) without ever handling cold-hard cash.

Virtually every business accepts plastic, and you can slide or insert a card to buy a candy bar on almost any new vending machine. And with the ubiquity of mobile payment processing devices plugged into cell phones, you could likely buy from four different vendors at the local farmers’ market without ever touching paper money.

That being said, our society is anything but cashless. Most people still carry cash, use cash, and take it for granted as a still-relevant staple of societal financial interactions. But as common as cash remains, the technological, societal, and even global trend has certainly been moving steadily into a more cash-free space. So will we see a cashless society in our lifetime? And perhaps more importantly, do we want one?

The Benefits of a Cashless Society

A number of the benefits of a cashless society are already apparent. We buy virtually anything we need or want from anywhere on the planet where people sell things online, and we do so with the click of a button. Furthermore, many of us haven’t sat down with a stack of bills, stamps, and envelopes to send out checks for bill payments in years.

There’s no question that digital transactions make commerce more convenient. To some degree, cashless commerce forces transparency and accountability for the payer and the paid. Electronic payments are recorded in perpetuity to the cent. It’s not just a matter of dishonesty or theft. Even something like by-check utility payment processing still relied on a series of people physically moving, sorting, collecting, and processing the check. And as people are only human, occasionally mistakes or outright errors are made. Indeed, utility payment processing has come a long way, and with payment processing improvements, left a lot of human error by the wayside.

The Drawbacks of a Cashless Society

The footprint left by digital payments remains an accessible, permanent record that a transaction was made, which is great for most people making them. It is not great for people who’d prefer their financial transactions weren’t being tracked and recorded. But that can be good for society in general. For instance, a cashless society would make illegal and dangerous transactions more difficult, or at least easier to track and uncover when they did occur.

While that may sound more like a benefit than a drawback (and it is), criminals aren’t the only people with an interest in transactions that aren’t tracked, recorded, and linked to them. Without going into detail, there are any number of products and services that are personal, sensitive, medical, etc. that people have perfectly good reasons for wanting to keep private.

Will We See a Cashless Society?

Cash does have some undeniable benefits beyond discretion for the spender. It’s immediately available and virtually universally accepted. It’s also convenient for person-to-person transactions, and has gained popularity for larger transactions like securing a quick-close on, and lowering the price for, a house. And there are some people who simply want to keep their assets liquid, physical, and under their direct control.

So, will we see a cashless society in our lifetime? It is possible. Despite the trend toward more plastic and digitally-stored currency, cash is still very much a feature of our society and culture. We will, undoubtedly, continue to see an increasingly cashless society, but it will be a while before hard currency is phased out entirely.

About Payscout

One of the most respected, successful, innovative, and forward-looking thought leaders in the financial services industry, Payscout has consistently earned their way onto lists of America’s fastest-growing private companies every year since 2014. In addition to their non profit payment processing, Payscout’s state-of-the-art interactive user platforms continue to serve their mission statement, “Payscout supports the entrepreneurial dream one transaction at a time.”

Discover how to grow your business at www.payscout.com

Payscout’s Mobile Payment Processing Options Can Help You Stay Ahead of Industry Trends

Young People Work In Modern Office

Is your organization equipped to accept payments from a smartphone? Are you at the forefront of the frictionless payment movement?

If not, you could be missing your opportunity to access new customers and emerging markets across the globe.

The global mobile payment market is worth over $600 billion and is expected to hit $4,574 billion by 2023, according to a recent report. Payscout can help you and your organization tap into this growing, lucrative market with customized mobile payment processing options for your business or non profit.

Mobile payments refer to transactions that are made on a mobile point-of-sale system, usually through an app, website, or mobile payment processing system on a smartphone, tablet, or other mobile electronic device. Mobile payments differ from traditional payments such as cash, checks, or debit and credit card information that require a stationary touch screen or computer.

The mobile payment market is expected to grow at a compound annual growth rate of 33.8%, meaning that retail, hospitality, transportation, healthcare, and utility industries are all poised to see a substantial expansion in transaction opportunities.

Payscout offers a broad array of solutions, processing transactions from utility payment processing to healthcare industries and more. Payscout’s integrated payment capabilities give your business greater flexibility to engage customers through frictionless payment options, allowing each of your users to pay a bill, review annual rebates, or receive monthly updates through a mobile device.

Payscout’s mobile web portal, Condor, facilitates bill-payment transactions, and Payscout offers a direct gateway connection for real-time data transfer. This fully integrated system works with over a dozen software applications, letting you reach customers in new and innovative ways.

This technology isn’t just driving more efficient operations in the business sector. Payscout can also help non profits tap into the mobile payment market. With a non-profit payment processing system, non-profit organizations can streamline donations through a centralized merchant account, regardless of whether donors are online, on-site, or using a mobile platform.

Increased mobility and security can help your non profit operate more efficiently. Payscout’s PCI-compliant, web-based donation forms enable non profits to reach out to volunteers and manage recurring donations securely and effectively either on- or off-site.

Payscout’s integrated payment system connects merchants and consumers across six continents via credit, debit, ATM, and alternative payment networks. Integrated with over a dozen software applications, Payscout wants to help you optimize your payment processing system. Payscout can help your organization or non profit find personalized solutions to meet your payment needs.

Use Payscout to help grow and streamline your business or non profit. Find out more at www.payscout.com

 

The Mobile Payment Market is Expected to See Steady Growth in Coming Years

The global mobile payment market was valued at over $600 billion in 2016, but is expected to surpass $4,574 billion by 2023, according to findings published by Allied Market Research.

That is a compounded annual growth rate of 33.8%.

The Asia-Pacific region accounted for the most revenue in the mobile payment market in 2016, a trend that is likely to continue in coming years. In that same year, the retail industry accounted for nearly one-third of mobile market transactions, but the hospitality and transportation industry exhibited the fastest growth rate. Other industries listed in the report as also benefiting from the rise of mobile payments include healthcare, energy, and utilities.

The term “mobile payments” refers to any transaction for a product or service that is made through an app, website, or mobile payment processing system on a smartphone, tablet, or other mobile electronic devices. In most cases, payment information is encrypted for security purposes.

This technology isn’t just driving revenue for the business sector; it’s helping streamline donations and operations for non profits as well. With a non profit payment processing system, organizations can streamline donations through a centralized merchant account, regardless of whether donors are online, on-site, or using a mobile platform.

Non profits can also use mobile payment systems to help achieve greater efficiencies. Using PCI-compliant, web-based donation forms, non profits can reach out to volunteers and manage recurring donations securely and effectively.

There are several factors driving growth in the mobile payment market:

  • With the rise of smartphones, almost everyone has access to the mobile payment market, whether or not they use it.
  • Though many consumers still have concerns over privacy breaches and data security, the ease and convenience of mobile payments often supersede those security concerns.
  • The widespread adoption of smartphones in emerging economies like China is propelling the growth of mobile payments. As the middle class in countries like China and India continue to grow, so too will mobile payments.

While some companies utilize what is known as frictionless payments, where transactions are submitted through an app without swiping a debit or credit card, not all mobile payments need to be truly frictionless.

Businesses that do not yet have access to a frictionless environment can easily access the mobile payment market with a mobile card reader attachment. This allows vendors to process customer credit or debit card payments on-site, making them perfect for mobile retail sites like farmer’s markets, trade shows, or fundraisers—or a brick-and-mortar business that wants to streamline the checkout process.

A mobile payment processing system is a safe and easy way to complete sales quickly and send customer e-mail receipts, all through a smartphone. Select a system that is compatible with Apple and Android mobile platforms and supports a range of devices, including multiple generations of iPhones and iPads.

When deciding between payment processing systems, look for companies that offer full compatibility with Apple and Android and do not charge a fee for set up, early termination, or cancellation. If possible, find a payment processing company that will provide a mobile card reader for free, as well as 24/7 technical support.

About Payscout

Payscout connects merchants and consumers via credit, debit, ATM, and alternative payment networks across six continents. With Payscout, it’s easy to manage payments on-site and across online and mobile platforms. With customized services for healthcare payment processing and utility payment processing, Payscout offers customized API connections and integrates with over a dozen software applications.

 

Discover how to grow your business at www.payscout.com

Commerce with Confidence: Security and Peace of Mind in “Risky” Businesses

A close-up of female`s hands holding smartphone and credit card paying bill online via internet making transaction using mobile bank application on cell phone. Modern technology and online payment.

There is risk of fraud inherent to any business, but, fair or not, some occupations and payment methods are considered more vulnerable than others. And it’s not just billion-dollar conglomerates who need to worry about risk. The vast majority of fraud is perpetrated on small- and medium-sized businesses.

However, there are simple steps you can take to mitigate or even eliminate that risk.

Mobile Payment Made Secure

According to market studies, payments made on mobile devices recently reached $75 billion a year. By 2020, they predict that revenue will increase to $503 billion. It’s not really an income source that you want to miss out on due to anxiety about safety.

Safer mobile payment practices are very similar to those for traditional credit or debit card transactions. It boils down to due diligence. Ensure that the Wi-Fi network the mobile device is linked to is sound and secure. If the mobile payment isn’t face-to-face, require a CVV code and consider adding a two-factor authentication method (2FA) that requires consumers respond to a verification code before the transaction can be completed. Also always partner with a trustworthy mobile payment processing provider.

Best Practices for a Safe Non Profit

For the most part, non profits attract honest, decent people committed to making the world a better place. Sadly, as the financial oversight of non profits is generally less stringent than the oversight of for-profit organizations, that environment can attract the unscrupulous.

The best way to prevent abuses of a non profit’s funds is to enforce a mandate requiring transparency. Transparency and open, honest accounting and management should start from the top down. Beginning with the officers, emphasize the necessity for open books and candid discussion of the finances. Also employ a firm with a good reputation that is equipped to handle non profit payment processing.

Promoting a healthy culture at a non profit, according to fraud experts, can make a big difference. Those with closed off, insular or bullying leadership are more likely to be engaged in fraud.

Pain-Free Medical Billing

 More than $3.4 trillion dollars is spent on healthcare in the United States alone, every year. Because there is so much money being spent and handled by so many people and organizations, there are already some aggressive regulations in place to reduce medical fraud. Just being familiar with, and familiarizing the employees of a medical business with those regulations and guidelines alone can help prevent fraud.

Make comprehensive compliance to medical billing and fraud-prevention practices a top priority. Set the example by choosing a healthcare payment processing provider with a specialization in compliant billing.

That means not just some education and training, but continued education and training. Consider making compliance an element of employee evaluations, implementing policies to protect and encourage whistleblowers, perform audits (or hire auditors to do so), and compare the billing of your business with comparable providers in your area and nationally. Sometimes a simple comparison is all it takes to identify questionable finances.

About Payscout

Payscout has earned international praise as a new-generation global payment processing provider. They serve thousands of clients from a multitude of industries across six continents and all 50 states. Their “Go Global Now” technology platform gives merchants access to over 100 countries, billions of consumers, and trillions of dollars. Payscout is recognized as one of the few providers to deliver a true global payment solution that encompasses all merchant risk verticals, including those for mobile payment, healthcare, and non profit communities.

Learn how secure and efficient payment processing can be with Payscout at www.payscout.com

Grow Your Business with Mobile Payment Processing via Payscout

Mobile payment processing has changed the way Americans spend their money. According to the World Economic Forum, the average American will make 376 mobile payments in a year. That number will continue to grow in the years to come.

The xennial and millennial generations are innovating the way we do things, from cabs to car rentals to paying for common items, and cash is next on their list.  In 2015,  Business Insider conducted a survey in which 40% of millennials said they would stop using cash if given a choice. This attitude explains why payment via card has grown in volume faster than retail sales.

If you are in the business to consumer market, expanding the way you accept payment is necessary for continued growth. Luckily, Payscout makes it easy to accept payment via your smartphone or tablet. Payscout connects merchants and consumers with mobile payment processing, allowing purchases to take place with a swipe and a signature.

Transitioning to mobile doesn’t have to be a painful process, below are four benefits you’ll see from joining the mobility payment game.

Expanded customer base

If you do not currently accept mobile payments, the likelihood that you are missing out on potential customers is high. Moving to a mobile point-of-sale (POS) will allow you to complete sales, receive authorizations, and email customer receipts from your tablet or smartphone. You’ll gain customers with a simple swipe and sign.

Increase sales

It’s no secret that people have a habit of spending more money via card than they do cash. Human behavior is influenced by many variables, and decisions are frequently made on an unconscious level. Put simply, we are often on autopilot throughout the day, which means when we shop with cards we don’t have to make conscious decisions about spending money, and we spend more. That’s money you could be missing out on if you don’t accept mobile payments.

Quick customer turn-around

Serve more people, more quickly. Your lines will move faster with the increased technology of mobile payment processing. You’ll be able to assist customers quickly and get them on their way with reduced effort.

Increased functionality

Moving to mobile will not only increase the speed of your transactions, but it also increases efficiencies. Access to transactional data will make keeping your accounting on point a less complicated process.

About Payscout

Payscout is a global payment processing provider covering six continents by connecting merchants and consumers via credit, debit, ATM, and alternative payment networks. They are committed to providing clients with systems that keep them ahead of emerging trends and changes in the mobile payment processing world.  They provide nonprofit payment processing, work with the international market, and healthcare and utility payment processing and much more. With Payscout, there are no set-up or activation fees, no cancellation fees, and no annual fee.

Expand your consumer base with a range of functional services at www.payscout.com

How Protected is Your Data with Mobile Payment Processing?

 

In today’s smartphone-obsessed world, our attention spans are at an all-time low.  When we pay for the things we need, we want the transaction completed quickly so we can move on to the next item on our to-do list.  It’s no surprise then that mobile payments are growing to keep up with that demand.  Mobile payment processing has become a necessary component to meet demand and will continue to evolve and grow.

According to Apple Insider, by 2020, both Visa and Mastercard have stated that they will require payment terminals in many markets to offer contactless payments.  This will not only encourage businesses to embrace the new technology surrounding payments, but will give the consumer more options to pay.

While these increased payment options will make our lives much simpler, what do they offer in the way of protection?  How will our information be kept safe amid the miscreants that seek to steal our livelihood?

If the retailer you utilize is using a great mobile payment processor, they should have the option to increase their fraud protections through risk management assessments and performance audits that ensure they are keeping their consumers protected.  Consumers are also protected by PCI Compliance, which entails a set of requirements that enhance protections.

The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment, which essentially means any merchant that has a Merchant ID (MID).  The Payment Card Industry Security Standards Council (PCI SSC) was launched on September 7, 2006, to manage the ongoing evolution of the Payment Card Industry (PCI) security standards with a focus on improving payment account security throughout the transaction process.  The PCI DSS is administered and managed by the PCI SSC (www.pcisecuritystandards.org), an independent body that was created by the major payment card brands (Visa, MasterCard, American Express, Discover, and JCB).

This, combined with the fact that many banks offer zero-liability protection that will keep you covered if your card is used for fraud, makes mobile payments safe.

 About Payscout

 Payscout is a global payment processing provider covering six continents and connecting merchants and consumers via credit, debit, ATM, and alternative payment networks.  We are experienced in assisting the nonprofit community.  Payscout makes it easy to simplify and manage payment processing so you can quickly put donations to work at your organization.  Payscout will streamline the donation process for you whether you accept donations online, onsite, or via mobile.  We can even keep your utilities on track with utility payment processing.

 

Embrace technology and go mobile at www.payscout.com

Expand Your Nonprofit’s Mission with Mobile Payment Processing

Online Donations through Pyascout's mobile payment processing

If you own or work for a nonprofit organization, give an impetus to your organization’s growth and mission by embracing technology. Mobile payment processing for one, has the potential to boost online and reoccurring donations, driving your mission further.

Paying online and via mobile are quickly becoming the preferred method of payment for Americans; this is especially true for millennials. As a nonprofit organization, millennials should be among your most targeted groups. Millennials are disrupting traditional giving; while they frequently give (even more so than other generations), they expect certain things before deciding to part with their funds.

Online giving, for example, is an area that millennials are shaping. In 2016, overall giving grew a measly one percent, but online donations (according to Blackbaud’s annual giving report) grew nearly eight percent in one year. The influence of the millennial generation is becoming, and will continue to become, a necessary resource for the nonprofit community. By embracing mobile payment processing technology, you open your organization to great opportunities, such as:

1. Enable online donations

By offering donors the opportunity to donate online, they are more likely to complete the donation process completely. Donors that give online or via mobile are also more likely to give recurring donations to organizations they favor. Having an online forum will also reduce the amount you spend on marketing materials, as there will be no need to send donation cards and reminder cards when they can simply donate online.

2. Increased donation amounts

People spend differently on credit cards than they do with money in their wallet. They are more apt to be generous (especially in cases where there is a return, i.e. credit card air miles). A properly crafted online giving forum could leave you with higher donation amounts for your mission.

3. Sell tickets

If you have a special event or yearly fundraiser that you encourage donors to attend, selling tickets online will save you time and money. Again, people are more likely to purchase online than they are in person. Non-profit payment processing technology will make filing your 1099 and special event accounting much easier as you’ll be using an easy, trackable system.

4. Merchandise opportunity

Donors are passionate about the causes they care about, and most will happily showcase that support. If your donation platform subsists online, you can give donors the opportunity to further support your organization with branded merchandise that provides you with free awareness of your nonprofit.

5. Heightened security

Standards known as PCI Compliance are now required annually by all organizations involved in the handling, processing, management or storage or cardholder data. Since 2006, the PCI SSC’s resulting data security standards (PCI DSS) have assisted merchants globally with best business practices to better secure customer cardholder data through annual updates to the PCI DSS.

With each new iteration of the standards, the PCI SSC addresses changes in risks and technologies to ensure merchants are well equipped to handle all scenarios around data security risks that may affect them. This means that your donors and information will be protected with a PCI-compliant payment processing company.

About Payscout

Payscout is a global payment processing provider covering six continents and connecting merchants and consumers via credit, debit, ATM, and alternative payment networks. They are experienced in assisting the nonprofit community. Payscout makes it easy to simplify and manage payment processing so you can quickly put donations to work at your organization.  Payscout will streamline the donation process for you whether you accept donations online, onsite, or via mobile. They can even keep your utilities on track with utility payment processing.

Discover how to mobilize your donations at www.payscout.com