PYMNTS Intelligence: Healthcare Payment Platforms Increase Customer Satisfaction While Reducing Costs

Healthcare companies stand to benefit from the adoption of modern payment methods and digital platforms, whether for payments or for disbursements. Although this process is not always easy, as evidenced by the high rates of unsuccessful implementations, it is nonetheless necessary. The problems with existing payment solutions are so bad that 42% of consumers would switch — or already have switched — healthcare providers for an improved payment experience.

The profusion of digital solutions and technological innovations in recent years has shifted consumer preferences and raised their expectations for smooth, convenient experiences in all parts of their lives, and healthcare is no exception. Fortunately, this also means there are now countless solutions that healthcare companies can adopt, with technology providers available to help, so payments modernization is well within reach.

Digital platforms are a powerful way for providers to create simple and seamless experiences.

Digital platforms that can handle a variety of payment and disbursement needs are one of the best tools for healthcare providers. These platforms often come with an array of helpful features and capabilities, including support for multiple payment methods and automated recurring payments, the ability to save users’ payment information for later use and notifications and communication channels for customers to get payment reminders and other pertinent information.

A major benefit of adopting these solutions is that they are very popular. According to PYMNTS research, 79% of consumers want to pay all their medical bills through a single digital platform — and interest is even higher among consumers who have experienced pain points, with a striking 92% of these consumers in favor of such a platform.

More importantly, the consumers already using digital platforms are satisfied with the experience, with 70% of patients who made payments through a digital platform highly satisfied with the process, according to a PYMNTS survey. Of those using digital platforms, 29% said they made the experience more convenient and 25% said these platforms made it easier to access account information.

Real-time payments can improve how customers pay and receive disbursements.

Because customers and healthcare providers alike are concerned with the slow pace of healthcare payments, real-time payments and other faster payment methods are another important area of innovation. Faster payment solutions are quite popular with consumers, with nearly one-quarter choosing instant disbursement options when given the choice.

For healthcare companies, real-time payments can reduce costs and improve cash flow, as providers receive money faster and can spend less time tracking down and waiting for outstanding payments. Already, 46% of healthcare companies support real-time payments in some capacity, and 81% plan to keep investing in this technology.