The digital payment industry landscape is facing a rapid transformation. For example, the COVID-19 pandemic forced financial companies and banking institutions to adopt digital payment solutions.
As a healthcare ISV, don’t be left behind. With patients expecting a seamless payment experience for their medical bills, integrating secure and efficient payment solutions into your healthcare software has become critical.
The digital payment industry is rapidly gaining momentum. The market is projected to reach $146.45 billion by 2030, growing at a staggering CAGR of 13.7% from 2021 to 2030. So if you get into a strategic payment processing partnership, you will reap many benefits.
As competition in the software industry intensifies, independent software vendors are constantly searching for ways to stand out.
And collaborating with payment processors has emerged as a smart strategy.
The partnership helps ISVs offer a seamless payment experience to their clients and their customers. But that's not all. Channel partnerships come with several benefits:
Revenue cycle management is the process of managing a healthcare provider's financial operations, from patient registration to final payment, to optimize revenue generation and streamline financial processes.
You can automate payment processing, reducing the risk of delays and errors that can negatively impact cash flow and financial reporting. This, in turn, minimizes revenue leakage and improves profitability.
Building and maintaining payment processing systems in-house is expensive and time-consuming. However, by partnering with payment processors, ISVs can reduce processing costs associated with developing and maintaining these systems.
Outsourcing payment processing to experts will allow you to save money, improve profitability, and focus on your core business activities.
Patients today expect to be able to pay seamlessly in different ways. Collaborating with payment processors enables ISVs to offer a variety of payment options, including:
This flexibility increases patient satisfaction and loyalty. Moreover, payment processors offer added security measures protecting patient payment information. This gives the patients peace of mind knowing their data is secure.
By outsourcing payment processing to experts, ISVs can unlock various benefits, like automating payment processing tasks. This leads to improved accuracy and faster payment processing times.
Payment processors also offer real-time payment tracking and reporting. This gives you valuable insights into your payment processing data. You can use this to inform strategic business decisions.
Before diving into a partnership, it's always important to consider some key factors to ensure a successful collaboration:
NextGen Healthcare, a healthcare technology solutions provider, partnered with InstaMed, a J.P. Morgan company, to modernize payment processing through NextGen® Pay powered by InstaMed.
An InstaMed survey reported that 74% of millennials prefer online payment for medical bills, and 83% of patients want to continue using virtual and self-service options for care post-pandemic.
This partnership expanded payment options for patients, who can now pay online when visiting providers that utilize the NextGen® Practice Management solution. It also helps healthcare providers automate collections and manage and view payments in one system.
Healthfully partnered with Paya to offer an end-to-end payment processing and reporting solution through Healthfully's consumer health platform.
This partnership allows Healthfully's clients to accept payments for online, remote, and in-person services. Patients also enjoy increased flexibility, and medical practices benefit from improved back-office efficiencies.
Ask yourself these questions to determine if a payment processor partnership is right for you:
As a healthcare technology company, you can help streamline patient payment processing by offering patient statement services.
These services automate the process of generating, printing, and mailing statements, as well as tracking and reporting on patient payments and balances. You can achieve this by partnering with a payment processor like iCheckGateway.com, which offers solutions like:
Features such as automated invoices sent via text or email help reduce administrative costs and improve the patient experience.
Use payment processor solutions like recurring billing technology to automate the billing process and enable faster payment processing, thus reducing administrative costs associated with manual processing, maximizing cost savings for you, your clients, and the patients.
Payment processors provide flexible payment options. For example, they provide multiple forms of payment like ACH, mobile payments, online payments, etc. This makes paying more convenient for patients.