How the Healthcare Payment Landscape is Changing
The traditional healthcare payment landscape we are familiar with is making a change. In the past, patients had much lower out-of-pocket expenses related to healthcare. However, in more recent years, the payment percentage that the patient is responsible for has been skyrocketing.
Because of this shift, healthcare providers now have to pay much closer attention to patient billing in order to have a successful practice. While this is occurring in the healthcare industry, we have an influx of new technologies within the payments space that provide solutions for healthcare providers during this adjustment period.
Our partner TSYS recently had their President of Health and Public Sectors, Carl Mazzola, address on this very topic along with Karen Webster of PYMNTS. Below, we summarize some of the key points that Mazzola makes and how TSYS is leading the way for the changing healthcare payment landscape. You can read the original article here: http://www.tsys.com/news-innovation/whats-new/Articles-and-Blogs/Industry-Insights/tsys-carl-mazzola-interviewed-by-pymnts.html
“Unlike any other major purchase that consumers are able to plan for, healthcare is not one of them”, says Mazzola. It is this unpredictability, along with an increase in out-of-pocket expenses, that is creating the doctor/patient payments “gap”. This gap is where providers like TSYS can step in to help. This can be done with software solutions that are geared specifically towards a medical practice.
TSYS has found that one-third of today’s practices do not currently use a practice management system, leaving a lot of room for improvement. Mazzola says that one of the things TSYS does is make it easier for the patient to make payments. This can be done by setting up a payment plan with an account on file that gets billed automatically. By encouraging healthcare providers to talk to their patients about a payment plan, they can make their patients feel at ease about a plan that they have agreed upon while the providers receive the assistance they need in managing accounts receivable.
This also helps to promote a more transparent patient-doctor relationship. It gives providers the opportunity to inquire about payment while giving patients a better understanding of what their out-of-pocket costs will be, something that was not as much of a concern for patients in the past. With the increasing out-of-pocket charges, access to this information allows the patient to feel at ease by knowing what to expect in terms of cost.
Other functions of this system help to decrease friction for patient payment. It gives the provider the ability to supply the patient with an online portal for making payments. Providers can also alert their patients about their payments via mobile devices. Mazzola uses examples of how providers that utilize these tools have much larger payment volumes.
The healthcare landscape is changing, and healthcare professionals should be aware of the tools that they have access to and how to use them to run their practices more effectively and adjust with the times.