Top Payment Processing Challenges for Healthcare Providers in 2021

Out of all the industries impacted in 2020, healthcare is at the top of the list, from changes in legal policies, all the way to the decay of rural hospitals, it’s no surprise that these businesses are seeking some kind of relief to these new challenges.

One of the most difficult challenges facing most healthcare facilities in 2021 is payment processing. In particular, healthcare is a complex organism that many of the major processors are not equipped to handle. With so many businesses trying to setup online payments to keep COVID cases at a minimum, many are struggling to find processors that are the right fit for their industry.

What Should Healthcare Providers Look for?

Data Security

Obviously, the number one thing that healthcare providers tend to look out for is top-notch security. This, seemingly simple, requirement immediately takes most major processors out of the game. You need a payment processor that is HIPAA compliant to ensure that their security meets the highest level of standards for healthcare and patient data.

You’ve probably seen this time and again, especially with smaller operations, but data breaches do happen. Malicious Malware is always out to get data they can extort for quick and easy money. As a healthcare provider, it’s your responsibility to meet these requirements and prevent breaches from happening. Ideally, that’s the case but nothing is ideal. Many facilities can’t afford to divert attention from giving quality care to data security. That’s why choosing a payment processor that’s HIPAA compliant is the most popular choice.

Keep in mind that even one breach is enough to destroy your business’ reputation. That’s why BillingTree is both HIPAA and PCI compliant, to ensure that our partners in healthcare are getting the best in world-class security.

Multichannel Payments for Patients

Not only do you need to keep up with security, but you also need to stay convenient for patients. Convenience may not sound like a big deal but when you look at the numbers, you see a radical increase in on-time payments and fewer cases where you need to work with debt collectors.

Having simple, automatic tools to send payment reminders and allow patients to pay online, by phone, or through text, ensures you’re giving them every way possible to pay the amount they owe your business in a timely manner.

This serves a twofold purpose. Not only is this convenient for patients, but it’s also a simple way to reduce unnecessary physical contact and limit the spread of COVID-19.

BillingTree offers healthcare payment processing tools for text, IVR, online payment portals, and much more, giving you the latest technology while staying completely secure.

Custom Reporting

Not every business is made the same. Few words were ever truer than with healthcare businesses. While the first two are high-priority, it’s also important to keep your internal workflow in mind.

BillingTree offers dozens of convenient templates designed for your industry but we also allow you to customize your own reporting tools to keep all your data relevant, secure, and simple to reference when you need to defer back to something.

Takeaways

Staying organized and keeping your workflow moving is essential in healthcare, especially with an influx of patients; more are sure to come in 2021, and you need to be prepared. Learn how BillingTree can take your healthcare payment processing to the next level, contact us today!