02. 05. 20
Healthcare systems and practices are seeking fast, data-rich products and services, yet legacy core systems are often antiquated or multi-layered. These challenges are acute for practitioners and the patients they serve. It often falls to the provider to search and connect their organizations to the vast and growing digital ecosystem.
Friction is widespread in the healthcare industry and the continual hot topic of debate surrounds how to expand access and manage outrageous costs. Payment processing systems and technology can address these pain points by allowing practices quicker access to funds and providing more precise data collection of insurance coverage. The most current aim is to deliver a seamless experience to both the patient, as the consumer, and staff. It is remiss to only focus on the patient when the experience depends on both patient and staff. Both leverage technology in their daily lives and want it to work for them in every possible area.
Financial blockages and issues only add to the healthcare market’s woes. A recent report found that 15% of healthcare spending is connected to billing and payment inefficiencies. The same report found that 47% of patients would consider seeking medical treatment at different hospitals with more efficient payment experiences. With an industry in the billions, these are no small, irrelevant percentages.
Patients come to your practice in various ways: walk-in, scheduled wellness visits, urgent care, or even virtually. They want transparency into how much the visit and treatment will cost them. They need to decide on how to pay off their financial responsibility. Patient’s consumer mindset expects to pay as they do for everyday purchases. To the patient, both knowledge of cost and ease of payment are critical. Providers want the certainty of payment as quickly as possible after services rendered. Neither is to blame but what solution can satisfy both parties?
Automation is at the forefront of expediting the healthcare transaction. From clean claim submission to treatment transparency, there is much to gain when the practice embraces automation in their workflow. Practice Management Bridge® by Rectangle Health aims to solve problematic workflows by merging disparate systems and uniting all points of payments. It provides payment processing tools for the practice to communicate patient responsibility clearly and accurately. It allows patients to pay anytime, anyhow, from anywhere and over time – from in office point of care payments to SMS text billing.
Payments in the healthcare industry will continue to expand significantly in the coming years. We at Rectangle Health work exclusively with providers and create solutions meet the needs of the business. We have focused our energy, attention and intellect on solving the problems we’ve heard from practices across every healthcare field and across the nation for over 25 years. Practice Management Bridge® by Rectangle Health serves over 60,000 Providers by adding true value to their staff and patients.
Rectangle Health securely stores healthcare payment information, protecting both your practice and patients with today’s highest standards for compliance and PCI.