12. 06. 20
It started with a simple premise. PYMNTS asked a cross-section of the companies we work with to give us their take on their wishes for the world as we approach 2021. In addition, we wanted to know how these companies and executives were planning for a new era when businesses and the economy start to bounce back.
Lest anyone thinks the responses were predictable and safe, think again. What we heard from this group was inspiring, hopeful, and promising. It’s not just the potential end of the pandemic that created this output. It was the sum total of a year that was part tragic, part dramatic and all exceptional as the digital-first economy galloped toward its fulfillment and arguably saved the overall economic picture from looking a lot worse than it did. As one executive writing for this project put it, 2020 represented “innovation under adversity.”
It’s almost impossible not to look back at 2020 when considering 2021, and every company has its story to tell. But the project was about the business dynamics that will define the year. A few themes stood out from the companies and executives that submitted responses to our request. The first was the move from digital transformation to digital acceleration. Companies are not going to be satisfied with the progress made during 2020’s digital transformation. They will continue to push the issue, taking accelerated business models like buy now, pay later into the new year, and doubling down on innovations that will serve the consumer’s wish to keep their hands off everything from cards to packages.
The second trend that stood out from these responses is collaboration. Yes there’s an old school way of looking at the current digital payments landscape. But these responses indicate that the legacy world of financial services will move closer to the new school of FinTechs and APIs during 2021. And the world of exclusive access to financial products will meet the new world of inclusion. Readers will learn about the technologies that make companies hopeful in 2021, but they will also be surprised to see more intangible elements. Some words that appear often in this collection: agility, opportunity, resilience, adaptability and yes, unpredictability. All of these will be essential ingredients in continuing to connect to consumers to commerce and each other in the new year.
First and foremost, it is my wish that the Rectangle Health family across America enjoys a healthy and prosperous 2021. This includes our clients and their patients, as well as my team and their dependents. As part of the very industry on the frontline of the pandemic, I continue to witness healthcare professionals responding to incredible challenges with perseverance and fortitude. For the past 27 years, Rectangle Health has supported the healthcare industry, and is committed to helping them emerge through this crisis stronger than ever.
This past year, we’ve seen healthcare quickly execute massive change in the areas of practice safety and protocols, a striking contrast for an industry that has historically been challenged to implement new processes and systemic changes. Practices may have adopted new technology out of necessity, but it is my wish that they fully embrace the changes and benefits that accompany this technology in 2021. As a result of adopting this change, healthcare practices will continue to recognize the benefits from new, contactless payment processes by seeing significant increases in administrative efficiency, bottom-line numbers and patient satisfaction.
Healthcare practices that offer flexible and convenient types of payment — including contactless and recurring methods — as early in the patient journey as possible can achieve these positive results. The patient-centric healthcare shift is well underway, and by providing patients with flexible options to pay, whether at the point of care or after business hours have ended, providers meet their preferences while increasing the rate at which they get paid for treatment.
As a healthcare-focused technology company, Rectangle Health is acutely aware of the concerns of the organization. Throughout our company’s history, we have not only answered client demand, but have also anticipated the technology that practices will need in order to grow, and that will continue to be our mission in 2021.
Rectangle Health educates practices on the capabilities of our technology that both address patient payment and billing pain points, and also provide streamlined, contactless payment features that speed up the time in which the office receives payment. By giving the patient more ways to pay, practices encourage more timely payments and an improved patient experience. Aligning to a contemporary consumerism model is key to improved patient satisfaction, and that satisfaction is crucial to retaining current patients and attracting new ones.
The new year is a critical time for practices to position themselves to rebound from the challenges of 2020. I truly believe that my wish for a safe and prosperous 2021 for the healthcare industry — and all Americans — can be a reality. It will take tried-and-true hard work, assisted by leading-edge technology to push through and come out stronger than ever. In our market, widespread adoption of new payment methods, remaining intact after the pandemic, paves the way for practices to continue to adapt innovative technology that enhances the provider and patient relationship. Rectangle Health, through its practice management interface and digital payment tools, will continue to support healthcare organizations to recover and thrive.