A survey of providers highlights their experiences and satisfaction with patient payment solutions.
While most providers have seen an implementation of new patient payment solutions in the past five years, the platforms still have room for improvement for both providers and patients, according to a survey by Bank of America and The Strawhecker Group.
Over 650 providers in the U.S. were surveyed, sharing their experiences with patient payment solutions and what more they want out of the platforms.
Only 58% of respondents reported high satisfaction with their current patient payment systems, with 30% saying the implementations were not successful.
Providers know that patients expect payment methods that are both convenient and efficient, and if they can't get that with their current provider, they may find a new one.
That is why the surveyed providers pointed to improvements to patient payment solutions that would make it easier for patients to use, such as better integrations of software and patient collections workflow, better payment terminal functionality, and the addition of other digital payment forms like Apple Pay.
According to the respondents, 72% of patients used credit or debit cards for their last payment, with 54% interested in email or text payment notifications and 43% interested in automated digital payments.
Providers also want to make their own lives easier, which includes fully integrating patient payment solutions with their electronic health records or revenue cycle software—something only 33% of respondents reported having. More than half (58%) said the seamlessness of their current systems could be improved.
Other improvements on providers' wish list were patient privacy and HIPAA-compliance—the most frequently mentioned crucial platform feature—data safety, improved efficiencies and cost reductions, and confidence from a patient payment solutions partner they can trust.
The majority of providers (78%) said they would feel more confident in a solution provided by a bank, while 66% said they would feel more confident with a solution provided by a "sizeable financial brand."
Software investment and particularly cycle management is a priority for providers going forward, research from Bain & Company and KLAS found.
The report revealed that 45% of providers accelerated software investment over the past year, while more than 95% expect to make new software investments over the next year. Revenue cycle management was at the top of the list for where those investments will go.
Jay Asser is the contributing editor for strategy at HealthLeaders.
KEY TAKEAWAYS
More than 650 surveyed providers reported what improvements they would like to see to their patient payment solutions.
Only 58% of providers said they are highly satisfied with their current platform, with 30% saying the implementations were not successful.
Providers want solutions that are easier for patients to use, such as additions of other digital payment forms like Apple Pay.