A go-it-alone approach to healthcare payments does not work, especially in a climate where high-deductible health plans are the norm. No matter what industry you’re in, collecting payments for services performed can be challenging. On top of that, holding a growing number of outstanding invoices is detrimental to cash flow. Strong partner ecosytems in healthcare help reduce the risk of unpaid bills. The healthcare space is no stranger to unpaid bills, research shows that 137 million Americans struggle with medical debt. One of the most common reasons patients don’t pay their bills is that they were not offered enough payment options and could not afford to pay their entire bill at once.
The question becomes, “How can healthcare practices meet patients’ needs while still fulfilling their own?” In order to increase healthcare payments and improve the overall financial experience, it’s important to offer payment options that are diverse enough to cater to every patient’s unique financial circumstance. Utilizing a healthcare payment solution that has a strong network of partnerships in its ecosystem is a critical strategy for navigating digital disruption and becoming more responsive to changing technology.
Developing Strong Innovation Partnerships
When building a partner ecosystem, it’s important to start with the end user. Ask yourself the following questions:
- What problems do I need to solve for patients and healthcare providers?
- Are there specific pain points that aren’t being addressed by current solutions on the market?
Partnering with innovative companies that are working toward the common goal of a successful patient journey for a shared customer base is sure to drive growth.
Why a Healthcare Payment Solution is Worth the Investment
On the Cusp of Industry Trends
An ecosystem of partners has a shared knowledge of the end user’s expectations that continue to develop with time. This knowledge can be leveraged to respond to change and improve the patient’s payment experience and your healthcare organization’s bottom line. Remaining on the cutting edge of technology, online payments, Health IT, and revenue cycle management provides a sizeable advantage over the competition.
A Tailored Experience Through Different Perspectives
Another added benefit is that a network of partners brings about combined solutions from different perspectives. These varying perspectives can prove to be valuable when working to achieve common goals. After all, when silos are torn down, major breakthroughs can happen.
Great partnerships bring together strengths that complement one another. Here, we highlight the “two heads are better than one” mentality, allowing all parties involved to contribute their unique strengths. The result is creative, yet functional solutions that can be strategically applied to patient payment experience.
Safe and Secure
It’s one thing to maintain a level of security when dealing with payment information. It’s a whole other ballgame when it comes to safeguarding healthcare information. That’s why the highest standard of security and HIPAA compliance is maintained across the board within a payment ecosystem in healthcare.
Investing in Success
Maintaining success in a business is acheived through the efforts and collaborations of many partnerships including employees, customers, co-founders, leadership teams, and business partners. Value-aligned solution partners who share common goals and complementary strengths have a unique ability to leverage a patient payment solution that can significantly increase revenue and fuel growth for your healthcare practice.
This is a guest post by Joshua Cranmer, Vice President of Marketing at HealthPay24.