In today’s healthcare landscape, providers accept payments from patients in addition to insurers. This can include in-office payments, such as co-pays processed before receiving care and invoices after services for costs not covered by insurance or healthcare plans. ISVs and VARs can help service providers implement healthcare payment solutions that streamline payment operations while enhancing payment experiences. However, delivering seamless, secure, and versatile payment solutions requires a deep understanding of the healthcare industry and the trends driving innovation.
Healthcare Payment Solution Capabilities
To accommodate the range of payment methods that patients prefer to use to make their co-payments, Healthcare providers need a card reader or PIN pad that accepts credit and debit payments, but they also need to accept flexible spending account (FSA) and health savings account (HSA) payments, ACH, and cash.
A BIN lookup solution allows the Point of Sale to determine whether the patient’s presented card should be processed as FSA, HSA or credit transaction. The solution you provide should also give providers a way to generate a Super Bill if the card is rejected but patients believe they should be entitled to reimbursement from their FSA or HSA.
Dual/multi-pricing on the payment device can also benefit healthcare providers. It allows patients to choose their preferred payment method and see any differences in the amount between different types of payment, for example, if they have a discount if the patient uses cash.
Securing Healthcare Payments
Whether you’re providing a payment solution to a healthcare provider or a retailer, restaurateur, or other merchant, all electronic payments must comply with Payment Card Industry (PCI) standards for payment security. However, healthcare payment transactions must also protect protected health information (PHI) in compliance with the Health Insurance Portability and Accountability Act (HIPAA). Furthermore, rules regarding “business associates” responsibility to protect patient data also apply to solutions providers that assist healthcare organizations with managing payments.
Point-to-point encryption and tokenization help healthcare providers keep data secure, replacing human-readable data with cryptographs or tokens that hackers and threat actors cannot monetize. Tokenization also benefits healthcare providers by enabling recurring payments and enhancing patient experiences by not requiring them to enter payment data each time they visit the payment portal. Additionally, processor-agnostic tokens assure the provider that the tokens will work even if they change payment processors.
Giving Healthcare Providers Payment Solution Choices
Keep in mind that the payment technology and solutions used by healthcare providers will vary. Some may deploy a card reader that accepts payments at a counter, while others may use a device attached to an employee’s computer. Some providers prefer self-service kiosks while others may prefer mobile devices. What will be most effective for one provider may not be for another. ISVs and VARs should ensure that your healthcare payment solutions offer providers choices to implement the devices that will align best with their needs. It’s also essential that healthcare providers have their choice of payment processor so they can control processing fees and have the features and level of service they need.
Healthcare Goes Omnichannel
VARs and ISVs integrating healthcare payment solutions must also remember that patients want the convenience of making payments in ways that are most convenient. For some people that means paying in the office. For others that means making online payments or using the provider’s patient portal. It’s important to provide one omnichannel healthcare payment solution to allow healthcare providers to manage all payments efficiently and streamline processes for the finance department.
Healthcare providers are looking for total healthcare payment solutions that support all types of payments, save time, and enhance patient experiences. To meet those demands, you need to leverage your technological and industry expertise, but you also need the right payments partner.
Datacap Systems successfully enables secure, efficient electronic payments while expertly addressing healthcare providers’ unique needs. Contact us to learn more.
