If you’re looking for a modern patient payment vendor and have started evaluations, you probably hear the same buzzwords used to describe different solutions on the market today: digital, personalized, affordable, consumer-friendly and intuitive. It’s no secret that patients expect these types of experiences from their healthcare provider. Data shows that patients will even switch to a different provider if their financial experience doesn’t live up to those expectations. These features have become table stakes for patients. This means these features are now table stakes for patient payment vendors as well.
Many vendors say they offer this experience, but when you peel back the buzzwords, they are just providing a pretty portal and statement. At Patientco®, we recognize a truly compassionate financial experience is more than a pretty interface. Ensuring the patient payment experience is truly seamless requires a platform that doubles down to create a modern patient financial experience. Delivering a truly differentiated financial experience for your patients means partnering with a patient payments vendor like Patientco to support these key capabilities.
Checklist for Selecting Your Next Patient Payment Vendor
✅ Technology Built Specifically for Healthcare
Integrating with the IT systems that hospitals and health systems use everyday requires a deep understanding of the healthcare industry. A patient payment vendor is nothing without the ability to integrate with your technology stack. This should include your HIS systems, estimators, schedulers, registration kiosks and more.
Seamless integrations make it easy for your health system’s platforms and processes to work together in an intuitive way. Today, team members within a health system often have to work across multiple systems to do their job. For instance, a revenue cycle team member may use one tool to schedule a patient’s visit, another to create an estimate and another to take a payment. Technology shouldn’t be disjointed like this. Instead, give your team greater connectivity and visibility when providing patient financial care. Whatever workflow your team uses, your patient payment technology should make it possible to look up a patient’s current balance, take a payment and even set up a payment plan – all within their current workflow.
We designed Patientco’s entire platform from the ground up, specifically for healthcare. Our solution does not consist of any bolt-ons due to acquisitions or transactions. Whether it’s your HIS, your estimator, or another revenue cycle tool, Patientco has an out-of-the-box integration for it. This helps simplify your patient payment processes, creating a frictionless experience for your team members and patients.
✅ A Proven Track Record
You want an experienced patient payment vendor who is fully invested in the success of your health system. The best way to determine whether a vendor can deliver is by looking at their track record. Consider how many long-standing clients they have kept on their roster. Do they have any success stories or case studies with clients that are of similar size to your organization? Third-party recognition and industry awards are another great way to confirm a patient payment vendor has a proven track record.
Patientco has years of proven experience. We were the first in the market to deliver on a solution of our magnitude. We have numerous clients who have been with us since the beginning. Our solution has also achieved HFMA’s Peer Review designation, which provides healthcare financial managers with an objective, third-party evaluation of business solutions used in the healthcare workplace.
✅ Vertically-Integrated Payments Network
Lastly, look for a vendor with a vertically-integrated payments network, like Patientco. This is important because it allows balances between bank deposits and the HIS system of record to reconcile daily, providing a single daily deposit to the bank. This may seem like a back-end benefit that just automates manual processes and reduces administrative burden. However, there’s actually a significant patient benefit as well. If your system’s data is accurate, it means patients will see accurate balances on their statements and in their portal. Accurate balances instill trust, which leads to loyal, happy patients.
Don’t settle for a patient payment vendor that only delivers table stakes.
The vision for Patientco has been clear since our inception – be the healthcare industry’s leading patient financial navigation technology, empowering patients with transparency, understanding, and control of every financial interaction within the healthcare ecosystem. Patientco knows that both health systems and patients deserve better than the status quo. To rise above the status quo, make sure your organization’s next patient payment vendor delivers more than a table stakes solution. This will ensure both your patients and your bottom line are happy and healthy.