What Apple Pay Can Teach Hospitals About Facilitating Patient Payments

By Patrick Creagh, Marketing Specialistapplepay250

Apple’s new wallet-less payment feature, Apple Pay, makes it easier than ever to pay for just about anything.

Consumers everywhere are excited about the ability to pay with their phone or watch at big name businesses like McDonalds and Macy’s, but the businesses are just as excited, even payment processors are excited. At Patientco, we’re excited to see how we can use this new technology to help make it even easier for our providers to get paid.

I know you may be thinking, “How can everyone be excited, how can everyone in this transaction chain be winning? Surely, someone is getting the short end of the stick, right? How could Apple just insert itself into the process and make everyone more money?”

The secret (well, it’s not a secret anymore) is that instead of competing with processors, merchants, or even consumers, Apple is helping them all work together to give everyone more of what they want.

With Apple Pay technology, consumers are able to make faster, more convenient payments. This means more payments to retailers, more transactions for banks, more processing for processors. The money to be made from facilitating more payments far outweighs the cost of Apple’s technology.

In healthcare, Patientco is doing exactly this for patient payments.

Like Apple, our business model is to facilitate more transactions. And we do that by offering faster, more convenient ways to pay hospitals, doctors, and other healthcare providers.

By doing this, we have proven that providers, payment channels, technology vendors, and of course, Patientco all make more money by working together instead of against each other.

But the real winner is the patient, because the patient receives more convenient payment options, greater billing transparency, and HIPAA compliant messaging to solve any roadblocks to making the payment.

Retailers want more transactions, and healthcare providers need them more than ever. The Apple Pay model proves that facilitating payments is a win-win-win, shouldn’t your hospital be doing the same?

 

 

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