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IGNORE MODERN BILL PAYMENT TECHNOLOGIES AT YOUR OWN RISK

In Medical Bill Payment by Will Pfeifer

Despite increasing focus on new technologies, many health organizations have not yet begun to benefit from their digital investments. According to a survey of payer and provider executives by PwC, 38 percent of respondents said their organizations have not incorporated digital into their corporate strategies, and many told PwC that they “still do not see digital efforts paying off in a meaningful way.”  What’s more, according to that same survey, only 21 percent of healthcare companies employ a chief digital officer, compared with 32 percent of banking firms and 41 percent of insurance companies.

Relying on outdated methodologies to handle medical payment strategies can be an expensive and risky proposition. Organizations that still use costly checks rather than electronic payments are ignoring the advantages that an automated bill payment system brings, including:

  • The ability to interface with any existing claims system
  • Connection to hundreds of thousands providers and vendors
  • Multiple methods for payment, including direct ACH connections, virtual cards, ACH push payments and more
  • Dramatically reduced fulfillment costs
  • Proven, safe and timely delivery alternative to the higher-cost “snail mail” solutions

The future of medical bill payment lies in digital strategies, and organizations that fail to keep up with evolving technology will inevitably fall behind. If your organization is struggling with the costs and complexities of medical bill payment, find an automation provider who can design a digital strategy targeted to your specific needs.