Strengthen Your Healthcare Software with Embedded Payments - Featured Image

Strengthen Your Healthcare Software with Embedded Payments

By Fortis |

The healthcare industry is notorious for being slow to update systems, especially when it comes to payments. So, what’s the reason for this reluctance toward a change that can improve speed and payment processing? 

Most healthcare providers simply don’t notice that their software is slowing down their receivables. For healthcare practices who have a complex and convoluted payment system due to health insurance and compliance requirements, it can be difficult to diagnose the problem. Most legacy EHR software is hyper-focused on patient care, but healthcare technology’s roadmap must encompass advancements to payments software, though they’re not always prioritized. 

An upgraded payments strategy can be a competitive advantage for developers and ISVs looking to capture more healthcare customers.  

The Link Between Modern Healthcare Payments and User Experience 

Non-traditional healthcare providers, such as chiropractors, mental health clinics, and physiotherapists, often don’t have the hospital volume to permit an extensive EHR system but need something more advanced than a basic payment processor. As more and more healthcare providers lean into digital payments, a new, robust payment system will become the norm. 

For example, between 2020 and 2021, mail-based medical billing dropped by 16%. Customers now prefer paying via phone calls, text messages, mobile app notifications, online portals, and email. Furthermore, around 60% of patients say they pay faster when using these alternative payment methods.   

All of this translates into an increased demand for better payment processing options from health providers and practices. Developers of healthcare software and EHR integrations should include digital payments in their strategy going forward.  

For software developers, security, usability, ease of integration, and flexibility are all required to stay competitive. Payments should be made easier, not harder, which means reducing the number of clicks and streamlining the payment journey. That said, removing slow, unnecessary steps without sacrificing compliance is key to improving cash flow for your customers. When they get paid quickly, they are reluctant to change to another provider.  

The solution for many software developers is simple—embedded payments.  

What are Embedded Healthcare Payments?

Embedded payments integrate right into your software. Customers no longer need to jump from a merchant landing page to a payment portal, and back, to complete a purchase. Embedded payments make it possible to keep the entire transaction on one, custom-branded page from start to finish.  

In addition to websites, embedded payments are compatible with mobile devices as well. If a patient downloads your app, they can pay via an embedded payment form in their phone. Keep in mind that an effective embedded solution should provide the ability to: 

  • Securely store card information on file 
  • Save more than one card—such as an HSA and credit/debit card 
  • Log all payment-related notifications 
  • Mail out statements for click-to-pay 
  • Set up recurring payments

The goal is to make payments as effortless, and as seamless, as possible. This not only accelerates receivables for end-users, but also reduces compliance pitfalls in the back office. It’s a win-win. For ISVs and EHR providers, helping your customers get paid faster is a key way to differentiate your software.  

Unlike traditional payment processors, an embedded payment solution isn’t just another mandatory expense. Some payment processors, like Fortis, provide revenue-sharing opportunities where you can actually earn money from each transaction. 

Keep Your Cash Flow Healthy with Fortis

Often, the best option for ISVs and software developers embedding payments into their platform is through partnership. The right partnership should offer easy integration, provide you and your customers with flexible payment options and revenue sharing for every transaction. Through customized embedded payment solutions, your software company can optimize healthcare payments effortlessly. 

Fortis is a leading embedded payments platform that provides end-to-end support for healthcare providers and practices to better serve their patients. Using award-winning API technology, the Fortis payment processing solution enables digital payments for a healthier cash flow, securely stored payment methods, click to pay invoices and more. 

To learn more about how Fortis can revolutionize your healthcare payment system through embedded payments, reach out to one of our guides