Medical community adopts mobile payments
June 14, 2013

Small- and medium-sized businesses have known the value of integrated payment systems for a long time. While many industries have adopted credit card processing, hospitals and healthcare systems are set to accept mobile credit card payments as well.

Mobile devices in medical practices
The healthcare community started utilizing portable gadgets after the Health Insurance Portability and Accountability Act came into effect in 1996. Numerous security rules have been enacted since its implementation, but medical providers were some of the first to employ smartphones and tablets. Now, hospitals and healthcare systems are on the brink of a coding migration, or what billing codes they use to receive compensation. While the new billing system does not go into effect for more than a year, clinical management and physician practices are seeking out ways to boost their repayment rates.

While a number of factors contribute to the need for electronic payment solutions, the medical community is set to utilize the mobile gadgets they already employ as another payment method. Accepting debit and credit cards has been a vital billing strategy for hospitals for some time. Allowing patients to pay for their visits or procedures right away helps healthcare systems receive compensation promptly and reduces the probability of not getting paid.

According to Mobile Commerce News, many members of the healthcare community will begin to invest in mobile payments. However, some may not implement the measure until later this year or next because of increasing demands for professionals to learn new billing language and preparing for the coding transition.

Mobile Commerce News reports heavy healthcare regulations present many challenges. While this may be the case, physicians expect to see an increase in the number of patients they see every day. The medical community is currently facing physician shortages and rising workloads. However, these very challenges are set to drive mobile payments into the healthcare community.

Accepting mobile payments is the next step for the healthcare providers to take in order to boost their reimbursement rate and increase patient satisfaction. If a physician is able to use a tablet daily to receive compensation right in the exam room, they may see increase compensation rates. And as more consumers become aware of the benefits of mobile payments, many may be able to simply reach for their smartphone and pay for services before they even leave the exam room.

Nexus: G-WEBCD2