Wouldn’t it be nice if payment processing came with a textbook for beginners? Unfortunately, many times merchants are on their own to master key terms and skillfully implement best practices that help manage costs. One of the biggest challenges can be understanding the interchanges rates set by the card networks and other fees incurred in order to accept credit card and other payments.
With patients bearing more of the responsibility for healthcare payments, healthcare organizations are looking for ways to make it easier for patients to pay, thereby improving collections and decreasing the time and resources it takes to collect payments.
Healthcare payments landscape
More than $2.7 trillion of healthcare payments are made in the U.S. annually, which represents one sixth of the U.S. gross domestic product (GDP). Direct patient-to-provider payments represent $326 billion.1 According to a McKinsey & Co. report, about 35 percent of a provider’s total revenue will come from patients.