The Road to Digital Healthcare Payments Starts With a Few Cashless Steps, Says Bank of America

There are few sectors outside of healthcare that are more emblematic of both digital technology ’s potential and the challenges that come with implementing it. In an era where digital transformation is sweeping across industries, the healthcare sector finds itself grappling with the challenge of modernizing its payment systems. “Historically, [as it relates to payment flows between patients, providers and payors,] healthcare has not been a leader in technology adoption nor deployment, and … for that reason, it’s been challenging to keep up with the evolving needs and expectations of patients,” Simon Abtalion , healthcare solutions executive at Bank of America , told PYMNTS, noting that the situation is exacerbated by the healthcare sector’s complexity and regulatory landscape. Abtalion explained that this delay has resulted in a fragmented payment ecosystem that struggles to meet patient expectations. Outside of healthcare, consumers are accustomed to streamlined, omnichannel experiences where they can interact digitally at every touchpoint. In healthcare, however, such solutions have yet to be fully adopted. Transitioning to Cashless Healthcare The persistence of cash healthcare payments is an issue within the marketplace. Healthcare providers continue to accept cash, driven by the goal of maximizing bill collection rates. This results in […]

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