The Increasing Importance of Payments in Healthcare

From Healthcare IT Today

John Lynn

July 5, 2022

For a long time in healthcare, payments weren’t really that important in healthcare because a majority of a healthcare organizations revenue came from payers.  As high deductible plans entered the fray, patient payments started to matter much more.  As we continue to improve the consumer experience with a wide variety of digital health platforms, it seems like every health IT solution out there needs to think about how they’re approaching payment collection to create a seamless experience for the patient.  Payments have never been more important and that’s continuing to increase.

Of course, one of the big challenges for health IT companies is onboarding new customers for something like payments.  Turns out, a bank we all probably know, KeyBank, acquired a company called XUP Payments to address this problem and the challenges of collecting payments in healthcare.

I had a chance to sit down with Pete Wheeler, SVP, Group Lead, Healthcare and Insurance Payments at KeyBank, and Jeff Gill, Healthcare Go-To-Market Lead at XUP Payments, to learn about how they’re helping healthcare organizations when it comes to payments.  They shared with us some of the major pain points they see and hear about in the healthcare industry and then they talk about what can be done to address these challenges.

I also ask them if healthcare is “behind” when it comes to healthcare payments.  Plus, they share what differentiates a next level payment partner for those that may think that all payment processors are equal (they’re not).  Finally, they share a look at what’s on the horizon for healthcare payments.

Check out our video interview here to learn more about payments and how you can improve the end-to-end payment experience.