Healthcare is one of the major sources of debt for many people, whether they have insurance or not.

Patients who are both insured and uninsured carry a staggering amount of medical debt. On average, people owe $1,766 of overdue medical debt. These debts not only have an adverse toll on the consumers. They put stress on the healthcare providers as well.

There are 42.9 million Americans who have unpaid medical bills. These unpaid bills result in many healthcare facilities not being compensated for their valuable services.

Specialty medical care, like radiology, can cost patients hundreds or even thousands of dollars out of pocket. If patients cannot pay these bills, then the responsibility is transferred over to the healthcare provider, which can end up hurting their bottom line.

• Fifth annual BillingTree Operations and Technology Survey of trends and plans for payment technology adoption
• Compliance remains biggest concern for majority of respondents
• 10% increase in HSA/FSA payment acceptance

Healthcare Billing and Collections

Internet and mobile devices have made it easier for people to make payments online from anywhere. As a financial institution, you want to make it simple for your members with loans to make payments quickly and conveniently. Traditionally, people have made payments with paper checks but online payment solutions should be encouraged for your members because they make banking easier. Here are some advantages of online banking that you can share with your members to motivate them to bank electronically.

Phoenix, Ariz. – March 23, 2017 – BillingTree® today announced that Worldpay US, a global leader in payments processing technology and solutions, will expand its omni-channel payment solutions to their growing customer base with the Payrazr Marketplace™. Available immediately are robust myPayrazr payment acceptance technologies including myPayrazr IVR™.

In today’s constantly-connected world everyone has access to the internet 24 hours a day. In addition to that, they have many different methods for paying for products and services, and they use them regularly. Payment by debit cards, credit cards, mobile apps and even text messages are commonplace. So when they are making a payment on a loan or credit card bill, today’s connected consumer expects an easy and stress-free path to making those payments.

Payment gateways are a software application that authorizes a payment from a consumer to a business or financial institution. Gateways are the online equivalent of a physical point-of-sale terminal (a card-swipe device) located in most retail outlets. Payment gateways are required for online transactions to protect credit card details by encrypting sensitive information such as credit card numbers to ensure that information is passed securely between the consumer and the business.