Why Competitive Healthcare Providers are Investing in Digital Innovations Like Patient Financing

Posted by Jessica Toney | Jun 7, 2019 11:08:30 AM

According to a Black Book Research survey, 8 in 10 healthcare CFOs think the long-term survival of a practice hinges upon digital transformation.

Since the introduction of the ARRA in 2014, more and more practices are switching to electric data collection and analysis tools. Yet this digital transformation goes beyond data management.

Software programs are changing the way patients pay for care, too.

If you want to stay ahead of the competition, you should invest in innovative technologies like patient financing software. Here’s why.

New Investment Strategies
Healthcare is seeing a change in administrator’s investing behaviors.

In the past, healthcare administrators threw most of their resources into improving profits and reducing costs. Now, 89% of providers seek to increase investments in digital innovations.

Future investing strategies will focus on patient experience and competing with other healthcare providers through differentiation. To address both of these concerns, improving patient-pay technology is a high priority.

Competition is Driving Innovation
Why are providers upgrading their investment strategies?

The Black Book research survey shows that an increasingly competitive market is to blame. And many providers are responding to the challenge by using transformative tech programs to set them apart.

Yet 28% of providers still say they’re playing catch up with local competitor digital technologies. Part of this effort includes upgrading financial interactions for consumers. That’s why 75% of all US hospitals have automated patient transaction services since 2013.

Patient Financing for Competitive Innovators
90% of hospitals and practices plan to actively implement new technologies before 2020. Make sure you’re one of them to avoid falling behind the competition.

If you want to get a leg up in your local market, a patient financing program can help. That’s because medical loan software improves both patient satisfaction and provider revenues.

While your patients pay for care over time, you’re reimbursed upfront and in full for your services. Learn more about Epic River’s patient lending program or get in touch to find out how to start using our program at your practice.

Topics: Patient Financing

Written by Jessica Toney

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