Unlocking new revenue streams is crucial to fund initiatives and continually improve key processes. That’s only possible for organisations that take a strategic approach to enhancing convenience, efficiency and accessibility of payments.
Staff looking to regain outstanding debts and delayed payments from various sources also need to be supported with the right digital tools. The same goes for meeting compliance and filing requirements – a pressing challenge for trusts that can leave a lasting stain on their reputation when left to chance.
With that in mind, let’s take a closer look at the impact that an agile payment processing software can have on your day-to-day operations as a trust.
Create a superb, inclusive payment experience
Traditional payment methods in NHS trusts often involved repetitive admin and manual processes that drained a lot of internal time and resources. Trusts also have a very broad patient demographic, so it’s important to cater to the diverse needs and payment preferences of people of all ages.
Fortunately, today’s healthcare payment processing software can automate time-consuming tasks while facilitating a wide range of payment methods. Beyond credit and debit cards and bank transfers, a reliable system will make it easy to handle payments from digital wallets, mobile devices and open banking sources. Software can also track data from any payments made in cash, which remains a popular option among older patients.
This multi-channel approach allows patients to choose their preferred method, reducing friction and enhancing satisfaction. By catering to the diverse needs of different patients, trusts can increase payment compliance and facilitate faster revenue collection.
By integrating payment processing software with EHR systems, healthcare providers can also effortlessly connect patient billing and payment data with medical records. This integration enhances accuracy, minimises errors and offers a comprehensive overview of patient financial information at all times.
Meet payments security and compliance obligations
NHS trusts must adhere to strict payment processing regulations under the latest PCI DSS guidelines, which came into effect as of 1st April 2024. The latest version of PCI DSS legislation introduces more rigorous security controls which intend to ramp up protection of cardholder data. There are also new rules around security training, password management and authentication protocols.
Staying compliant requires careful planning, and staff need to be supported by the right tools to reduce risk factors and avoid potential issues. Fortunately, today’s payment processing systems are designed to keep pace with latest compliance guidelines and can greatly enhance payment security across your entire trust.
Modern payment platforms also offer seamless integration with existing NHS systems, enabling automatic data exchanges, efficient reconciliations, financial reporting and data analysis. That leads to better decision-making and resource management.
Reduce demands on your employees
Achieving more with less means redeploying employees to where they can make a greater impact – and that’s where digital tools and automated processes are vital.
Real-time integration with your finance and patient record system, including automatic updating of your back-office system once the payment has been made, removes the need for re-entering payment information, with the option of being able to retrieve the balance payable to present to the patient.
Manual data entry and paper-based transactions are prone to errors and take hours to complete each week. By adopting modern payment software, an NHS trust can automate payment workflows, reduce administrative burdens and minimise the risk of mistakes. This increased efficiency will also allow staff to focus more on patient care and other valuable tasks.