Overcoming these hurdles – particularly the financial related ones, requires innovative solutions and a comprehensive approach.
Financial Challenges Faced by the NHS
It is no secret that the NHS faces financial challenges, mainly due to outstanding debts and delayed payments from various sources.
As of October 2023, 22 NHS trusts are in the Recovery Support Programme, having been identified as having significant and complex challenges in achieving financial sustainability and/or high quality care. With further funding cuts - and many trusts struggling to regain owed money - it’s clear that the old ways of managing revenue into the organisation need to change.
To achieve the change required and deliver real improvements, new and often untried ways of doing things should be explored. Many NHS trusts are potentially missing the opportunity to explore a different avenue – one that balances the time and resource that are dedicated to cost savings and increasing revenue.
The NHS is, and will always be, a service designed primarily to deliver care, not to be experts in offering trailblazing payments and data security. However, there are circumstances where payments are necessary - and appropriate - and failing to address this is a source of loss to the trust that can easily be avoided.
This doesn’t mean a radical overhaul is needed, but a different mode of thinking – one that looks at the missed opportunities for generating income, that works in tandem with the efficiency savings that trusts are required to deliver on a daily basis.
How Updating Payment Processes Could Help the NHS
Offering a variety of payment methods may help to recoup some of the ‘lost’ money the NHS is owed from non-eligible patients.
With the shift in culture towards smartphone use, and the payments arena continually evolving, the opportunity for NHS to be able to improve the patient pathway experience, and to make the most of consumer habits to maximise the income opportunities available to them is ripe.
But just how can implementing an innovative payment solution unlock efficiencies, and contribute to the financial success of trusts?
1. Efficiency and Cost Reduction
Implementing modern payment processes could help to streamline administrative tasks, reduce paperwork, and minimise manual errors. This can lead to increased efficiency and cost savings for NHS trusts.
For example, adopting electronic payment systems can automate billing and invoicing processes, reducing the need for manual data entry and paperwork. 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.
2. Ensure Faster Payments:
Digital payment processes can enable faster and more secure transactions. This can benefit the NHS by reducing payment delays and improving cash flow. For instance, implementing real-time payment systems can ensure that healthcare providers receive timely payments for their services.
3. Improved Patient Experience
Offering convenient and modernised payment options, such as online portals or mobile payment apps, can make it easier for patients to settle their bills and manage their healthcare expenses. This can contribute to higher patient satisfaction and engagement by enhancing the overall patient experience
4. Enhanced Financial Management
Up-to-date payment processes can provide better visibility and control over financial transactions. Implementing robust financial management systems can help the NHS track payments, monitor revenue streams, and identify any discrepancies or potential fraud. This can support effective financial planning and decision-making.
5. Data Analysis and Insights
Updated payment processes can generate valuable data that can be analysed to gain insights into financial trends, patient behaviour, and healthcare utilisation. By leveraging this data, the NHS can make informed decisions regarding resource allocation, budgeting, and service improvements.
Final thoughts
It is important to note that while updating payment processes can bring benefits, it should be done in a way that ensures data security and privacy. Implementing appropriate cybersecurity measures for healthcare payment processes is crucial to protect sensitive patient information and prevent potential breaches.
To keep the NHS thriving, it is crucial to strike the right balance between effective resource management, patient care, and financial sustainability. This can be achieved by understanding the importance of balance, acknowledging the challenges faced, and implementing innovative solutions, we can ensure that the NHS continues to provide high-quality healthcare services to all individuals.
Discover how Access PaySuite’s innovative NHS and health secure payment solutions could unlock additional income for your NHS trust.