2791934_5 Reasons to Digitally Transform Healthcare Operations

Digitization is a prerequisite for today’s healthcare payers, providers and manufacturers. But, what concrete benefits will digital transformation offer your business?

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In a competitive market, payments form an increasingly critical part of the healthcare life cycle, from premium collections and billing to accounts receivables, payouts and payables. As money flows in and out, you need to make your payment operations as smart and efficient as possible. All too often, fragmented systems and manual processes cause unnecessary errors and inefficiencies. To minimize delays and improve your cash flow, it pays to both digitize and connect more processes.

1. STREAMLINED PAYMENTS

Save money

Traditional ways of paying and communicating with customers and patients are becoming less viable. Although still widely used in the U.S., checks, for example, cost around $10 each to issue, compared to just $1 per electronic transaction.¹ By automating repeatable payment processes and outsourcing the printing and mailing of checks, statements and other critical communications, you can reduce expensive administrative tasks and make more cost-effective use of your team’s talents.

2. optimize costs

Strengthen relationships

Digitalization means you can do more for your customers and patients. Payouts can be made in near real time, directly to a bank account, credit, debit, prepaid or virtual card. And by settling claims faster, you’ll boost satisfaction and loyalty. You can also offer more flexibility by accepting payments via card and alternative methods, on any device. Plus, a real-time, AI-powered view of your customers and patients will help understand their needs and personalize the healthcare experience.

3. Happier customers AND PATIENTS

Lower risk

Increase visibility

With so many transactions to manage, healthcare operations are complex, especially for treasury. Centralized digital systems help treasurers get a clearer view of cash flows and reduce costs, fraud and liquidity risk. A digital transformation strategy also makes it easier to connect to ERPs, banks and payment providers, achieve compliance and run standardized operations with less risk. You could even automate all your reconciliation processes centrally, for fewer errors and total data integrity.

4. More control

Expanding into new territories means being able to accept premium payments in different jurisdictions and currencies. And you can’t do that unless you hold all the right acquiring licenses. As part of your digital transformation, teaming up with a global card acquirer cuts through the complexity. As well as processing international payments seamlessly, you’ll be able to support every country’s banking network and payment methods. So, your firm can go global, but feel local to policyholders.

5. Global reach

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FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, absolute performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS ranks #241 on the 2021 Fortune 500 and is a member of Standard & Poor’s 500® Index.

About FIS

FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index.

About FIS

Even in uncertain times, 83% of insurers believe innovation will have a positive impact on their business.² But only with digitized operations can you constantly take advantage of the latest innovative insurtech. If you’re daunted, you don’t have to do it alone. With cloud-native technology and expert managed services, a digital transformation partner can help you run and futureproof your systems and protect them from cyberthreats. Then, you’ll always be ahead of customer expectations and competitors.

6. CONTINOUS INNOVATION

Free up resources

Improve integration

Drive automation

Accelerate payouts

Cross borders

Step up growth

Stay competitive

Keep evolving

REASONS TO DIGITALLY TRANSFORM HEALTHCARE OPERATIONS

Win back time

1. The Hidden and Overt Costs of Paper Checks for B2B Payments, Commerce Bank, 2021

2 FIS, The Global Innovation Report 2023

Stay competitive

Keep evolving

2 Solving Health Care’s Financial Burden Amid Economic Uncertainty, Medical Economics®, 2023

Amid an increasingly complex marketplace, 63% of healthcare providers are looking to streamline the number of third-party software solutions in their tech stacks.² Transforming legacy systems and processes is a massive undertaking, but you don’t have to do it alone. With cloud-native technology, a digital transformation partner can help modernize and run your systems and keep ahead of competition, and on top of customer and patient expectations.

5. CONTINUOUS INNOVATION

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