Written by in Business on May 12, 2020
Photo by National Cancer Institute on Unsplash
It’s important to remember that medical institutions may be essential services, but they are also businesses and sources of employment for many. As such, the financial side of the medical world is just as, if not more, important as in any other industry. Though, it is paramount to approach the needs of medical institutions through a different lens, adjusting and adapting services and systems to suit their unique needs.
Shift’s solution streamlines your international invoicing process, getting you faster settlements and real-time payment status updates all while eliminating wire and merchant fees. While solving payment challenges is a major part of what we do, it’s not the only reason why our partners choose to work with us. Here are just a few of the ways we deliver value to medical practices and patients.
Medical Financial Solutions Make Health Care Accessible To More Patients
Some patients have no easy and convenient way to pay medical bills remotely. In these cases, there are large dollar amounts for people coming from other parts of the globe needing to make payments quickly and securely. The hospitals aren’t structured to handle 24/7 international payment-related questions, patients are paying high foreign exchange rates, and hospitals are hit with cross-border fees and reconciliations problems.
We saw the opportunity to develop a solution and support both parties in these scenarios. The payment challenges faced by hospitals and their international patients are like those faced by eductions institutions and their international students. A significant percentage of international patients pay for care abroad themselves, without the involvement of insurance companies.
It is a stressful time and patients want the peace of mind knowing that the payment side of their treatment is taking care of. That way, all they have to focus on is getting better.
On the hospital side, the reconciliation issues for international payments can be complex and time-consuming. The more efficiently the hospital can confirm payment, the better it is for everyone involved. It is one element of a really stressful, scary time that can be taken and put aside and then you can really focus on getting better yourself or getting your family member better.
Eliminate Extra Stress At An Already Stressful Time
Our solution enables hospitals to offer international patients a variety of familiar online and offline payment options in multiple currencies. Rather than adding confusing systems or inaccessible methods, we provide the most accessible solutions for all types of users. Patients can pay in their local currency, using a simple web experience that is customized to suit their country of residence.
Our discounted currency conversion rates can also offer significant savings when compared to rates offered by banks in the patients' home countries.
Funds are transferred quickly and safely and patients can track their payment status online. Patients also receive support via phone, chat, and email at any time. Although patients can come from anywhere and go anywhere, in many cases, patients choose based on factors such as cost of care, the variety of procedures offered, and location.
Serving International Self-Pay Patients
The challenge in serving these international self-pay patients is having a process that can facilitate the billing and sending of invoices to them cross border and how that might need to change in order to accommodate the growing demand.
A big change is billing. Payment in full, based on an estimate of services, is required upfront before a patient arrives. Though some health care providers are more advanced in producing these estimates than others, many have databases that spermine the specific costs involved with a procedure and can add additional costs to cover possible unknowns.
The challenge then becomes both piling based on an estimate and receiving and reconciling funds from patients before they arrive.
Taking one simple, streamlined approach to handling the International finances in a medical institution is key. In addition, partnering with Shift offers you a personal support team, both as a business or as an individual.
To find out how Shift’s custom solutions can serve and elevate your business, get in touch today.