The banking industry has long been a major player in the healthcare space, providing financing for everything from medical equipment and facilities to providers themselves. In recent years, however, banks have become much more involved in the day-to-day operations of healthcare organizations through the development of new products and services specifically designed to help with the management of healthcare practices and organizations.
The healthcare sector is expected to continue to grow in the coming years and, with that, the impact that banking has on healthcare practice management will continue to deepen. The industry has long taken traditional banking products and merely labeled them as “healthcare,” without bothering to ensure product-partner fit, and has left a void in the marketplace. This has led some banking service(s) providers to develop specialized products and services that cater to the specific and unique needs of healthcare organizations.
Success in today’s healthcare marketplace requires a strategic partnership that provides financing solutions, innovative banking products, integration(s), and a long-term commitment to the industry. Healthcare banking products and services are becoming increasingly sophisticated and integrated, and banks are offering more comprehensive solutions to meet the needs of healthcare providers and patients including loans and lines of credit, credit cards, merchant services, and banking services. Healthcare banking provides a full suite of products and solutions to efficiently manage daily operations including deposit accounts, treasury solutions, merchant services, data management tools, and practice financing.
Treasury solutions provide convenient access at the tip of your fingers to deposit checks via remote deposit capture, initiate ACH payments such as payroll and bill pay, and collect patient payments via lockbox. Treasury solutions also provide online banking services including access to online deposit accounts, wire transfers, fraud mitigation, and stop payments.
Treasury Solutions:
- Business Online Banking & Mobile Banking
- ACH origination
- Remote Deposit Capture
- Lockbox
- Positive Pay & fraud mitigation tools
- Wire Transfers
Alongside treasury solutions, healthcare banking also offers merchant solutions to ease the payment process, especially for patients. Integrated with the healthcare practices EMR, merchant processing allows patients to easily pay co-pays at the time of visit or make payments towards previously billed services. Credit cards, ACH, and e-check payments are generally accepted methods of payment and offer patients different avenues to pay for services.
Merchant Solutions:
- Credit card, ACH & e-check for patient payments
- Credit Card on File
- Reduced credit card processing fees
- Payment efficiencies and comprehensive payment reporting
The healthcare industry is a highly competitive industry, and practitioners need to be constantly looking for ways to improve their practices. Banking products and services can help healthcare practitioners access the capital they need to expand their practice and stay ahead of the competition.
Practice Solutions:
- Partner Buy-In Financing
- Practice Acquisition
- Real Estate Financing
- Operating Lines of Credit
- Patient Financing
The impact of banking products and solutions on healthcare practice management has been extremely positive and increasingly impactful. However, not all banks are created equally so it’s best to research and choose one that best serves the practice’s needs. By helping to improve the efficiency and accuracy of billing and collections, financial management, and patient care, banks have made it possible for healthcare organizations to provide better care for their patients and improve their bottom line. So, the next time you visit your local bank, remember that it’s not just a place to deposit your paycheck. It’s also a vital part of the healthcare system.
The post What is Healthcare Banking? appeared first on Core Bank.
