How instant, cross-border payments are improving health insurance and healthcare
Less admin, more satisfied customers
Healthcare and corresponding insurance options have become increasingly digitized, with patients able to access doctor consultations through video calls, or claims for reimbursements happening from half-way across the world. The world is becoming increasingly connected, and easier to navigate. We work remotely, access services online, and yet, streamlining payment processes is lagging in some sectors.
Updating payment processes and using traditional methods to send funds for claims is admin-heavy, slow, and bureaucratic. And for companies with global operations, the administrative tasks become more complex when factoring in establishing legal entities in every region of operation and facilitating cross-border payments in various currencies.
While instant reimbursements and payments are necessary for success in any business during the instant technology and gratification age, healthcare and insurance companies should pay special attention to their payment processes and who they partner with.
Let's look at how healthcare and insurance can improve customer satisfaction and benefit from integrating with a trusted payments solution such as dLocal.
By implementing real-time payments and payouts, providers can provide patients with a more convenient billing experience. This integration will assist with accelerating the reimbursement process for patients, healthcare providers, and insurance companies.
Patients can make payments and receive reimbursements quickly, which increases satisfaction and trust in their provider choice.
Send and receive funds worldwide
Integrating with a payments company operating in multiple regions globally with local entities can expand and simplify processes far more than imagined. Providing the ability to orchestrate and collect payments in local currency, settling funds in the desired currency internationally.
With local entities compliantly sorted without the stress and admin, cross-border transactions can become as simple as local payments.
Customer peace of mind for emergency payouts
Quick access to payments is essential during emergencies and helps build customer trust and brand authority. Instant payments enable immediate access to funds for critical treatments, building credibility.
Using alternative payment methods saves money compared to traditional transfers and helps maintain a consistent cash flow with real-time payments. This is particularly beneficial for healthcare facilities and insurance companies as it reduces the risk of financial strain and potential payment defaults caused by longer processing timelines.
Adopting automated payment processes also saves healthcare providers and insurance companies time and resources, lowering the administrative costs associated with traditional payment methods. Further streamlining these processes and reducing costs.
Fraud detection and defense
When dealing with sensitive patient and customer data, it is crucial to have monitoring and defense mechanisms in place to prevent fraudulent activity and security breaches. When choosing your payments partner, ensure they take your security seriously and have built-in defense mechanisms.
Distinguish your operations with an easy and local payment experience
A recent study has shown that within 12 months, more than half of consumers surveyed encountered friction while paying for medical expenses, with 21% finding the process to pay their medical bills confusing.
Ensuring customer satisfaction is crucial, especially in high-stress situations like accessing healthcare or insurance. Faster payouts and reimbursements significantly improve the experience.