The healthcare industry is built on accommodating patients’ needs. From ADA-friendly accessibility features, to in-house services like language assistance and discharge planning, healthcare has long been at the forefront of anticipating and adopting ways of making patient visits more enjoyable and less stressful.
That spirit of innovation and embracing new technologies continues to evolve in healthcare as hospitals and clinics consider solutions for turning cash transactions into digital payments, such as paying with a debit, credit, or prepaid card.
However, going completely cash-free risks inconveniencing a segment of the patient base who prefer to use cash for services and care. So, how does an industry focused on providing exceptional patient care eliminate the hassle and inefficiency of accepting cash while catering to those unwilling or unable to make digital payments?
Continue reading as we examine the role of cash payments in healthcare, what steps administrators can take to become a cash-free campus, and what best practices other industries can show healthcare about the advantages of only accepting digital payments.
The Role of Cash in Healthcare Facilities
Cash may only play a small role in the day-to-day operations of healthcare clinics and hospitals, but it has an outsized impact on operational efficiency. Every co-pay, bill pay, visit to the food court, gift shop, or parking garage that ends with a cash payment sets off a series of cascading events requiring staff time and focus to complete.
Change from each transaction must be made, which requires cash to be kept on hand. Sales receipts must be reconciled, and staff take on the added responsibility of handling, storing, safekeeping, and counting cash at the end of every shift. Cash handling can also be dirty and increases the risk of transmitting infectious diseases, a potential issue that takes on even greater significance in hospitals.
Even in clinical settings, where insurance payments and delayed billing are the norm, the need to accept cash for copays or prescriptions can drain resources and divert staff attention away from activities that improve patient care.
While moving away from accepting cash offers great appeal to healthcare administrators looking for opportunities to lower costs, and improve efficiency, only accepting digital payments can make individual patients, who may already face obstacles receiving the care they need, uncomfortable with not being able to use their preferred form of payment.
The Patients Who Rely on Cash Payments
Patients who make cash payments often come from underserved communities and rely on cash out of necessity rather than choice. Specific groups, such as older adults, the underbanked, and recently immigrated people, may not have access or the desire to use digital payment systems. This presents healthcare administrators with the option of either accepting cash or denying services to some of the most vulnerable members of their patient base.
While most patients have access to a digital payment option, hospitals and healthcare clinics must still try to understand and respect the barriers preventing certain patients from embracing digital payments.
In an age of digital banking, seniors may prefer the certainty of paying for services in cash rather than relying on uncertain bank balances. Individuals who’ve experienced financial hardships such as bankruptcy may be unable to pay with a credit or debit card. Language barriers may prevent those recently relocated to the U.S. from opening bank accounts, requiring all of their services to be paid for in cash.
Not having the option to pay in cash won’t impact the vast majority of patients, but the small percentage that it does will have their ability to receive care and access on-site services profoundly affected.
The Value of Offering a Flexible Payment Solution
To meet the needs of all patients, healthcare administrators should consider embracing flexible payment solutions that accommodate those who want to pay with cash while eliminating the burden those types of payments can create on hospital administration.
The hospitality industry offers hospitals a valuable template for how to manage cash and digital payments without alienating parts of their patient base. Hotels have successfully integrated technologies that streamline financial operations while ensuring guest satisfaction.
For example, the placement of Ready Credit cash-to-card kiosks in hotel lobbies, bars, and wherever transactions typically occur has eliminated the need to accept cash, freeing staff to focus more of their time and energy on enhancing the guest experience.
Guests who prefer to pay in cash can use the kiosk to receive a prepaid card for use at any of the hotel’s guest services, such as the bar, spa, or gift shop. The cards can also be used anywhere Mastercard is accepted, so guests no longer need to pay in cash for all their transactions while traveling.
Ready Credit’s kiosks have freed hotel employees from the burden of handling cash. Eliminating tasks like reconciliation and cash management frees up more time for guest-facing tasks, improving overall guest satisfaction.
The Role of Cash-to-Card Kiosks in Healthcare Finance
Hospitals can mirror this strategy to offer a payment option that accommodates some patients’ preference to pay with cash. This ensures accessibility and convenience while eliminating the hassles that come from accepting cash. By using Ready Credit’s cash-to-card kiosks, healthcare facilities can see immediate impacts in various areas of their operations.
By strategically placing Ready Credit kiosks throughout campuses wherever payment transactions occur, healthcare providers can offer patients and visitors a way to pay in cash without accepting physical currency. Patients can deposit cash at a kiosk to have a card issued they can use anywhere on or off campus. This allows healthcare providers to meet the payment needs of all patients while improving operational efficiency and lowering costs.
For example, in hospital cafeterias, where cash transactions often slow down service, no longer accepting cash speeds up the process, allowing staff to accommodate customers more quickly to reduce time spent standing in line.
At pharmacy counters, patients can quickly pay for their medications and head home sooner, improving their experience. At registration desks, no longer needing to accept cash for copays speeds up check-ins and reduces lines. This not only makes the process smoother for patients but also frees up staff to focus on more critical tasks.
By minimizing cash transactions and using cash-to-card kiosks, healthcare facilities can significantly reduce the risk of disease transmission, helping to maintain a safer and cleaner environment for everyone involved.
Overall, adding cash-to-card kiosks to healthcare settings makes everyone’s day a little easier and a lot safer.
Balancing Payment Options with Patient Satisfaction
Embracing both cash and digital payment methods is essential in healthcare. It ensures that all patients can conveniently access services, regardless of their preferred payment method. For some, especially in underserved communities, cash remains a necessity rather than a choice. Healthcare facilities must consider these preferences to avoid alienating any part of their patient base.
Implementing versatile payment solutions like Ready Credit’s cash-to-card kiosks can significantly enhance operational efficiency while respecting payment preferences. Our cash-to-card solution offers a strong return on investment by reducing the time staff spend managing payments, allowing them to focus more on patient care. This improves staff efficiency and boosts patient satisfaction by offering quicker and more convenient service.
Our digital payment solutions also enable healthcare providers to process payments immediately. Rather than making cash deposits and then waiting for that money to register in an account, cash accepted at a Ready Credit kiosk is immediately credited, eliminating any delay. This allows healthcare providers to streamline their financial operations and enhance fiscal management, ensuring resources are available when needed.
Ready to see how Ready Credit can optimize your healthcare payment system? Connect with us today to explore how our versatile payment solution caters to every patient’s needs while boosting your operational efficiency.