What to Consider When Choosing a Secure Payment Solution

The continuously evolving payment systems inherent to the healthcare industry present an ongoing security challenge. Patient financial engagement solutions must adapt to these changes to protect patient data and safeguard confidential information. 

Patient financial engagement solutions have to integrate with different types of healthcare software, such as electronic health records (EHRs) and billing systems. This allows patient information to be shared seamlessly between other parts of the healthcare system, reducing the risk of data breaches. 

The Move to Digital

In recent years, healthcare organizations have increasingly relied on electronic health records (EHRs). While EHRs offer many advantages, they also create new vulnerabilities. According to a report from the Ponemon Institute, the average cost of a data breach in the healthcare sector is $6.45 million. This figure accounts for the costs of investigating and remedying the breach, business interruption, and reputational damage control. 

Not surprisingly, the report found that healthcare organizations are particularly vulnerable to cybercrime attacks. In addition to the direct costs of a data breach, healthcare organizations face the risk of regulatory fines and other punitive legal action. 

As the use of EHRs continues to grow, it is essential for healthcare organizations to take steps to protect their data. Investing in security technologies and training their staff on best practices can reduce the risk of a costly data breach.

While patient engagement has become a critical focus for healthcare organizations in recent years, several industry payment systems have suffered breaches. In 2014, Anthem Blue Cross and Blue Shield reported that hackers had accessed the personal information of over 80 million customers. 

More recently, in 2019, North Memorial Health Care announced a data breach that affected over 4,000 patient records. These breaches damage patient trust and confidence in the healthcare system. 

Ultimately, the security of taking payments within the healthcare industry depends on the ability of patient financial engagement solutions to evolve and adapt.

patient financial engagement

Simple Steps to Secure Information

According to a report by Fortified Health Security, more than 19 million records were implicated in healthcare data breaches within the first half of 2022. These data breaches impacted over 500 patients.

The most common type of breach was unauthorized access to medical records, followed by theft of laptops and other devices containing sensitive information. While the number of breaches is alarmingly high, steps can be taken to protect your data:

  • Shred documents containing personal or financial information before disposal.
  • Never store passwords or Social Security numbers in plain text, anywhere.
  • Do business with companies with robust security measures.

These precautions protect your information from identity thieves and other criminals.

As such, it is essential for healthcare organizations to invest in patient financial engagement solutions that protect sensitive data and improve the overall patient experience.

When choosing a new payment solution, healthcare organizations should consider how the system will impact patient engagement. Implementing these solutions can reduce costs by reducing readmissions and improving compliance with treatment regimens. 

  • Choose a user-friendly patient engagement solution that integrates with existing systems. 
  • Choose a scalable solution accessible to all patients. 
  • Consider how the patient engagement solution will impact staff workflow. 
  • Choose a quickly implemented solution staff can implement with minimal training. 
  • Choose a solution with a strong track record of success in other healthcare organizations.

Roll with the Changes

As patient financial engagement becomes a more integral part of healthcare, it’s essential to embrace change with a critical eye. Doing so will not only help you process the difference in a positive light but also think clearly through the transition and avoid security pitfalls. 

Patient engagement takes many forms, from providing feedback on treatment plans to being active participants in their care. No matter what form it takes, patient engagement is essential for creating a genuinely patient-centered healthcare system. Learning to embrace change with a critical eye is necessary to ensure that patient engagement is successful. 

By taking the time to process and understand changes thoughtfully, we can increase opportunities for positive outcomes in patient engagement.

patient financial engagement

HealthPay24 Increases Patient Payment Security

Enhancing the patient’s financial experience is HealthPay24’s top priority. For patients to feel confident and comfortable using our platform, they need to know their personal information is safe and secure. We’ve implemented several security features, including patient data encryption, two-factor authentication, and real-time monitoring. 

Payment terminals and devices used by HealthPay24 are certified EMV devices and processors—a worldwide transaction authentication standard. At POS terminals, HealthPay24 can process smart payment cards with the highest levels of security. We are:

  • A certified Level-1 Service Provider with the Payment Card Industry Data Security Standard
  • Compliant with HIPAA (Healthcare Information Portability and Accountability Act) Privacy Rules protecting Protected Health Information (PHI) and Electronic Health Records (EHR)
  • Compliant with the National Automated Clearing House Association (NACHA) Operating Rules
  • Listed on the Visa Global Registry of Service Providers and Mastercard Site Data Protection Compliant Registered Service Provider List

How We’re Different

We’re committed to providing our provider organizations with the highest level of security and protection. We’ll continue to invest in new technologies and processes to ensure that HealthPay24 remains a safe and trusted place for patient care.

At HealthPay24, the security of a patient’s information is crucial, so we have implemented several features to protect all personal data. Our platform uses industry-leading encryption technology to ensure that a patient’s information is always safe. 

Patient security is one of the most critical aspects of automated payment systems. With PCI Validated P2PE, HIPAA compliance, and Omni Tokenization, we provide superior payment security with a risk-averse approach to security and compliance. 

We also offer a secure login process, so providers can be sure that only authorized users have access to account information. In addition, we provide a comprehensive patient portal for patients to pay their bill, view past bills, set up a payment plan, or review an estimate statement.

HealthPay24 Has your Back

The use of self-service portals and digital payments in the healthcare sector has made healthcare a softer target for hackers. In addition to gaining access to valuable PHI, hackers now have access to even more payment information. 

How do you ensure that your patient’s information is secure as more and more patients trust you with online payments?  

We consider a patient’s personal information sacred, and we’re committed to providing the highest level of protection. With HealthPay24, your information is always safe.

Want to know more about how the right patient payment platform can bolster security for patient payments? Find us at HealthPay24.com.