Inclusive Access to Digital Healthcare Payments

In Healthcare, everyone has to be able to Pay. Is your SaaS platform enabling this?

Healthcare is rapidly evolving, with digital service delivery becoming the norm. Millions of Americans still rely on cash or do not have access to the resources they need at the right time, creating barriers to accessing modern healthcare. Pay Theory is leading the way to ensure everyone can access digital healthcare services, how, when, and where they want to — regardless of their financial situation.

Payment Truths

• 5.4% of U.S. households are unbanked, meaning approximately 7.1 million people lack access to traditional banking services (FDIC).
• 50% of all healthcare costs are patient-led, amounting to about $370 billion annually (a16z).
• The Global Digital Health Market is projected to reach $660 billion by 2025 (Statista).

Digital healthcare is growing like a weed. Already 50% of spend is patient-led. But, cash-based payors —or payors with payment timing issues— are increasingly at risk of being left behind. With all this, SaaS platforms continue to lag in ensuring access for all. This is the opportunity for digital health leaders: to ensure platforms account for everyone in the ecosystem. In doing so, they keep access open while increasing the probability of getting paid.

What’s Needed

Flexible Payment Options
We must think beyond conventional payment tools to offer inclusive solutions for un and underbanked patients, helping them manage out-of-pocket expenses effectively.

Tools for Better Inclusion
Remote (digital) Cash Acceptance — There is a clear payment gap between healthcare, banked, and unbanked individuals (“cash payors”), making it hard for some to pay healthcare bills. With Pay Theory, cash payors can be issued a bar code to be taken to one of over 88K retail outlets in the USA to make their healthcare payment. This kind of tool is already in heavy use in the utility space.

Buy Now, Pay Later (BNPL) type payment plans are a “retail” payment method that can drive access to expensive treatments.

Improved Revenue Acquisition for Providers
Meet Payors Where They Are—Healthcare providers can significantly increase revenue acquisition by offering multiple digital payment options, including remote cash. Extensive research into retail payments shows that payors are more likely to pay if their preferred payment method is easily available. More successful payments improve cash flow and reduce financial barriers to accessing care.

Understand the Barriers to Payor Payments—Timing issues can arise for payors in a similar way to providers. Not being able to pay now drives the need for different credit products allowing healthcare consumers to pay what they can, when they can.

Have the Capital to Invest in Technology — Access to capital is critical to improving payments. Embedded finance and lending applications accessible within software is an important innovation. Providers have to be able to pay for the things they need too.

By offering a seamless and convenient payment experience, Pay Theory enhances patient satisfaction and streamlines healthcare providers’ operations. Pay Theory’s solution for digitizing cash payments is crucial in ensuring inclusivity in the digital healthcare landscape.

Pay Theory is changing the digital health industry with solutions for converting cash payments into digital transactions. This is not only a financial necessity but also a moral one. Healthcare is a must-pay industry. Individuals must access it. Bills must be paid. Reconciling the inherent conflict between these two is a must. Providers must include all types of payments to serve their patients best. Pay Theory’s digital cash solution assists healthcare providers in offering comprehensive care to a diverse patient population.