| February 17, 2025
| 9:22 AM
Although many other industries have embraced digital payment technologies, healthcare organizations have lagged in transitioning cash collections to cashless payment systems. Millennial and Gen Z patients are accustomed to streamlined digital payment options in other areas of their lives and are pushing for their providers to adopt these modernized systems.
According to Simon Abtalion, healthcare solutions executive at Bank of America, the three primary reasons why health systems continue to accept cash payments center around accessibility, compliance and cost. However, digital payment systems can capture data that manual processes cannot, including data on what percentage of total payments are made in cash. If the percentage of cash collections is lower than healthcare leaders estimate, then the value of collecting cash payments may not match the cost and labor involved in the process.
Assessing the costs of third-party cash couriers and the higher risk that cash transactions present can help organizations initiate and embrace a transition to cashless payment systems. "Cashless doesn't have to be an all-or-nothing situation," Abtalion said. "You can really benefit as an organization from a cash reduction." Gradual technological and cultural shifts can ensure that patients' needs and expectations are met along the modernization process.
To learn more about how healthcare organizations can successfully modernize their payment systems, read the full article here.
And if you'll be at HIMSS25, visit Bank of America at Booth #2458 to discuss digital solutions in person.