Written by Andrew Neal on Mar 29, 2023
Prioritize Healthcare Digital Payment Security with These 3 Strategies
Healthcare providers that prioritize payment security keep their patients’ sensitive information protected and their financial future on stable ground. Cyberattacks on healthcare organizations are on the rise, and the cost of a data breach can be staggering at an average of $10.1 million, more than any other industry. Not only do providers face costly fines and penalties, but they also risk damaging their reputation and losing patient trust.
Download Salucro’s “Three Strategies to Prioritize Healthcare Digital Payment Security” report for a more in depth look at these strategies.
1. Choose a qualified healthcare payment provider.
It’s important to choose a healthcare-specific payment provider that adheres to the strict compliance and security requirements in the industry.
These third-party healthcare payment providers must adhere to the Payment Card Industry Data Security Standards (PCI DSS) and demonstrate compliance with the Health Insurance Portability and Accountability Act (HIPAA) security requirements through HITRUST CSF certification.
PCI DDS merchants and service providers maintain policies and security procedures in line with strict industry requirements. Their compliance goals include maintaining data encryption, firewalls, access restrictions, and protection against malware and viruses.
Choosing a payments vendor like Salucro with HITRUST CSF certification can help short-circuit a long vendor management review, as HITRUST leads the industry with third-party security and compliance programs to safeguard sensitive healthcare information.
Revenue cycle leaders should ask payment vendors to share their external audits and attestations to gain a deeper understanding of their existing compliance and security status. A comprehensive audit ensures that vendors stay compliant and keep client information secure.
2. Implement a technology strategy to prevent healthcare data breaches.
Another strategy to prevent healthcare payments data breaches is to implement a comprehensive technology strategy. Network segmentation and Point-to-Point Encryption (P2PE) are two effective strategies that can reduce the risk of a data breach and help providers focus their compliance efforts.
Network segmentation allows a provider to focus its compliance efforts on the specific components of a payment system that are subject to PCI DSS requirements. This segmentation separates payment systems from other systems, allowing for more restrictive controls to be applied to sensitive data flows.
Implementing a Point-to-Point Encrypted payment system is another valuable strategy that may help reduce liability and costs arising from data breaches. P2PE is a PCI-approved solution that encrypts cardholder data from the point of sale to the payment processor or gateway. By implementing P2PE, providers can reduce the PCI burden and allocate liability to a third party, helping to avoid potential liabilities including audits, legal costs, fines, and penalties.
While implementing a technology strategy does not eliminate all other compliance obligations, it can greatly reduce a provider’s scope of obligations.
3. Use patient engagement tools that reduce the compliance burden on your staff.
Healthcare organizations can reduce the compliance burden on their staff by using patient engagement tools like Text-to-Pay, comprehensive print and digital statements, an online patient portal, and Interactive Voice-Response (IVR) payment solutions. These tools not only make it easier for patients to pay their bills, but they also make it more difficult for hackers to access sensitive information.
If the proper patient engagement tools aren’t in place, frontline staff can bear additional burdens on their workflows. The right digital payment security solutions can enable a safer, easier workflow for employees.
Communicating with patients on their most used device can improve collection rates and alleviate the need for your staff to collect outstanding balances during a patient’s check-in or check-out process. This allows clinical staff and the patient to focus on their well-being rather than worry about their financial situation.
Comprehensive Print and Digital Statements
With better design and more accurate billing statements, fewer patients will need to call a healthcare provider’s billing department to understand charges or outstanding balances. If they do call with questions, employees will be able to easily explain bills, resulting in a better overall consumer experience.
Online Patient Portal
An effective online patient portal should be flexible, easy to use, and mobile-friendly. An online portal should support self-service patient payments with custom-branded online bill pay solutions that allow patients to make one-time payments, set up payment plans on outstanding balances, and access a variety of payment types including access to third-party financing.
Interactive Voice-Response (IVR) Payment Solution
IVR payment systems enable patients to make payments over the phone without needing to interact directly with billing staff. The automated phone system technology allows incoming callers to access their billing information and make payments via voice prompts of pre-recorded messages.
The importance of digital payment security.
Healthcare providers must prioritize digital payment security to protect their patients’ sensitive information and their own financial stability. By choosing a qualified healthcare payment provider like Salucro, implementing a well-defined technology strategy, and using patient engagement tools, providers can reduce their risk of a data breach and protect their bottom line.
Download Salucro’s “Three Strategies to Prioritize Healthcare Digital Payment Security” report more insights on data security.