Digital payments outpace healthcare revenue performance
A survey of 150 healthcare leaders shows digital payment adoption is growing faster than revenue cycle performance. While 68% of respondents now offer nearly all desired payment channels, only 15% rate their revenue cycle performance as excellent.
According to the report, complexity is a major issue, with 76% of respondents spending up to 20% of staff time correcting issues, and 83% reporting disruptions to monthly close due to payment errors or reconciliation delays.
Elavon, a wholly owned subsidiary of U.S. Bank (NYSE: USB), conducted the survey, which highlights the need for healthcare organizations to modernize their financial operations and deliver more connected payment experiences.
Wally Mlynarski, CEO of Elavon, stated that “despite healthcare providers investing in more ways for patients to pay, our survey reveals that integration gaps and fragmented workflows still exist, delaying patient collections and putting pressure on healthcare revenue cycle operations.”
The survey also found that nearly all respondents plan to explore AI in patient payment operations, driven by delayed collections, exception management, and administrative burdens, with 56% prioritizing scalability in strategic partners.
Healthcare leaders are looking to simplify operations, improve predictability, and create growth capacity, with many turning to AI-enabled modernization initiatives to reduce manual work, improve financial visibility, and make collections more predictable.
They are seeking to improve their financial operations, and Elavon’s survey reveals that they need to address the complexity and fragmentation in their workflows to achieve this goal.
U.S. Bank’s subsidiary, Elavon, is well-positioned to help healthcare organizations modernize their financial operations, given its experience in conducting the survey and understanding the needs of healthcare leaders.
Wally Mlynarski’s statement emphasizes the importance of addressing integration gaps and fragmented workflows in healthcare revenue cycle operations, and it is clear that Elavon is committed to helping healthcare organizations achieve this goal.
AI is playing a bigger role in patient payment operations. Healthcare leaders now recognize the need for scalable strategic partners. These partners must handle the growing demands of digital payment adoption.
