When it comes to the healthcare payment system transactions, there is usually a headache involved. Consumers and providers alike remain victims of this tedious and frustrating process. When will necessary improvements be made to a much-needed system upgrade?
Rory Brown Managing Partner of Nicklaus Brown & Co., investigates how technology will better the current procedure for medical payments in the coming years.
Healthcare and the Digital Age
Banking is continuously embracing all the digital age has to offer for the betterment of serving customers and refining back-end processes. However, not all financial firms and institutes are quick to adapt; traditional methods are still present in many industries, such as healthcare.
The coronavirus pandemic opened a new door and provided a fresh perspective on technology necessities. Modern advancements such as online banking have kept society moving from home. Applications that facilitate payment exchanges between individuals and companies have upgraded the process of financial trade.
So how will such technology enhance the healthcare payment system?
HITRUST and Banking
Before diving into the ins and outs of virtual banking and healthcare technology, it is vital to grasp the concepts of HIPAA and HITRUST. Both were developed to provide standards and rules to guarantee safeguards for patient information confidentiality. HIPAA, otherwise known as the Health Insurance Portability and Accountability Act of 1996, lists compliance regulations for those in the healthcare sector. The act provides a secure way for sensitive medical data to be accessible yet safe.
HITRUST is the certified data security that includes HIPPA’s regulations. It was established to uphold a security substructure employed by business associates and covered entities that ensure the privacy of medical records.
To integrate additional frameworks such as HIPAA, PCI, ISO, and NIST, HITRUST evolved its CSF certification. The CSF component of HITRUST provides a platform for all obligatory security demands that extend past HIPAA compliance. The additional part of HITRUST works by modernizing and simplifying the HITRUST-certified audit procedure.
Banking in the healthcare world has to take into account industry regulations. As online banking makes its way into multiple areas of society, the beneficial tools that come with it would boost medical payment processes in a proactive direction. As more healthcare companies adapt to virtual health strategies, it seems understandable that HITRUST certification would play an essential role in partnerships with financial services. When moving forward with virtual bank mergers, healthcare providers should be prepared to work with team members, other medical professionals, and patients in innovative ways. The most productive healthcare payment system adaptation is a one-stop app that provides a single portal where patients can schedule appointments, attend virtual video chats, and have all information recorded digitally to streamline into aftercare services or treatment.
About Rory Brown
Mr. Rory Brown has focused on financial technology and investment management for 30+ years. Rory Brown Co-Founded one of the world’s first Internet Banks and writes extensively about the industry.
