Payments connections between members of the healthcare ecosystem can inform strategy across consumer-facing and business-to-business healthcare companies. For example:
From conducting assessments with primary care physicians via live-stream video, to scheduling regular therapy sessions, McKinsey estimates that up to $250 billion in US healthcare spending could be virtualized in the coming years8. But it is important not to see telehealth as a replacement for in-person care. It is a channel of care in its own right. Presently, telemedicine has three main modalities:
- Real time video: Patients can have appointments with care providers over live-stream video for face-to-face analysis or diagnosis, or to receive services such as talk therapy.
- Store and forward: Healthcare providers can gather data from patient records or medical devices, and then forward it on via secure communication channels to the cloud where it is stored. The data can then be analyzed to make more accurate diagnoses or to devise more effective treatment plans.
- Remote monitoring: Remote patient management involves using connected monitoring devices to continually track key health indicators for a patient, such as blood pressure, diabetes, heart conditions, or activity. This can be particularly effective for patients with chronic conditions.
Where do we go from here? Better payments for better care
Whether businesses are providing care directly, supporting the creation of new and innovative treatments, responding to changing business models and direct to consumer opportunities, or conducting clinical research trials, the future of healthcare requires innovation from all members of the ecosystem to deliver superior care experiences. Payments are a strategic lever to achieve these goals across inclusion, digital care, and wider connections between consumer-facing and B2B businesses, as better payments are integral to business growth and patient & employee experience. By streamlining payments processes and removing common friction points, businesses across the care continuum can focus on what matters most: delivering better care.