Start With Contactless Payments for Easier Payments and Patient Satisfaction
ModMed Pay streamlines payment collection for physicians and their patients
The global market for contactless payments is expected to grow from $34.55 billion in 2021 to $164.15 billion by 2030.1 While multiple sectors will contribute to market growth over time, you may find your patients already expect to pay via tap-and-go methods and online portals.
With ModMed®, you can keep up with the demand for contactless payments by using ModMed Pay as part of an integrated software solution. Here, we’ll review how contactless payments work and how they can streamline your operations for easier payment collection and higher patient satisfaction.
What are contactless payments?
Contactless payments refer to secure payment methods that let patients use their debit and credit cards or other payment devices via radio frequency identification (RFID) technology and near-field communication (NFC).
You may know this payment technology by terms like tap-and-go or wave-and-pay. That’s because the payer taps or waves a payment card or device near a point-of-sale terminal to complete the transaction.
Patients expect easier payments
Many patients, especially digital natives, may expect these types of payment methods. A recent ModMed patient engagement survey reveals that when deciding to return to the same doctor, 61% of patients place importance on being able to make easy payments.2
Additionally, RevCycleIntelligence reported that an early COVID-19 survey showed 78% of consumers wanted widespread contactless payment options to remain after the pandemic was over and 82% of consumers wanted to make the entirety of their healthcare payments in one place.3
Even more telling, the same survey showed 56% of respondents would consider switching healthcare providers for a better patient financial experience.3
These figures represent a shift in how patients want to manage their healthcare overall. Values like comfort, convenience and control are becoming more important in today’s connected world.
Switching to contactless payments can be a vital part of your patient engagement strategy in 2023 and beyond.
How contactless payments work
Contactless payments remove the physical contact between a patient’s payment method, like a credit card or smartphone, and the point of sale, which may typically be your front desk.
Patients can skip the front desk
For an even more streamlined patient experience, you can rely on mobile patient check-ins to complement contactless payments. With ModMed Pay and our patient app, your patients can check in and pay copays and balances with their phones.
Set up a demo to see it in action.
You can make contactless payments part of an overall modernization of payment collection processes, offering convenience for your patients and your practice:
- Keep credit cards on file
- Set up automatic payments that you agree upon with your patients.
- Sync transactions to your practice management software.
- Reduce data entry and improve account accuracy.
- View transactions in real time on the payment dashboard.
There are benefits for patients who use your ModMed Patient Portal, too. In the portal, they can view billing statements, see notes and lab results, find patient education materials, pay balances, request prescriptions, and log in for telehealth visits.
Offering an integrated experience, all in a single platform, makes it easier for patients to manage their healthcare and pay bills on time. Online payments through your portal update transaction data in ModMed Pay in real time.
How to Get Started
ModMed Pay connects seamlessly with our Practice Management solution. This integration represents a substantial reduction in data entry, because you don’t have to enter manually payments that come through ModMed Pay. They’re already posted to the patient’s account.4
By working within a centralized software platform, you can connect payment processes with check-in and checkout, mobile engagement and telehealth, financial reports and analytics, and patient engagement tools.
Start making payments easier for everyone with contactless payment options. Get started with ModMed Pay.
1. “Contactless Payment Market Size, Share & Trends Analysis Report By Type (Smartphone Based Payments, Card Based Payments) By Application (Retail, Transportation, Healthcare, Hospitality), By Region, And Segment Forecasts, 2022 – 2030,” GrandView Research (2022 December 8).
2. ModMed 2022 Patient Experience Report: What Patients Really Think, July 2022.
See survey question 4 in the Appendix. Data reflected is a combined stat of “very important” and “somewhat important,” “very likely” and “somewhat likely,” or “strongly agree” and “somewhat agree,” as applicable.
3. Hannah Nelson, “Contactless Payments, Virtual Care Surge To Continue Post-COVID-19,” RevCycleIntelligence (2021 March).
4. The user must first enable and configure auto-acceptance and auto-allocation.
This blog is intended for informational purposes only and does not constitute legal or medical advice. Please consult with your legal counsel and other qualified advisors to ensure compliance with applicable laws, regulations and standards.