For many hospitals, the perceived friction in adopting real-time electronic payments is just too much of a gamble. With patient welfare at stake, many hospital executives think that bringing digital B2B payments on board could take weeks or even months - jeopardizing hospital service. However, the truth is that these services can be up and running for a hospital in as little as 8-10 hours, providing enormous benefits in just days. In this episode of Forces in Fintech, Dara speaks with senior vice president of REPAY, Wade Eckman. They discuss the current state of B2B payments within hospitals and reveal just how easy it could be for healthcare providers to upgrade their payment systems to allow real-time electronic payments.
Show Notes
Hospitals operate in an intricate and delicate financial ecosystem. And while some industries might be able to tolerate small delays in payments - for a hospital, it could mean life or death. Yet, many healthcare providers still function on legacy payment infrastructure, with little to no digital integration in their B2B payment systems. For many hospital executives, the perceived friction in adopting real-time electronic payments is just too much of a gamble when patient welfare is at stake. But while many might think that bringing digital B2B payments on board takes weeks or even months, the truth is that these services can be up and running for a hospital in as little as 8-10 hours.
In this episode of Forces in Fintech, Dara speaks with senior vice president of REPAY, Wade Eckman. They discuss the current state of B2B payments within hospitals and reveal just how easy it could be for healthcare providers to upgrade their payment systems to allow real-time electronic payments. They also reveal which payment technologies could provide the most benefit to hospitals, and Wade tells why, when it comes to onboarding digital B2B customers, retention is so high.
We'll also find out:
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0:38) - Who is Wade Eckman? And how has he seen payments evolve within hospitals?
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2:40) - How big is the opportunity in digitizing payments within the healthcare industry?
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4:08) - What kind of assets does REPAY offer for organizations within healthcare?
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6:18) - How competitive is the payments environment in hospitals?
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7:47) - What kind of hospitals can REPAY help?
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9:10) - What does the onboarding process look like for new clients in the healthcare space?
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12:00) - How long does it take to get digital payments up and running?
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13:24) - How is having a large supplier network beneficial from a sales perspective?
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14:40) - What drives customer churn in the healthcare space?
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15:47) - What is the future of digital B2B payments in the health sector?
To find out how real-time electronic payments can benefit your business, head over to
https://www.repay.com/ for more.