Trillions are spent each year on health care in the U.S., and the Supreme Court’s decision to uphold the ACA might only increase that number. For Trey Jinks, head of health care payments at TSYS, that spells opportunity for payments firms.
As a greater number of consumers taps into the nation’s health care infrastructure, Jinks says there are a few key areas where payments companies can step in to provide crucial services to health care providers. Beyond better compatibility with electronic records, perhaps the number one item on the list is fraud prevention; while fraud among all card transactions is well below one percent, fraud in health care is perhaps hundreds of times greater.
There’s also an opportunity to make the buying experience in health care more similar to a traditional retail experience, something that startups like Drchrono are already capitalizing on.