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14 HARTFORDBUSINESS.COM | JUNE 12, 2023 S P O N S O R E D C O N T E N T KeyBank's patient payments system is tackling healthcare's most challenging pain points Banking products and services are offered by KeyBank National Association. All credit, loan and leasing products subject to credit approval. ©2023 KeyCorp. KeyBank is Member FDIC. 220315-1508958 We have fresh ideas to move your business forward. 1. https://www.key.com/about/misc/leaving.html?/to/key+beckershospitalreviewshortages 2. https://www.key.com/about/misc/leaving.html?/to/key+americanfidelityhdhps 3. https://www.key.com/about/misc/leaving.html?/to/key+healthcareitnewsransomeware By Agapito Morgan, SVP and Commercial Health Leader, KeyBank Healthcare organizations are realizing the benefits of digitizing the payments experience. Payments are critical to any business; they are the gateway of revenue — and customers and businesses both want the transaction to be fast, easy, and efficient. For healthcare organizations, the benefits run even deeper. With a projected shortfall 1 of 1.1 million nurses by 2030 and 100,000 doctors by 2034, labor issues are driving the need for efficiency today to attract and retain the best talent in the future. The industry also continues to operate under the shadow of a global pandemic with limited government resources and now, increased incidents of cyber threats. In the U.S., spending on healthcare is projected to grow 2 at an average rate of 5.4% per year and reach $6.2 trillion by 2028, which means there's no time like the present for providers to evolve their payments strategy. Healthcare industry needs are evolving When developing a payments strategy, healthcare organizations must address multiple strategic priorities, including: • Revenue collection – In recent years, the healthcare industry has adapted to foundational changes in healthcare insurance standards, including the emergence of the Affordable Care Act (and with it, high-deductible insurance plans) and a trend toward self-funded employer insurance options. As a result, more financial responsibility has been pushed to the patient. Collecting from a patient can be more involved than collecting from an insurance company, requiring a systematized method and flexible payment options including payment plans and alternative payment methodologies like credit card, digital wallet, or real time payments. • Cybersecurity and fraud prevention – The frequency of cyberattacks on hospitals and health systems has more than doubled from 2016 to 2021, risking exposure of the health information of nearly 42 million patients 3 . KeyBank's patient payments platform has built-in fraud protection and security to ensure that personal payment information is not exposed to online threats. • Labor shortages – Automation addresses labor shortages by eliminating or drastically reducing the amount of manual processing About the author: Agapito "Aga" Morgan serves as Commercial Healthcare Leader for KeyBank. He is focused on growing Key's national commercial banking healthcare business in collaboration with healthcare industry coverage teams within KeyBanc Capital Markets, Payments, and Consumer Banking. Additionally, he serves as Co-Chair of the Commercial Bank's Diversity, Equity, and Inclusion Council and is a member of KeyBank's Commercial Credit Risk Committee. Morgan lives in Connecticut and can be reached at 203-854-3407 and agapito_e_ morgan@keybank.com. ©2023 KeyCorp involved in the payment cycle, from deposits to invoice reconciliation. An automated digital payment strategy facilitates the payment transaction and the electronic delivery of health information, and it streamlines accounts payable functions by automating invoicing, vendor payments and digitizing workflows and purchase orders. Choosing the right payments solution KeyBank works with a variety of technology companies to offer a comprehensive payment program to healthcare organizations — delivering innovative technologies backed by the credibility and expertise of an established financial institution. Key has designed a platform to meet customer expectations in payments trends, while solving provider challenges and driving operational efficiency. KeyBank's dedication to crafting an all-inclusive payments program that meets the varied needs of healthcare organizations and their patients underscores the bank's dedication to the industry. Healthcare is a core pillar of growth at KeyBank. Helping healthcare providers think through strategic growth objectives and execute strategies to realize their goals is serious business for our entire organization. Looking for more information on how KeyBank's serves the healthcare industry? Visit key.com/healthcare.