Revolutionising healthcare: the impact of AI and digital payments

In the fast-evolving landscape of healthcare, the integration of artificial intelligence (AI) and digital payment solutions is transforming operational practices and addressing patient needs. Recent developments indicate a significant shift towards digital transformation, aiming to enhance patient care, streamline operations, and improve data management.

According to a survey by PhRMA and Ipsos, approximately half of Americans, including those with health insurance, express concerns regarding their ability to manage out-of-pocket healthcare costs alongside their regular expenses such as groceries. The survey also revealed that a substantial portion of the insured population saw an increase in their out-of-pocket costs, with one-third citing higher expenses compared to the previous year and 18% indicating they have outstanding medical debt.

In response to these persistent affordability issues, healthcare providers are urged to monitor several emerging payment trends anticipated for 2025. One notable trend is the growing adoption of alternative payment methods. Digital wallets, including PayPal, Venmo, Google Pay, and Apple Pay, are gaining traction due to their convenience and robust security features. These digital platforms facilitate easier access to payments through smartphones or computers, eliminating the necessity for physical wallets or cards.

As healthcare providers begin implementing payment plans, the management of stored payment cards is becoming critical. With increasing volumes of cards on file, providers will need to refine their processes by updating and deleting outdated information. Moreover, amidst rising patient concerns regarding financial security, the importance of payment card tokenization technology is on the rise. This technology replaces sensitive card information with non-sensitive tokens, allowing for secure storage of payment details without the risks associated with direct handling of sensitive data.

Another key trend is the migration of payment infrastructures to cloud-based systems. Many healthcare providers have already transitioned their electronic health records to cloud services, and they are now encouraged to consider similar shifts for their payment frameworks. Cloud-based solutions promise enhanced flexibility, scalability, and compliance with security standards, while also supporting various digital payment types with greater ease of use.

The application of generative artificial intelligence (GenAI) in healthcare presents prominent opportunities for operational efficiency and improved patient care processes. AI can automate various tasks traditionally requiring human oversight, thereby alleviating burnout among healthcare workers. According to Johnathan (John) Welch, Chief Product Officer at Sphere, “recent innovations in GenAI could be the antidote to the troubling levels of burnout that affect so many healthcare workers.” Welch emphasized that AI usage facilitates more effective staff deployment and equitable workload distribution.

However, with the advancements in generative AI also come increased risks. The potential misuse of AI by malicious actors raises concerns about data security. Enhanced security awareness and ongoing training for employees are essential measures to combat these threats. Healthcare organizations can also mitigate risks by adhering to data minimization practices, ensuring they do not retain unnecessary sensitive information. Technologies such as tokenization and validated point-to-point encryption (vP2PE) are vital in safeguarding patient data, enabling secure transactions while complying with PCI DSS standards.

As we approach 2025, the evolving needs and preferences of consumers, coupled with advanced technological solutions, are likely to drive significant changes in the healthcare sector. The emphasis on patient payment technologies and AI applications suggests an industry poised for continued innovation and improved care delivery.

Source: Noah Wire Services