The future of health transactions starts with EFTPOS
The future of health transactions starts with EFTPOS
The payments industry is fast evolving and digital disruption has meant both consumers and patients are demanding a faster and a more seamless transactional experience.
However, most healthcare providers and businesses, don’t see their EFTPOS machine as a key part of their health service workflow. In fact, despite organisations having specific business requirements for their EFTPOS terminals based on their POS/PMS providers, up to 45% continue to choose their primary business bank due to either proximity or the fact that it was the first business bank they dealt with1.
A more innovative way to process payments
Challenger and innovative businesses, like Tyro bring a technology-driven approach to business banking starting with EFTPOS. And with integration with MedicalDirector’s BlueChip and Pracsoft solutions, health professionals have the option of choosing a more streamlined EFTPOS process that provides:
- Integration with Medicare Easyclaim
- Fast rebate payments
- Multiple doctor & account capabilities; and more.
Factors to consider when setting up an EFTPOS system
For healthcare organisations that wish to stay with their nominated financial institution when choosing EFTPOS, it is critical to check that the EFTPOS terminal integrates with your PMS, among other things. In the long run, integration from the outset can save a lot of time and money.
If you are looking to switch, Tyro offers a range of business banking solutions, and choosing an integrated EFTPOS solution does not mean you need to leave your bank either. Tyro EFTPOS terminals continue to work alongside your existing banking relationship. Tyro deposits into any Australian bank account. And it’s simple and easy to set up.
The truth about ‘technical debt’
‘Technical debt’ is a term often thrown around in conversations about the software space. It refers to the cost burdens organisations face when choosing the wrong technology tool that implicates long-term cost burdens and resource drains, over implementing an easier, more streamlined solution from the outset.
And it couldn’t be more relevant to the healthcare industry today. Why? Because your practice runs on technology.
From your Practice Management Software, to your loyalty program, you’re running on a stream of connected apps. When most of your operations are run on software and hardware, you have a fair amount of code humming in the background of your healthcare business operations.
So you should know about your tech debt. We’re willing to bet your health organisation has some.
Long-term benefits of better payment integration
We know that changing up transactional operations can be painful in the short-term. But what’s the impact to your healthcare organisation in the long run, and the cost of not doing anything at all in an age of increased digitisation and speedy transactions?
Think about how much your payments machines are letting you down right now. A slow terminal, a system that goes offline sporadically, or an inefficient solution that is simply costing you time, money and effort, will only place further burdens on a time-poor, busy practice.
Streamlining your payment processes through an innovative, integrated solution can not only help you save time, but more efficiently manage the cash flow of your healthcare organisation.
1Source: RFI Research – Australian SME Banking September 2017
Tyro Payments Limited ACN 103 575 042 AFSL 471951 is the issuer of its own financial products. Please consider whether the products are suitable for you.
To learn more, please email health@tyro.com or call 02 8907 1717
