Dominick Colabella, CEO of Rectangle Health, dives into how the digital shift is transforming the healthcare payments landscape. “Our digital footprint not only includes how we pay for physical items and services rendered, but also what we can afford for our family’s health and our own well-being,” he says in The Connected Economy’s Power Source – CEO Edition. “The U.S. market’s healthcare spend is prime for a digital payment transformation.”
As CEO of Rectangle Health, I believe payments have the most potential to be transformational in the healthcare industry, especially as organizations continue to shift toward digital processes. Digital payment technology solves an age-old problem of expectation, which is patients not always knowing when, where or how to pay for care.
The payment network powers the exchange of goods and services across every industry, and around the entire globe, in an instant. Its efficiency and scalability have become embedded into every facet of our lives. As payments continue to permeate every exchange, the most significant transformation will occur as physical cash is replaced with digital currency. Cash is becoming obsolete as we continuously move toward the use of eCommerce, mobile applications and subscription models. The need to use cash becomes unnecessary, making most aspects of our lives digital.
Our digital footprint not only includes how we pay for physical items and services rendered, but also what we can afford for our family’s health and our own well-being. The U.S. market’s healthcare spend is prime for a digital payment transformation. We stand on the precipice of connecting healthcare and payments to drive the benefits of consumer demand with ease and speed, just as we would for any other consumer good or service. This digital transformation can be created, and efficiencies realized, as evidenced in other sectors, with its foundation laid upon the payment network.