This client provides a communication and patient management platform to healthcare organizations nationwide. From small, one-provider practices to large hospital systems, this client came to Glenbrook with an existing payments acceptance and processing framework that was less than ideal for the business.
More specifically, through an existing—though inadequate—partnership with a payments gateway provider and two newly signed partnership agreements, this client wanted to find the optimal solution that maximized available revenue and margin while providing a valuable solution to customers with varying capabilities.
As a healthcare service provider, payments were not this client’s area of expertise, so they leaned on Glenbrook’s experts for two distinct efforts designed to address their payments challenges.
First, we developed a framework to optimize their payments acceptance strategy that could work across the client’s different market segments. Next, we analyzed the client’s existing relationships and several alternative options to determine the best overall partnership approach. As a part of this effort, we provided the pros and cons of each partner and a recommended path forward considering near and long-term business objectives.
Secondarily, it was clear that the client’s team could benefit from a better understanding of payments fundamentals. As a result, we led a face-to-face workshop that provided employees with a holistic view of the payments ecosystem in healthcare, including challenges and solutions to card-present and card-not-present situations.
The following illustrates the high-level payments architecture that resulted:
Glenbrook’s approach combined data-driven analysis with extensive industry experience to deliver a reliable and profitable payments strategy for this healthcare client. By collaboratively working through a variety of potential solutions, this client had all the resources required to make an educated and smart decision for the business and roll out a financially sustainable approach to payments.