Sphere was formed in 2017 after a few strategic acquisitions, and today offers products and solutions to their partners and customers through Sphere's TrustCommerce®, Health iPASS and Qgiv platforms. Sphere is a cloud-based, vertically integrated software and payments technology company serving a variety of complex end markets with an established market leading presence in the healthcare, transportation, Ecommerce, and non-profit sectors. All respondents have line or management responsibility for patient payments. The study is based on nearly 40 interviews conducted with executives at health systems, hospitals, or large single/multi-specialty medical groups in November and December 2022. To learn more about the Sphere and CWH Advisors study, please contact us at Methodology To achieve their financial goals, providers must ensure their patient engagement platforms improve the digital-front-end experience and include flexible payment options, including digital wallets and payment plans." "Today, only a small percentage of providers can easily quantify how they are improving patient collections. "Providers want better solutions for patient payments that help them collect more cash earlier in the payment cycle, with the need accelerated due to staffing challenges," said Anthony Lucatuorto, Chief Executive Officer, Sphere, Powered by TrustCommerce. Patient engagement platforms to improve their "digital-front-end" experience, including check-in and payment capabilities.Credit card processing at point of service and Card on File.Text-based messaging with the ability to make payments via mobile devices.To increase patient payment experiences, providers are adopting technology to make payments easier for patients by introducing: This trend will pave the industry roadmap in the next 5 years," commented Henri Cattier, Partner at CWH Advisors. "We believe that the study highlighted an important trend of offering greater payment choices and flexibility. The study revealed that to overcome these challenges, providers have a renewed focus on deploying third-party technology to provide a more "retail-like" payment experience for patients. The next-most important priorities for providers were excellent customer service both for patients and staff (68%) and flexible payment options for patients (50%).Īs providers resume normal patient collections protocols after nearly three years of disruption from the COVID-19 pandemic, they now face staffing shortages and turnover. The study, conducted by management consulting firm CWH Advisors on behalf of Sphere, discovered that 71% of providers ranked accelerating cash flow as a top-three priority when selecting patient payment solutions.
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