Enlarging Presence in Healthcare: ISV Prosperity via Built-In Payment Systems
In the vast and highly regulated healthcare market, inefficiencies present an opportunity for Independent Software Vendors (ISVs) and Software-as-a-Service (SaaS) providers to expand their reach. One strategic approach that has gained traction is leading with payments.
By initiating conversations about a hospital's financial system and potential improvements, SaaS companies can position themselves as partners in streamlining financial processes. Payments, being a difficult aspect to replace once embedded, become a powerful lever for long-term growth and extending customer lifetime value.
The financial backbone of healthcare is payments. Hospitals, on average, lose an estimated $5 million annually to denied claims, which equates to approximately 5% of net patient revenue. In 2022, providers spent nearly $20 billion fighting denials, with more than half of that going towards claims that should have been paid.
Addressing both revenue cycle management (RCM) and the broader payments landscape creates a more complete solution for ISVs. This approach strengthens the value they deliver to healthcare clients and their patients. By starting with any part of the revenue cycle, layering in payments, and expanding into a financial foundation for all money flows, ISVs can move beyond point solutions and secure long-term partnerships.
Integrating payments and financial services functionality can turn a point solution into a growth platform for vendors already in the RCM space. Many vendors enter the healthcare market by solving one part of the revenue cycle process, such as eligibility checks, claims scrubbing, or denial management. However, by incorporating payments, they can broaden their offerings, take ownership of provider payment strategies, and establish themselves as indispensable.
Providers are seeking partners who can support the entire strategy for how money moves, from patients and payors to vendors and internal services like pharmacy and cafeteria. Payments are a crucial element in RCM that ties together every part of the process.
Elavon, a leading payments provider, empowers SaaS companies to use payments as a lever for vertical expansion and sustainable growth in healthcare. By offering the payment solutions ISVs need, Elavon enables them to broaden their offerings, take ownership of provider payment strategies, and establish themselves as indispensable partners in the healthcare sector.
As providers prioritize reducing denials, accelerating reimbursements, increasing collection rates, and enhancing patient satisfaction, the demand for innovative payment solutions continues to grow. Solutions such as wallets, ACH, buy-now-pay-later, and embedded finance are at the forefront of this evolution.
The search results do not provide specific information about which SaaS companies use Elavon for vertical expansion in the healthcare sector to offer modern payment solutions across patient, carrier, supplier, and internal payments. However, it is clear that the intersection of payments and healthcare is a burgeoning field, with Elavon playing a significant role in enabling SaaS companies to capitalise on this opportunity.
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