Dominick Colabella, CEO of Rectangle Health, discusses how 2020 transformed the healthcare payments space, forcing providers to adopt new technology practically overnight. Through its practice management interface and digital payment tools, his firm aims to support healthcare organizations through the pandemic and beyond by offering. “In our market, widespread adoption of new payment methods, remaining intact after the pandemic, paves the way for practices to continue to adopt innovative technology that enhances the provider and patient relationship,” says Colabella in “A Look Forward: What Executives Wish for America and the World in 2021.”
First and foremost, it is my wish that the Rectangle Health family across America enjoys a healthy and prosperous 2021. This includes our clients and their patients, as well as my team and their dependents. As part of the very industry on the frontline of the pandemic, I continue to witness healthcare professionals responding to incredible challenges with perseverance and fortitude. For the past 27 years, Rectangle Health has supported the healthcare industry, and is committed to helping them emerge through this crisis stronger than ever.
This past year, we’ve seen healthcare quickly execute massive change in the areas of practice safety and protocols, a striking contrast for an industry that has historically been challenged to implement new processes and systemic changes. Practices may have adopted new technology out of necessity, but it is my wish that they fully embrace the changes and benefits that accompany this technology in 2021. As a result of adopting this change, healthcare practices will continue to recognize the benefits from new, contactless payment processes by seeing significant increases in administrative efficiency, bottom-line numbers and patient satisfaction.
Healthcare practices that offer flexible and convenient types of payment — including contactless and recurring methods — as early in the patient journey as possible can achieve these positive results. The patient-centric healthcare shift is well underway, and by providing patients with flexible options to pay, whether at the point of care or after business hours have ended, providers meet their preferences while increasing the rate at which they get paid for treatment.
As a healthcare-focused technology company, Rectangle Health is acutely aware of the concerns of the organization. Throughout our company’s history, we have not only answered client demand, but have also anticipated the technology that practices will need in order to grow, and that will continue to be our mission in 2021.
Rectangle Health educates practices on the capabilities of our technology that both address patient payment and billing pain points, and also provide streamlined, contactless payment features that speed up the time in which the office receives payment. By giving the patient more ways to pay, practices encourage more timely payments and an improved patient experience. Aligning to a contemporary consumerism model is key to improved patient satisfaction, and that satisfaction is crucial to retaining current patients and attracting new ones.
The new year is a critical time for practices to position themselves to rebound from the challenges of 2020. I truly believe that my wish for a safe and prosperous 2021 for the healthcare industry — and all Americans — can be a reality. It will take tried-and-true hard work, assisted by leading-edge technology to push through and come out stronger than ever. In our market, widespread adoption of new payment methods, remaining intact after the pandemic, paves the way for practices to continue to adapt innovative technology that enhances the provider and patient relationship. Rectangle Health, through its practice management interface and digital payment tools, will continue to support healthcare organizations to recover and thrive.