Small and medium-sized businesses (SMBs) in the healthcare provider segment now use real-time payments more widely than any other payment method. According to PYMNTS Intelligence, 83% of businesses surveyed sent and received real-time payments last year, and 57% used real-time rails in both directions.
Additionally, 38% of healthcare provider SMBs cite real-time payment rails as their most commonly used payment format. This is more than double the number of people who said credit card or check was their most common method of payment. This usage highlights a clear preference for instant payments in the healthcare sector.
These are just some of the findings detailed in .Real-time payment barometer for small businesses: Healthcare Edition,” PYMNTS Intelligence and clearing house collaboration. This edition examines healthcare providers’ use of real-time payments in their SMBs, including the key factors behind payment preferences. The study is based on insights from a survey conducted from January 31st to March 4th of 646 healthcare providers with annual revenues of less than $10 million.
Other key findings from the report include:
Small and medium-sized healthcare providers using real-time payments report healthier balance sheets.
The main benefits of real-time payments, such as speed, reliability, and transparency, appear to lead to healthier balance sheets. 91% of healthcare provider SMBs who list Instant PayPal as their most used payment method to receive payments report having very or very healthy balance sheets. The same applies to he 82% of those who mainly receive instant payments between banks. Roughly two-thirds of other small and medium-sized healthcare provider companies agree.
Companies’ perceived risk of fraud is the biggest deterrent to real-time rail adoption.
Roughly one-third of healthcare small businesses that did not make real-time payments last year cited increased risk of fraud as their main concern. 19% cited this as their biggest deterrent. The data shows that SMEs in this sector tend to consider this concern differently depending on their financial size. This report investigates which companies are most likely to have these misconceptions.
Major banks for healthcare provider SMBs have significant influence over the use of real-time payments.
Small and medium-sized healthcare providers are much more likely to cite real-time payment rails as the rail they use most often to receive payments if their primary financial institution is a national or local bank rather than a local bank or credit union. It will be expensive. This trend is most noticeable among those using national banks. 55% of these healthcare providers’ His SMB are doing their reporting using real-time His Rails. This report details the preference for instant payment rails among SMEs in this sector using different types of financial institutions.
Real-time payments have many benefits beyond speed. Download the report to see how small businesses are using healthcare. real time railincluding the key factors surrounding payment method selection.
