Digital Payment Trends at Healthcare Providers

Healthcare providers are finally embracing digital payments.

Traditional paper check usage remains high among providers, but digital payments such as standard and same-day ACH, Zelle, and PayPal are rising in prominence as best-in-class payment tools for healthcare payment processes. Providers are also interested in using faster and real-time payments for their business, and some are willing to leave their current FIs or partner with nonbank fintech vendors to access them. This will create challenges for FIs if they do not rise to meet these opportunities.

The following report analyzes digital payment and banking trends among U.S. healthcare providers. It looks closely at the payments technology that providers find most valuable, what digital capabilities are most important, where FIs can improve their offerings, and how fintechs are finding success with solutions that FIs or primary solution providers may struggle to offer. It is based on two primary sets of data: a Q1 2024 Datos Insights survey of 1,004 small businesses, which comprises the bulk of findings, and a Q1 2023 Datos Insights survey of 1,006 small businesses, which is used to show year-over-year changes in data where applicable.

Clients of Datos Insights’ Healthcare Payments and Commercial Banking & Payments service can download this report.

This report mentions QuickBooks, PayPal, Venmo, and Zelle.

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