RoyalHealth Takes Center Stage at RSNA 2024

At the Radiological Society of North America (RSNA) conference in Chicago, RoyalHealth—led by CEO and Founder Peter Nassif—showcased how they are revolutionizing financial operations for imaging centers. Known for their innovative payment solutions under the RoyalPay brand, RoyalHealth unveiled three game-changing tools: a Pay-by-Bank payment option, a new corporate credit card tailored for imaging clinics and a consumer card and wallet that helps patients receive faster refunds. These innovations, developed on Atelio’s platform, are designed to streamline operations, reduce costs, and enhance the patient experience at a time when healthcare providers face growing reimbursement and technology challenges.

The Evolving Payment Landscape in Healthcare

In his keynote address, Peter Nassif highlighted RoyalPay’s mission to eliminate financial friction for imaging centers. While RoyalPay has already established itself as a leader in patient and insurance payment processing, its new offerings tackle three critical problems facing clinics and their patients:

1. Faster Patient Refunds:
One of the biggest challenges in healthcare finance is the delay in issuing patient refunds. Refunds often take up to 90 days, frustrating patients and creating inefficiencies for clinic staff and CFOs. Nassif noted, “Refund management involves both the business user and the patient, all with very different priorities. Patients don’t want to wait, and staff don’t want to be tied up on manual processes.”

RoyalPay addresses this issue with an automated refund system embedded in their digital wallet and consumer card combination. Once an insurance claim is adjudicated, the refund is issued instantly, eliminating manual work and improving the patient experience. Nassif emphasized, “Our wallet will automatically bring the refund back as soon as it’s adjudicated… a literal 90-day time savings.”

2. Cutting Down on Credit Card Fees:
Credit card processing fees are a major burden for imaging centers, increasing the cost of healthcare for both clinics and patients. With major players like Visa and Mastercard raising their fees, the pressure continues to grow. RoyalPay’s Pay-by-Bank option circumvents these rising fees entirely. Patients can securely link their bank accounts and complete payments in just a few clicks, lowering transaction costs from a typical 3.5% to as low as 2%.

As Nassif explained, “We expect to lower the cost to the merchant from three and a half percent… to two percent. That is a significant amount of money.” These savings provide imaging clinics with additional resources to reinvest in technology and patient care.

3. Managing Rising Technology Costs:
Over the past two years, healthcare providers have faced a staggering 40% increase in technology costs. RoyalHealth’s embedded financial tools, including their new corporate credit card, provide a solution. These tools allow imaging centers to manage financial operations—such as viewing statements, sending funds, and making purchases—directly within the electronic health record (EHR) system.

Nassif underscored the impact, stating:

‍“Through the electronic health record platform, clinics will access their embedded accounts… providing capabilities of traditional bank accounts like viewing statements, sending money, and spending funds on virtual or physical cards natively within RoyalPay.”

Pay-by-Bank: The Future of Payments

Nassif also highlighted the growing trend of Pay-by-Bank transactions, which are projected to grow from $2.6 trillion annually to $7 trillion by 2027. As healthcare costs rise, RoyalPay is positioning itself at the forefront of this shift, offering imaging centers a sustainable, cost-effective solution that aligns with industry trends.

RoyalHealth’s Commitment to Innovation

By addressing these three challenges—refund delays, rising credit card fees, and unsustainable technology costs—RoyalHealth is driving innovation in the healthcare payments space. Peter Nassif closed his speech with a powerful statement about RoyalPay’s mission:

‍“We are the only cloud-native, multi-tenant RIS and RCM solution on the market. When you log into Royal, you’re getting a seamless, frictionless experience designed to help clinics thrive.”

With solutions like Pay-by-Bank and embedded financial tools powered by Atelio, RoyalHealth is not only improving the financial health of imaging centers but also enhancing the experience for patients who depend on their services.