HIStalk Interviews Anthony Lucatuorto, CEO, Sphere

Anthony Lucatuorto, MBA is CEO of Sphere.

Tell me about yourself and the company.

I’ve enjoyed a 25-year plus career in the fintech space, with leadership experience in embedded payments, digital engagement, and high-growth partnerships. I began my career working at Mastercard and American Express in the early 1990s and held executive roles at First Data, TransFirst, and TSYS before arriving here at Sphere, Powered by TrustCommerce in 2018.

TrustCommerce is a financial technology company that provides secure, integrated healthcare payment solutions to some of the largest health systems in the US. We’ve been doing this for over 25 years. More recently, we are proud to have launched our next-generation card present payment solution, called Cloud Payments, that advances our EHR integrations and continues to help make the patient payment experience more seamless, flexible, and secure.

How are providers supporting newer payment methods and technologies?

Collectively, the industry is on the right track. We need to implement it with what I always preach to my team, which is a quicker speed of play. The act of paying for healthcare is just different than in retail. We need to continue to ensure price transparency, educate patients on their responsibility prior to treatment, and provide patient billing plans. We need to capture cards on file, along with an account updater tool that helps keep our tokenized card information current.

Over 50% of private employees in the US who participate in medical care plans are enrolled in high-deductible plans, according to the Bureau of Labor Statistics. These deductibles keep getting higher year after year. Embracing technology like digital wallets capabilities and recurring payment tools are great examples of ways that providers could help collect more of the growing patient responsibility.

How does healthcare compare to other industries in that regard?

If you or I have a retail-like experience, we take for granted that it comes with speed, convenience, transparency, and trust. The healthcare industry is catching up to this. The industry is a little bit behind, but is now providing more advanced omni-channel payment options, more payment methodologies such as Venmo and PayPal, and more digital wallet products like Apple Pay and Google Pay. These are great examples of ways to get closer to what the patient experience needs to be, which is what they are experiencing on that retail side.

Are providers generally accepting patient payments from Venmo and digital wallets? Is use of those methods skewed to a particular demographic?

It’s funny that you say that. I’m Gen X and I don’t know how many baby boomers are using these, but my generation certainly has embraced it. Millennials and Gen Zs are certainly embracing Apple Pay, Google Pay, and all of the digital wallet products very well. They are after speed, convenience, transparency, and trust.

From the provider side, you have to do that in all of the omni-channel payment options. Whether it’s at the point of sale, in front of your doctor’s office at a kiosk about to check in, or you go online, all of these omni-channel payment methodologies need to accept these forms of payments. More and more, they are.

How are virtual credit card numbers and tokenization being used?

More and more of our clients are capturing tokens. In fact, in our experience, over 70% of healthcare organizations offer patients the ability to store a payment method, and that’s super important. Providing an account updater tool is important, so as a card expires or gets lost, you’re constantly updating the information. Keeping that tokenized card on file helps the provider collect payments today for the future, post-treatment billing down the road, and recurring billing options.

There’s a wealth of opportunities for them. It’s a growing tool and product and providers are certainly starting to embrace it.

For that virtual card question, we’re discussing this a little bit more than we used to. It’s more on the insurance side at this point, where insurance companies send a virtual card to providers. It allows the provider to collect quicker and maybe with more enhanced data for their reconciliation. However, it comes with a cost, because now you’re introducing card brand fees and acquiring fees, which the providers wouldn’t have had with just an insurance payment. Providers absolutely have to weigh the cost benefit of these virtual cards.

What do pre-arrival financial activities look like?

We don’t see payments as a standalone event that always happens at a certain time. The payment needs to be woven in throughout the patient’s journey, complemented by all the tools that are available to help the patient know what they owe, why they owe it, and who they owe it to. Then, to set them up for the best chance of being able to pay their bills. Patients don’t know or care that the appointment reminder system might be a different company than the scheduling system or the patient billing system.

Providers that are being successful in this area are the ones that step back and think about the entire patient experience from beginning to end, giving the patients the right information at the right time to take the right action. That’s really the key.

How does EHR integration work?

We focus on helping our providers collect payments. We are super proud of the fact that we’ve been integrated into Epic, as a great example, for more than 15 years. We’ve done so in all of their native workflows. 

From a provider standpoint, we are embedded in all of the workflows of the EHR, Epic as a great example. They see that as a great experience and greater opportunity to collect payments. It becomes more streamlined workflows for the provider’s patients. It allows centralized reporting for analytics across locations. On the patient side, they have greater information, which is greater cost transparency, and simpler flexible payment options. It’s all within the native workflows, which helps make reconciliation seamless.

How are providers implementing propensity to pay and payment plans?

Most of all of those tools exist in the EHRs, so from my vantage point, I’m making sure that my solutions are embedded into all of those collection points. When they get that that pre-estimate, if they want to make a payment, I’m providing the tool and the access for that provider to collect that. If they want to wait until after service, I’m providing the tool in that omni-channel environment to make that payment. I’m making sure that all payment methodologies are captured, whether it’s Apple Pay, Google Pay, Venmo, PayPal, or ACH.

How will AI impact your business?

It’s growing exponentially. I expect it to play a larger part, exponentially, quite honestly. We’ll see it in the service side. We’ll see it in our development side. It is exciting and we’re absolutely diving into it and analyzing everything we can.

What will be important to the company over the next two or three years?

We are going to continue to advance our products so that they remain on the cutting edge of being seamless and secure. It always starts with security. We’re going to make sure that we know where the puck is going as it relates to whatever is the next form of card payment. What’s the next Venmo or Apple Pay that’s coming around the corner that the next generation of payers want to use? We’ll make sure that we invest in that technology.

We see healthcare providers heading in the right direction. We’re happy to be a part of it. To summarize the ways that they could continue to help build a path to better collections of patient payments, continue to think of the journey from beginning to end of the whole patient experience. Provide those cost estimates upfront, support the flexible payment methods, provide those omni-channel payment options, ensure that the secure payment storage for future treatments and recurring billing, and continue to communicate early and often. That’s the best thing we can do.