Phoenix-based Banner Health is implementing a cashless payment system across its facilities, an initiative the 33-hospital system said will increase efficiency, reduce operational costs and enhance security.
The initiative comes after Banner conducted a comprehensive assessment and determined that cashless operations would “significantly reduce the high costs and security risks associated with traditional cash management and exchange,” according to a Dec. 15 news release. The system’s findings showed these costs were more than a third of the value of the cash collected.
Banner said the savings realized by removing the costs associated with cash collection are projected to support expanded access to care, advanced medical technology and vital community health initiatives.
The system has already rolled out the cashless initiative across many of its Arizona facilities and will implement the change in phases across the system over the coming months, according to the release. All facilities are expected to complete the transition by March 2026.
In addition to Arizona, Banner operates facilities in five other states: California, Colorado, Nebraska, Nevada and Wyoming. Along with its 33 hospitals, Banner operates more than 450 additional sites of care.
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