Top Trends in Healthcare Payments
Annual Industry Survey Shows Providers, Payers Challenged by Rev Cycle Issues
Payers and providers must rethink the payment experience for consumers as payment responsibility continues to increase for both health plan premiums and medical bills. This urgency is just one of the findings highlighted in the InstaMed annual industry assessment.
Healthcare’s Blind Spot: The Consumer Experience
According to the report:
- 70% of consumers are confused by medical bills
- 56% of consumers would not be able to pay a $1,000+ medical bill
- 93% of consumers were surprised by a medical bill in 2018
Providers Need Payment Assurance
Providers are seeing the impact of the sharp rise in deductibles and patient responsibility. Yet, there has not been a major overhaul in how providers are tackling the challenges of collecting from patients.
- 90% of providers leverage paper and manual processes for collections
- 69% of providers saw an increase in patient responsibility in 2018 compared to 2017
- 77% of providers say that it takes more than a month to collect any payment
Pressure on All Fronts for Payers
Payers face pressure from shifts in federal mandates and new competition from leaders in retail. Payers need to drive better member experiences, while looking for ways to optimize costs through the elimination of paper and manual processes.
- 71% of consumers are confused by Explanation of Benefits (EOBs)
- 72% of consumers want eStatements for health plan premium bills, yet 42% of consumers cannot receive eStatements from their health plan
- 91% of providers still receive paper checks from one or more payers, yet 82% of providers prefer EFTs from payers
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