Today’s consumers want their healthcare experiences to be transparent, easy, and affordable. Providers that have confusing healthcare payment systems are now at risk for losing patients, or for gaining bad reputations when these same unhappy patients voice their concerns on social media.
Healthcare providers that implement seamless, updated, and convenient payment systems can increase their revenue and patient satisfaction rates for a major revenue cycle win.
Here are 15 latest trends in the healthcare payment market:
- 61% of healthcare consumers were confused about their medical bills.
- About 65% of consumers say they would consider switching to new healthcare providers that have better payment systems in place.
- More than 70% of consumers want to pay all their healthcare bills in one convenient place.
- About 65% of consumers are willing to download a mobile app to pay all their healthcare bills.
- Roughly 41% of healthcare providers have not changed their patient billing statements in more than five years.
- In 2017, there were more data and security breaches in healthcare than any other year on record.
- An estimated 47% of healthcare consumers have major concerns about security when making payments on both their medical bills and health insurance plans.
- About 94% of patients and 96% of providers say security is highly important when it comes to paying and collecting healthcare payments.
- Health care spending is expected to consume almost 20 percent of gross domestic product by 2027
- About 21% of consumers prefer using personal checks to pay their medical bills.
- Roughly 86% of healthcare providers say they receive paper checks and an explanation of payment from one or more patients.
- At present, 79% of consumers are still receiving paper medical bills in the mail.
- An estimated 77% of providers say that paper medical bills are the primary method of collecting payments from patients.
- About 73% of healthcare providers say it takes an average of one month or longer to receive payments from patients.
- Roughly 80% of patients say they pay their medical bills within three weeks.
Thinking about how your organization can respond? See how hospitals using Flywire for healthcare payments have achieved 269% ROI.