The healthcare payments industry is growing at a rapid pace as changes due to reform and consumerism continue to reshape the industry – impacting the way many providers reach their patients.
Data from the 2013 Trends in Healthcare Payments Annual Report confirms that the healthcare payments industry is evolving and outlines how providers can manage these changes. In particular, growth in consumer responsibility and the shift in payment methods will be crucial areas to focus on, in order for providers to successfully connect with patients. Below are trends featured in the report and best practices for providers to prepare for the future.
67 percent of providers saw an increase in patient responsibility.
A decade ago, payers and employers managed almost all of the health benefit decisions for patients. As a result, patients were relatively insensitive to costs as they took care of their healthcare needs. However, today, patients have higher deductibles and have become consumers who are sensitive to their healthcare costs.
As consumers, patients expect to pay healthcare bills when and how they choose, as they do for their other bills. However, healthcare providers frequently do not offer the flexible payment channels that patients are accustomed to, which can leave patients dissatisfied and providers struggling to collect.
79 percent of consumers paid their non-healthcare bills online.
To meet these payment expectations, providers can easily connect to patients where they are already accustomed to going to pay bills – online. By offering patients an online portal to make payments, patients can quickly pay providers as soon as they receive their statements and have a more convenient way to pay their healthcare bills.
These trends demonstrate that consumerism in healthcare is impacting the way many providers reach their patients, especially for payments. Read the 2013 Trends in Healthcare Payments Annual Report for more trends and best practices to help you better connect with patients.
Bill Marvin is the President, CEO and Co-Founder of InstaMed, the leading Healthcare Payments Network. InstaMed is the only single, integrated network connecting providers, payers and patients for the entire healthcare payments process, and has processed over $80 billion in healthcare payments to date.