Patient Payment Trends In Healthcare

Healthcare is Lagging Behind

As consumers, patients are accustomed to making digital payments in industries like banking and retail. Healthcare, however, continues to lag behind in this regard. The majority of healthcare providers still use paper and manual processes to bill patients, much to the frustration of everyone involved. 

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  Challenges

  Providers have long struggled with collecting payments. With rising healthcare costs, patients are struggling to pay their bills. It’s not just the uninsured or underinsured who are having trouble. Almost half (46%) of insured adults have difficulty paying their out-of-pocket costs. One in four (27%) reported having trouble affording their deductible.

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  COVID-19 Accelerates Shift Toward Digital Payments

  The COVID-19 pandemic caused a seismic shift in how patients accessed healthcare services. Nearly three-quarters of consumers said they prefer online payments for medical bills.

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  How Billing Affects the Patient Experience

  The financial and billing process plays a major role in the patient experience. It can also make or break patient satisfaction and retention. According to one survey, 93% of healthcare consumers would be dissuaded from returning to a healthcare provider based on the billing experience.