Trends in Healthcare Payments: Eighth Annual Report
Trends point toward the explosive growth of consumerism and how it will challenge providers and payers to rethink business as usual.
InstaMed’s report features key market trends influencing the healthcare industry, and focused on four main themes:
- Consumers Have Spoken (and They Aren’t Happy)
Each year, the amount consumers spend on healthcare is growing at a staggering rate. However, education and outreach to consumers regarding healthcare payments have hardly kept pace with the increase in payment responsibility. The consequences of this oversight are coming in the form of consumer frustration and fear in healthcare. The consumer voice will become harder to ignore as dissatisfaction takes the shape of customer attrition and lost revenue for providers and payers alike.
- The Digital, Always-Connected World Has Real Consequences for Healthcare
For the healthcare industry, the digital world has created a new kind of consumer that is challenging business as usual for both payers and providers. Healthcare organizations can now expect consumers who bristle at the prospect of waiting, demand convenience, expect frictionless payments and speak out on social platforms when experiences do not meet their expectations.
- Paper Is the Sandpaper of Healthcare
Despite the trends related to the digital world, healthcare overwhelmingly remains loyal to paper for most of its communications, especially those related to healthcare payments. The heavy reliance on paper for healthcare payments, instead of leveraging less expensive and more efficient electronic alternatives, costs all industry stakeholders.
- Security Concerns Aren’t Going Away
The impacts of compromised data cost the industry not just financially, but in reputational damage and customer attrition. Security is on the minds of providers, payers and consumers as the industry struggles to keep data secure.
Learn more, download the report.