A previous post covered how consumerism is impacting the healthcare payments industry and detailed how payers and providers can work together to take advantage of this trend.
However, the rise of consumerism in the healthcare industry presents unique challenges for payers to engage their members, which they must adequately prepare for – or risk consumer dissatisfaction and lost revenue.
Risks and Opportunities of Healthcare Consumerism for Payers
A decade ago, payers and employers managed almost all of the health benefit decisions for patients. As…
The healthcare industry is in the midst of a massive shift, in which patients are quickly becoming key decision-makers and choosing to work with payers and providers that meet their needs and preferences. Recently, Healthcare Finance News posted an article titled, “Healthcare 2.0: Patients as Consumers,” which details how healthcare consumerism is affecting the entire industry. Yet, there is more to this story to be told. Specifically, how is consumerism impacting the healthcare payments process?
How Did Patients Become Consumers?
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In our last post, we stated that Smart Big Data has the capability to transform the collection process in healthcare. By using Smart Big Data to trigger automated processes and real-time decisions at the staff level in daily operations, providers can collect patient payments efficiently, navigate the changes facing the healthcare industry – and ultimately, to thrive.
Finding Payment Assurance in the Healthcare Industry
When you stay at a hotel, are you able to check in without giving your payment card? Of…
As healthcare reform adds millions of new consumers to the U.S. healthcare system and deductibles continue to rise, providers must operate more efficiently to keep administrative costs low and collect more from patients. Many industry experts believe that the recent influx of data and analytics due to innovation in healthcare technology, or Big Data, will give all healthcare organizations the ability to navigate the changes – and ultimately, to thrive. In fact, a recent McKinsey report estimates that Big Data…
Sixty-two percent of patients said they normally paid their monthly household bills online, such as utility or cable bills.
Seventy-two percent of patients said they would be interested in paying their healthcare bills online.
- Trends in Healthcare Payments Annual Report: 2012
As consumers, patients expect to pay healthcare bills when and how they chose, as they do for their other bills, but these expectations are widely unmet in the healthcare industry.
To meet these payment expectations, providers can easily connect to…