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InstaMed Blog

For years, industry experts have been proclaiming that consumerism will be the wave of the future in healthcare. However, that prediction is now a reality. For payer organizations, “business as usual” will now mean connecting with members on their terms – digitally. But, there’s no reason to reinvent the wheel. Instead, payers can look to leaders in other industries who have already set a high bar for digital interactions with consumers. Here are three resolutions to help payers finally enter the digital age:

First Resolution: Ditch Paper and Automate Payments for Premiums

  • Who does this well? Video streaming services like Netflix and Hulu
  • Why is it important to payers? Members are used to making monthly payments for these subscriptions without ever getting a paper statement or having to take out their credit card. There’s no reason that payments for premiums can’t be just as easy.

Second Resolution: Bring Together All Payments in One Place

  • Who does this well? Online retail giants like Amazon and Walmart
  • Why is this important to payers? Members may not realize when they buy multiple items online at their favorite shopping site that they are actually purchasing items from different vendors who work with retailers to sell their goods. This seamless experience is the perfect model for paying the monthly premiums of different plans under one payer, such as medical, vision, dental, etc.

Third Resolution: Connect Payments from Members to Their Providers

  • Who does this well? Ride-hailing apps like Uber and Lyft
  • Why is this important to payers? Getting a ride without standing outside to hail a taxi has revolutionized the transportation industry – just by connecting members with drivers. This connection is mostly anonymous with only essential information shared between the two parties. Payers can make a similar connection between members and providers to pay their remaining payment responsibility, which is crucial to maintain member satisfaction as providers have varying degrees of payment convenience.

Bonus Resolution: Don’t Take Shortcuts on Security and Compliance

  • Who does this well? Unfortunately, too many industry leaders to name take shortcuts when it comes to payments
  • Why is this important to payers? When an organization ends up in the headlines for a data breach or non-compliance, members remember. You can probably think of a few breaches in recent years that made headlines and how those organizations may have lost your trust. Payers must put security and compliance as a top priority when it comes to healthcare payments or risk the trust and loyalty of members.
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