Paper-based methods are a major source of friction in the healthcare payments process. Paper is costly, slow, inconvenient, and contributes to consumer confusion and dissatisfaction. Yet, the industry struggles to eliminate paper despite good progress toward digital payments in recent years.
Paper presents multiple challenges to providers and consumers:
Paper is Costly
Paper bills are expensive to print and mail and can increase the time it takes to receive payments from patients and payers.
Paper is Error-Prone
Processing for paper checks and billing coupons often requires staff to manually post and reconcile the payments. This can lead to errors like typos and double entries.
Paper is Inconvenient
Finally, paper payments are less convenient than digital options, such as online payments and digital wallets. Since the start of the COVID-19 pandemic, consumer use of digital payment options has surged. Consumers now expect digital options everywhere, including their healthcare bills. While the downsides of paper are well-known, paper continues to infiltrate the healthcare financial experience. Data from the Trends in Healthcare Payments Report shows how the drawbacks of paper billing and payments impact providers and consumers. View the infographic to learn more.
