Group Practice Journal recently published an article, authored by InstaMed’s CTO Chris Seib, in which he discusses the data behind healthcare payments trends impacting patients and providers, and how to leverage advanced technology to adapt to the new reality those trends have created.
Read the full article, Trends in healthcare payments demand smarter bills, in Group Practice Journal. Below is an excerpt from the article.
U.S. healthcare spending is expected to reach $6 trillion by 2027 at an average growth rate of 5.5% per year. Consumer payment responsibility remains a powerful driver of that growth, with out-of-pocket spending reaching $365 billion in 2017, or 10% of the total National Health Expenditure. Throughout the healthcare industry, few patients are left unburdened by increases in payment responsibility. Increasingly, patients are receiving medical bills after provider visits—with large balances, too. And healthcare payment trends show no signs of patient responsibility growth slowing anytime soon.