As consumers continue to owe more for medical services, a disconnect exists throughout the industry between how providers bill for their services and how consumers expect to make healthcare payments. In this recent HFMA Revenue Cycle Strategist article, InstaMed CTO and Co-Founder Chris Seib outlines four digital principles for patients to understand healthcare payments.
Read the full article, Four Digital Principles Help Patients Understand Financial Responsibility, in HFMA’s Revenue Cycle Strategist. Below is an excerpt from the article.
Instead of taking on the heavy burden of educating consumers about healthcare payments, providers can embrace best practices and tools from the digital world to help consumers better understand and navigate their payment experience. For providers that are not sure whether the digital world applies to their customer demographic, consider that while mail volumes have declined by five billion pieces in 2017, digital transactions accounted for 60 percent of all transactions when consumers were asked how they made purchases in the previous 10 days, according to a Kleiner Perkins trends report.