Data to be presented June 4 at AHIP Institute 2015
PHILADELPHIA, PA and NEWPORT BEACH, CA (June 3, 2015) – InstaMed, the leading Healthcare Payments Network, and Aite Group, an independent research and advisory firm, today published a joint white paper titled New Expectations: The Payment Experience Members Want From U.S. Health Plans. The white paper uses consumer survey data and consumer medical out-of pocket spending data to give health plans insight into consumers’ expectations for health plan member portals. The paper outlines the critical role of the payment experience in health plan member engagement and retention.
The white paper examines the case for commercial health plans to offer members an online service to pay all their medical bills and, when applicable, monthly insurance premiums. “Consumers’ influence in health plan selection continues to increase, and their demand for more flexible, convenient payment options heavily impacts how insurers compete,” says Chris Seib, InstaMed CTO and Co-founder. “The white paper shows that over two-thirds of primary bill payers would prefer to pay all doctor, hospital, and other healthcare provider bills in one place.”
“Healthcare payments now represent a brand differentiator,” adds Michael Trilli, Aite Group Senior Analyst. “The data is clear: consumers want health plans to help them understand what they have to pay and then give them the ability to easily pay using any payment method they choose.”
Learn more about why the payment experience is so important to consumers and how health plans can respond by downloading the white paper and attending A Positive Member Payment Experience Is Critical: See How Health Plans Are Delivering – a presentation at the AHIP Institute 2015 on June 4 at 2 PM CT. For more insight into healthcare payment trends, download InstaMed’s annual Trends in Healthcare Payments Report for 2014.
InstaMed is healthcare’s most trusted payments network, connecting providers, payers and consumers on one platform. The InstaMed Network connects over two-thirds of the market and processes tens of billions of dollars in healthcare payments annually. InstaMed reduces the risks, costs and complexities of working with multiple payment vendors by delivering one platform for all forms of payment in healthcare, designed and developed on one code base and supported by one onshore team of experts in healthcare payments. InstaMed enables providers to collect more money from patients and payers while reducing the cost and time to collect. InstaMed allows payers to cut settlement and disbursement costs with electronic payments and facilitate consumerism for their members. Visit InstaMed on the web at www.instamed.com.
About Aite Group
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, wealth management, capital markets, and insurance, Aite Group’s analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends. For more information on our research and consulting services, visit www.aitegroup.com.