MedCity News features insight from Jeff Lin, Chief Product Officer at InstaMed and Matthew Rozen, Executive Director of Healthcare Product Strategy at JPMorgan Chase on how the digital surge during the pandemic is shaping the future of healthcare payments. The article includes findings from the Trends in Healthcare Payments Annual Report, including 78% of consumers surveyed reported that they want contactless payment options to remain in place.
Read the full article, How Covid-19 has changed healthcare payments, in MedCity News. Below is an excerpt from the article.
Covid-19 offered a long overdue jolt to healthcare payments. The public health emergency exacerbated the industry’s problems with manual, paper-based and in-person practices. It also compelled providers to streamline their revenue cycle practices and offer more digital payment options, according to a recent report by InstaMed that includes quantitative data from $393 billion in healthcare payments processed on its platform, as well as survey data from consumers, providers and payers. The pandemic accelerated many consumer-focused digital trends in healthcare, such as telehealth and contactless payment options. It’s not just younger, tech-savvy patients using these options. Millions of Medicare beneficiaries made contactless payments in 2020, according to the report, with stay-at-home orders influencing the digital shift.