Medical Economics features InstaMed’s Ninth Annual Trends in Healthcare Payments Report.
Read the full article, Why patient experience matters in healthcare collections, in Medical Economics. Below is an excerpt from the article.
The climate in healthcare collections is rapidly changing. While providers are pressured to increase their margins amid evolving value-based care requirements, the expense of medical care is shifting from insurers to patients.
When financial responsibility lies with the patient, practices send, on average, 3.3 statements before receiving payment for an outstanding expense, according to Becker’s Hospital CFO Report. Costs of printing and mailing are significant, as are those related to staff time. As much as 42 percent of providers say it typically takes between one and two months to collect payment from a patient, while 35 percent say it takes them even longer, says InstaMed’s 2018 report on trends in healthcare payments.