PaymentsSource features InstaMed’s Ninth Annual Trends in Healthcare Payments Report.
Read the full article, The Stagnant State of Health Care Payments, on PaymentsSource. Below is an excerpt from the article.
While U.S. healthcare may be world class, how providers, institutions and insurance companies send out bills and statements is stuck in the 1950s, evidenced by the heavy reliance on paper mail. According to InstaMed, a health care payment network, 72% of consumers want to receive electronic statements and bills yet 42% of health care providers are unable to digitally deliver them forcing consumers to look in their mailboxes. Currently just 17% of consumers receive electronic bills.
About 90% of healthcare providers leverage paper and manual process to send out and collect on their bills, and 91% of providers still receive paper checks from one or more payers. Despite the high usage of paper, 82% of providers prefer EFTs from their payers according to InstaMed.