Deirdre Ruttle, Vice President of Strategy shares her insights on how healthcare payments influence consumers to switch healthcare providers in this recent Tearsheet article.
Read the full article, Experts weigh in on the future of payments (Part 1): The evolving transaction, in Tearsheet. Below is an excerpt from the article.
Sixty-five percent of consumers would consider switching providers for a better healthcare payments experience according to the Consumer Healthcare Payments Survey cited in the InstaMed Trends in Healthcare Payments Eighth Annual Report. This consumer sentiment and what it could mean for providers and payers is indicative of healthcare consumerism trends.
As 2019 approaches, InstaMed is seeing a strong demand for a consumer healthcare payment experience that is on par with the best retail payment experiences. The experience has to be convenient, offer multiple options for payment channels and methods and meet the highest standards of security. As consumer payment responsibility continues to increase, InstaMed is also seeing a strong trend toward the demand for automation. For instance, automated payment plans are important for the significant number of consumers with high deductible health plans who must pay larger balances for their healthcare services, while consumers with smaller balances tend to prefer the no-hassle approach of automatic payments.