It’s that time of the year again – summer! Everyone is out enjoying the warm weather, going to the beach or, for all you bookworms, getting a jumpstart on your summer reading list. I can remember at the end of each school year my teachers would send me a long list of books to read over the summer months to keep my brain fresh for the following September. I thought it would be a good idea to put together a
Since the Trends in Healthcare Payments Annual Report was first published by InstaMed in 2011, the trends have overwhelmingly demonstrated that patients owe more for medical services in the healthcare industry. The evidence in this year’s report is no different.
Healthcare consumers today owe more for both medical services and health plan premiums. Though the U.S. spends twice as much per person on average for healthcare compared to other industrialized countries, 75 percent of Americans say that the country does not get good value for what is spent. The healthcare experience for patients can no longer be overlooked. Here are three reasons why engaging patients is necessary to create a better healthcare experience.
1. 72 percent of consumers are confused by
In 2017, U.S. healthcare spending reached nearly $3.5 trillion, or $10,348 per consumer, at a projected growth rate of 4.6 percent. Healthcare spending has become nearly a fifth of the nation’s total Gross Domestic Product (Centers for Medicare & Medicaid Services). This steady growth and large size of the industry make it a major economic driver for the country.
Whether the industry can sustain this size and growth are questions that remain unanswered. The answers, and thereby the future of the
The digital revolution is in full swing throughout the world. Mail volumes declined by five billion pieces or almost four percent in 2017. Online shopping increased six times faster than brick-and-mortar shopping during the 2017 holiday shopping season, while a record 7,000 retail stores closed or were set to close in 2017. Tech giants like Apple, Amazon and Uber are changing the world we live in by placing access to more and more at our fingertips. Yet, healthcare’s resistance to
The digital world is no longer a future state – it is here, and we are all living in it. Proof of this is best demonstrated by the 77 percent of American adults who report being online daily and the 26 percent who are online constantly. For the healthcare industry, the digital world has created a new kind of consumer that bristles at the prospect of waiting, demands convenience, expects frictionless payments and speaks out on social platforms when experiences
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Improving the patient experience is at the forefront of conversation today for healthcare organizations.
Some vendors claim to offer the simplest, most user-friendly payment experience, but they are only focusing on one specific area of the process instead of the full end-to-end experience. In order to deliver the best possible patient payment experience, ask yourself, what does a great patient payment experience really look like? Here
The Trends in Healthcare Payments Eighth Annual Report: 2017 is now available to download. For the last eight years, InstaMed has released this report to objectively educate the market and promote awareness, change and greater efficiency through quantitative data from the InstaMed Network and qualitative data from healthcare providers, payers and consumers surveyed nationwide.
Download the report: www.instamed.com/trends.
We held a webinar featuring an inside look at the Eighth Annual Trends in Healthcare Payments Annual Report, including key insights from the report
While value-based care may be the future of the healthcare industry, trends in healthcare payments are missing from this important conversation according to Jeff Lin, our Senior Vice President of Product Management, who recently penned a feature commentary for Health Management Technology on the topic. In the piece, Lin explores how payers can look to trends in healthcare payments to develop the strategies and processes needed to deliver value-based care more broadly throughout the industry.
Findings from the Trends in Healthcare Payments Seventh Annual Report revealed that consumers are and will continue to be a driving force, impacting several key areas of the healthcare and payments industries. InstaMed CTO and Co-Founder Chris Seib breaks down the four areas that require the attention of both industries to address the new role of consumers and the expectations they bring.
Read the full article, The Future Of Healthcare Payments: Four Trends To Watch, in Payment Week.
Please click the link below to download your PDF.
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