Healthcare providers, payers and consumers continue to feel the impact of the COVID-19 pandemic. Negative operating margins, conflicting priorities and rising costs are some of the challenges healthcare stakeholders faced in the past year. However, the data suggests that the pandemic’s fallout is compounded by years of inaction.
The pandemic gave consumers more convenience with virtual and self-service channels than they have ever had before. Consumers now expect convenience everywhere, including in healthcare payments.
Most consumers report that they are confused and surprised by medical bills. Both trends can be due in part to how long it can take statements to reach a consumer – often more than a month after the service.
Digital payments offer consumers convenience and will help providers to collect faster with fewer resources. Also, consumers are more likely to pay their bills when they have online options.
Without a convenient payment experience, consumers with individual insurance risk missing a payment. Nearly half of health plans reported missed and/or late premium payments from members as a top challenge.
Learn about the latest trends impacting healthcare providers, payers and consumers.
Note: all information above is via the Trends in Healthcare Payments Thirteenth Annual Report.
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