The Eleventh Annual Trends in Healthcare Payments Report is Here! Read it Today!

The Trends in Healthcare Payments Eleventh Annual Report: 2020 is now available for download.

Every year, the Trends in Healthcare Payments Annual Report is distributed to start a conversation in the healthcare payments industry with the hope of being a catalyst for change and improvement. In 2020, the conversation and change needed are unlike any seen in the report’s decade plus history. The COVID-19 pandemic will have far-reaching impacts on the administrative side of healthcare, and all stakeholders experienced rapid change. All stakeholders – consumers, providers and payers alike – must prioritize these trends that create opportunity for future growth, including streamlined payments, to accelerate recovery.

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More than 3 in 4 consumers want contactless options made prevalent amid COVID-19 to remain in the future, including telehealth and digital payments. 82% of consumers want to make all of their healthcare payments in one place. More than half of consumer would consider switching providers for a better healthcare payments experience.

The COVID-19 pandemic impacts exacerbated the already fraught financial situation for consumers in healthcare, as costs continue to increase for premiums and medical bills. The pandemic also highlighted how much the healthcare industry needs to catch up in the digital world. Consumer sentiments show the demand for contactless experiences that are also digital and convenient has been on the rise for years, and 2020 might be the year where the importance of this was fully realized. Consumer trends have consistently pointed to a preference for streamlined payment experiences, including electronic, online and automated.

More than half of providers changed their contactless payments strategy due to COVID-19. 2 in 5 providers said their primary revenue cycle concern was related to COVID-19. 84% of providers prefer EFT from payers, but 62% of payers still pay providers with paper and fee-based options.

There is a troubling disconnect between consumer expectations and payment realities in healthcare. Many providers, however, do not see the correlation between the patient healthcare payments experience and overall patient loyalty and satisfaction. The current payment challenges facing providers are further exacerbated by the financial consequences of the COVID-19 pandemic. Providers must find new solutions for their payment challenges quickly. The trends indicate that the clearest path forward for providers will be paved with digital, contactless payment and communication channels, which can improve the patient experience and ultimately help providers collect more from patients at lower costs.

76% of payers receive paper-based manual payments for premiums, but 78% of consumers prefer to pay their premiums online. About 9 in 10 payers leverage or plan to leverage artificial intelligence and machine learning. 95% of payers prioritize consumer preference for making all of their healthcare payments in one place.

Payer-related trends show payers play a vital role in shaping the healthcare payments industry, including managing shifts in consumer financial responsibility. In 2020, payers were the sole industry stakeholder seeing positive financial trends. This has the potential to be short-lived based on many factors including a hard look at administrative costs along with the experiences they deliver to members, provider networks and employer groups. Payers are in a unique, powerful position to be able to drive digital payments for both payer-to-provider claim payments as well as premium payments and member-to-provider payments. This leadership and digital shift are needed now more than ever.

For more than a decade, the Trends in Healthcare Payments Annual Report has been published for the purpose of objectively educating the market and promoting awareness, change and greater efficiency. These trends highlight quantitative data derived from the InstaMed Network and feature qualitative, proprietary, independently gathered survey data from consumers, providers and payers nationwide. Trusted third party sources are also used to analyze the market from the perspective of all stakeholders – consumers, providers and payers.

 

The previous reports are available for download below:










 

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