CIO , Data
InstaMed’s Annual Trends Report
Get access to exclusive healthcare insights. InstaMed’s Trends in Healthcare Payments Tenth Annual Report is now available for download. The report features trends in healthcare payments that impact industry stakeholders: consumers, providers, and payers. The trends reveal a preference for digital payment options in healthcare, especially for consumers. This demand is set to grow as COVID-19 and social distancing emphasize the limitations of tools that require manual intervention.
Join the Webinar: What Ten Years of Trends Can Tell Us About a Post COVID-19 World
The Webinar is taking place on Thursday, May 14 at 12:00 PM ET. Go here to RSVP!
This report revealed that a high percentage of all stakeholders, especially consumers, are looking for a digital healthcare payments experience. The impact of COVID-19 and long-term precautions around human, manual interactions stand to put even more pressure around these demands.
In this webinar, InstaMed is going to take a deep-dive into all of 2019’s trends and explore how payment interactions between payers, providers and consumers will continue to shift to digital in a post COVID-19 world.
Meet Today’s Healthcare Consumers
Since the first report was published in 2011, the report has tracked the downward trend in the amount payers covered for medical services and a growing portion due to the consumer. In the latest report, consumers owe more for medical services and health plan premiums, and demand for advanced payment technology is growing, too. The data also tells us that demographics, including gender and age, can exacerbate the impacts on individual consumers.
The Pain of Outdated Collections for Providers
Over the years, providers have faced mounting collection challenges with the same tools and processes as they did a decade ago. Paper-based and manual collections clog provider collections that cannot keep up with the changes in consumer payment responsibility. The lack of progress affects provider revenue and loyalty among patients. Digital tools that rely on automated and electronic channels improve payment assurance for providers and meet consumer digital demand for a better overall outlook for provider organizations.
Challenging the Way Payers Do Business
Payers have been thrust into the spotlight in recent years as the healthcare industry looks for ways to manage the growing payments market. Competition from inside and outside the industry has grown fierce with large health systems and tech giants looking for a share of the health plan market. Payers must prioritize the payment experience for members with multiple digital touchpoints to maintain their position in the market. A focus on electronic transactions for providers and payment security is also necessary for the future of payer organizations.
Trends in Healthcare Payments Through the Years
For the past 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.
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