Industry report indicates providers must find new ways of getting patients to pay

InstaMed, a healthcare payments network, released results from its “Trends in Healthcare Payments Ninth Annual Report: 2018.” A news release from the company is suggesting that payers and providers may want to consider how consumers experience the payment process and make some modifications as responsibility for paying health insurance premiums and medical bills continues to increase for patients already struggling with financial burden.

The report said as industries outside of healthcare continue to move forward in finding ways to meet consumer expectations, healthcare should too. Moreover, InstaMed asserted that although providers recognize the effect that rising deductibles and other patient responsibilities is having, most still have not developed any significant strategies for dealing with the problem.

Regarding the patient experience, 70 percent of consumers surveyed said they are confused by medical bills; 56 percent would not be able to pay a $1,000-plus medical bill; and 93 percent of consumers were surprised by a medical bill in 2018.

Among providers surveyed, 69 percent of providers saw an increase in patient responsibility in 2018 compared to 2017; 77 percent say that it takes more than a month to collect any payment; and 90 percent leverage paper and manual processes for collections.

According to the report, payers are also being pressured by new federal mandates and increasing competition from retail leaders. Additional findings include:

·   71 percent of consumers are confused by Explanation of Benefits (EOBs)

·   72 percent of consumers want eStatements for health plan premium bills, yet 42 percent of consumers cannot receive eStatements from their health plan

·   91 percent of providers still receive paper checks from one or more payers, yet 82 percent of providers prefer EFTs from payers

“It is clear that increased consumer responsibility is one of the most significant trends shaping the future of healthcare payments for consumers, providers and payers,” said Chris Seib, Chief Technology Officer of InstaMed in a news statement. “This report was designed to spark conversations about the current state of the U.S. healthcare payments industry and promote awareness, change and greater efficiency for all stakeholders.”

The report is available at no cost and highlights the quantitative data from over $396 billion in healthcare payments processed on the InstaMed platform, along with qualitative, proprietary, independently gathered survey data from consumers, providers and payers nationwide.