The data: The pandemic spurred a surge in digital medical payments, according to a new survey from US Bank that was conducted on 1,113 US adults.
Here’s a look at some of the survey key findings about consumer sentiment around digital payments:
The problem: As healthcare costs mount, the burden of medical bills weighs heavy on US patients—and that’s only being compounded by poor medical financial literacy and the slow-moving billing process.
The medical billing experience for patients is often inefficient and leads to non-payment. 71% of patients are confused by their medical bill, and 80% say they were slapped with a surprise bill, according to InstaMed’s 2020 Trends in Healthcare Payments report.
Patients have listed confusing medical bills as a top reason for delaying payment: 56% of patients who were late on a medical bill payment either assumed their insurance would pay for it or were unclear about how much they owed.
The opportunity: Healthcare providers that jump on the digital payments boat can help improve patient satisfaction (which can boost provider ratings) and collect revenues quicker.
It’s important for healthcare providers to meet patients’ expectations considering today’s healthcare consumer opts for convenience over loyalty. About 82% of consumers want to make all their healthcare payments in one place, and 85% of consumers say they prefer an electronic payment method for their medical bills—yet most providers still send out paper bills.