2025 Trends to Watch in Patient Payments
While worries about the affordability of care are sure to persist for many Americans over the coming year, here are some other patient payment trends for providers to watch
Why Patients Are Demanding a More Digital Healthcare Payment Process
Patient demand for digital payment communication — both reminders about bills, as well as text messages that enable bill payment — is on the rise, according to a recent report. This is in line with growing consumerism trends in the U.S. — patients want their healthcare payment experience to mimic the convenience and ease they have when they pay for things like travel or retail goods.
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Geisinger CEO: Price variability won’t be solved unless payers & providers get on the same page
Price transparency data has revealed there is a high degree of price variance for healthcare procedures depending on patients' insurance carriers and the location in which services are delivered. Jaewon Ryu, Geisinger’s president and CEO, said that the only way this variability can be addressed is by getting decision makers on the payment side much more aligned with the care delivery side of things.
Providence denies ‘disturbing’ debt collection practices alleged by senator
Providence issued a response to a letter sent by Sen. Patty Murray of Washington, in which she demanded the health system answer questions about its alleged efforts to aggressively bill patients who qualified for free or discounted care. The response denied that Providence aggressively pursued its poorest patients for medical debt, asserting that its “commitment to those in need has never been stronger.”
Why it’s time for your practice to adopt digital payments
For both providers and patients, digital wallets offer greater convenience, ease of use, efficiency and security than traditional methods of medical bill payment.
Primary care has to lead healthcare progress in 2022
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The retail-inspired, digital-first shift will only accelerate for healthcare practices
In addition to Buy Now Pay Later payment plans, digital communication tools like QR codes and text messages have found new relevance in healthcare as they have become normalized through changes made to consumer payment experiences.
How Covid-19 has changed healthcare payments
The demand for digital payments shows no signs of dwindling—78% of consumers surveyed reported that they want contactless payment options to remain in place. Hence, stakeholders across the industry should further digitize processes to promote future growth.
JPMorgan Chase acquires healthcare payments fintech InstaMed
Acquiring Philadelphia, Pennsylvania-based InstaMed helps to expand JPMorgan's corporate payments business into the lucrative healthcare space. U.S. healthcare spending clocks in at more than $3 trillion annually and is expected to grow to $6 trillion by 2027.