PHILADELPHIA, PA and NEWPORT BEACH, CA (May 30, 2018) – InstaMed, healthcare’s most trusted payments network, announced today the launch of the Trends in Healthcare Payments Eighth Annual Report: 2017. This is the eighth annual report from InstaMed and features key market trends influencing the healthcare industry from an objective view to educate the market and promote awareness, change and greater efficiency.
This year’s report focuses on four core challenges facing the healthcare industry, as highlighted by several telling statistics from 2017.
Each year, the amount consumers spend on healthcare is growing at a staggering rate. However, education and outreach to consumers regarding healthcare payments have hardly kept pace with the increase in payment responsibility. The consequences of this oversight are coming in the form of consumer frustration and fear in healthcare. The consumer voice will become harder to ignore as dissatisfaction takes the shape of customer attrition and lost revenue for providers and payers alike.
For the healthcare industry, the digital world has created a new kind of consumer that is challenging business as usual for both payers and providers. Healthcare organizations can now expect consumers who bristle at the prospect of waiting, demand convenience, expect frictionless payments and speak out on social platforms when experiences do not meet their expectations.
Despite the trends related to the digital world, healthcare overwhelmingly remains loyal to paper for most of its communications, especially those related to healthcare payments. The heavy reliance on paper for healthcare payments, instead of leveraging less expensive and more efficient electronic alternatives, costs all industry stakeholders.
The impacts of compromised data cost the industry not just financially, but in reputational damage and customer attrition. Security is on the minds of providers, payers and consumers as the industry struggles to keep data secure.
Now in its eighth year, the report features qualitative market data collected by Qualtrics, an independent experience management and market research company, to represent the sentiments of industry stakeholders: providers, payers and consumers. The report also uses quantitative data from $287 billion in healthcare payments processing on the InstaMed Network.
“InstaMed has combined its unique position in the healthcare payments market with both quantitative and qualitative data to yield key insights into the payment trends within the U.S. healthcare system,” said Bill Marvin, President and CEO of InstaMed. “For the past eight years, we have published the Trends Report to highlight the opportunities that exist to improve the healthcare payments experience for all stakeholders.”
InstaMed will host a webinar to discuss the Trends in Healthcare Payments Eighth Annual Report: 2017 on June 13, 2018. Register for the webinar and download the report at www.instamed.com/trends.