More than 90% of consumers are paying their recurring bills online, and, if given the choice, nearly 60% of consumers would pay their medical bills using platforms like Zelle, PayPal, or Venmo, according to the results of a healthcare trends survey released recently by JPMorgan Chase.
Labor shortages at healthcare providers is making it harder for them to collect from their patients, especially because 78% of providers are currently collecting using paper and manual processes, according to the report. Fifty-five percent of providers are collecting from mailed statements, and on average, it takes two statements for a provider to collect a balance in full from a patient.
Think payment options are a luxury that you can’t afford? Think again. More than 90% of consumers say that convenience is an important factor when choosing a primary care provider, and 77% of consumers expect virtual and self-service options to be offered. Two-thirds of consumers want digital and electronic payment options, like receiving their statements online or via email, and 85% of consumers want to pay all of their medical bills in one place.
“If the trends continue as expected, healthcare will feel very real impacts of poor payment experiences in the very near future,” the report concludes. “The trends in this report suggest healthcare as a whole is not ready. Provider organizations are focused on financial recovery and overcoming labor shortages. Meanwhile, payers have historically been slow to prioritize efficiency and payment experience, which could significantly help all stakeholders.”
The report includes a number of pages of survey data from providers, consumers, and payers, and sheds light on what each of them expect and where each of them currently sit. For companies conducting early-out collections for providers or those that are seeking to collect on bad debt, there is a lot of data that can be used to convince prospects about the benefits and advantages of working with the right partner.