Healthcare Payment Predictions – What You Need To Know

Today’s healthcare consumers want to pay their medical bills anywhere, anytime. They’re looking for estimates, payment plan options, and payment mechanisms to be at their fingertips across multiple channels. They can pay for almost anything they desire from their laptops and mobile devices, so why should healthcare be any different?

To put it bluntly, healthcare providers are behind the curve. Those that can catch up to broader consumer trends and replicate an easy, flexible and convenient payment experience will earn the competitive edge. A better patient payment experience means increased loyalty, earlier collections, and more efficient workflows for both front and back-office systems.

Despite the growing availability of digital tools in patient access and payments, 90% of healthcare providers were still using manual, paper-based collections processes before the COVID-19 pandemic. And, while consumers say they want self-service options, patient portal uptake hovered at 30% at that time, suggesting existing tools didn’t meet their needs. The pandemic forced some welcome change, but more is needed.

What do providers need to know to build a healthcare payment solution that’s fit for purpose today and into the future? Here, Experian Health’s patient payment experts make seven predictions for healthcare payments that will help providers boost consumer loyalty and revenue.