Money Mobility Tracker – June 2023
June 26, 2023
Healthcare can be a source of frustration in the lives of too many consumers. Although there is a lot of attention on the cost and quality of care, there is less on another important part of the equation: how consumers pay for health-related products and services. Most providers still rely on paper and manual procedures for patient collections, giving rise to a host of problems.54%: Share of consumers who dealt with a healthcare payment-related pain point in the past 12 months
In the past 12 months, 54% of consumers dealt with at least one pain point during the payment process, according to PYMNTS data. Consumer difficulties in understanding what they are paying for and when is one of the biggest problems, as 76% of consumers report receiving an unexpected medical bill and 71% say health bills confuse them. Moreover, consumers must often navigate multiple platforms, including those of medical providers and insurance companies, to receive and pay for healthcare services.
The “Money Mobility Tracker®” explores how healthcare providers can improve the healthcare experience by adopting modern payment systems.
Around the Money Mobility Space
Romanian insurance giant SIGNAL IDUNA has launched Easy Pay, a virtual card to streamline the health insurance process. Policyholders can request the card, and once provisioned, SIGNAL IDUNA will transfer the funds needed onto the card before the appointment. Users can also add the virtual card to their digital wallets, including Google Pay and Apple Pay.
57%: Portion of times that health insurance companies provided consumers with a choice of disbursement method — less than any other type of insurance payoutMeanwhile, Weave, a communication and engagement platform for small to midsized businesses, announced the addition of Online Bill Pay to its suite of products. The addition will enable businesses to generate, send and embed a link for customers to pay bills online, helping healthcare providers collect revenue faster and offer an improved digital payment experience.
Nearly One-Third of Consumers Use Digital Portals to Pay for Healthcare
PYMNTS research found that consumers of all ages are making healthcare payments. Seventy-five percent of respondents paid for a healthcare product or service in the past 12 months, and did so in a variety of ways. The most common way to pay, cited by 36% of respondents, is at the doctor’s office, while digital platforms come in second at 29%.
To learn more about consumer use of digital platforms and other payment methods, read the Tracker’s Chart of the Month.
Healthcare Payment Platforms Increase Customer Satisfaction While Reducing Costs
Healthcare providers can benefit from adopting modern payment methods and digital platforms for payments or disbursements. The issues with existing payment solutions are so bad that 42% of consumers would switch — or already have switched — healthcare providers for an improved payment experience.79%: Share of consumers who want to pay all their medical bills through a single digital platform
Digital platforms that handle various payment and disbursement needs are among the best tools for healthcare providers. These platforms often come with an array of helpful features and capabilities, including support for multiple payment methods and automated recurring payments, among others — and they are immensely popular among consumers. According to PYMNTS research, 79% of consumers want to pay all their medical bills through a single digital platform.
Table of Contents
- Payments in Healthcare Are Plagued With Pain Point
PYMNTS found that 54% of consumers experienced at least one pain point during the healthcare payment process in the past year.
- New Partnerships and Products Bring Payments Innovation to Healthcare
Health insurance company SIGNAL IDUNA released a virtual card for healthcare payments, while a PayGround-Collectyve Health partnership is helping healthcare companies with pricing requirements.
- Healthcare Payment Platforms Increase Customer Satisfaction While Reducing Costs
Seventy-nine percent of consumers want to pay all their medical bills through a single digital platform, and those who already do are highly satisfied.
- Nearly One-Third of Consumers Use Digital Portals to Pay for Healthcare
Overall, 75% of respondents reported having paid for a healthcare product or service in the past 12 months, with 29% using digital portals to pay.
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