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12 key billing statistics: Payment experience causes 65% of patients to consider switching providers

Patient education and outreach hasn't kept pace with healthcare spending, which is projected to reach $608 billion in out-of-pocket costs by 2019, according to InstaMed's Trends in Healthcare Payments Eighth Annual Report: 2017.

Here are four major takeaways from the report.

1. Consumers are confused

  • Seventy-two percent are confused by their explanation of benefits.
  • Seventy percent are confused by medical bills.
  • Sixty-five percent would consider switching providers for a better experience with payments.

2. Consumers want to go digital

  • Seventy-one percent want to pay all their healthcare bills in one place.
  • Eighty percent want to check in for provider visits via a mobile device.
  • Sixty-five percent would download a mobile app to pay healthcare bills.

3. Providers rely heavily on paper

  • Fifty-eight percent say paper statements are the primary method of collecting from patients.
  • Forty-one percent haven't changed their patient statement in more than five years.
  • Eighty-six percent receive paper checks and explanation of payment from at least one payer.

4. Security concerns are here to stay

  • There were more healthcare data breaches in 2017 than any other year on record.
  • For 96 percent of providers and 94 percent of payers, security is important when collecting healthcare payments.
  • Significant concerns regarding the security of medical bill payments and health plan premium payments exist for 47 percent of consumers.

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