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5 trends in healthcare payments — 92% of patients want to know costs before a visit

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InstaMed released its 2016 Trends in Healthcare Payment Annual Report, outlining the key concepts for healthcare payments in the coming year.

Here are the biggest trends:

1. Consumers are demanding more information about cost prior to their visits. Almost all — 92 percent — of the survey respondents wanted to know their responsibility prior to undergoing a visit. Patients are responsible for more of the bill than in the past, which may not be a positive trend for providers; 73 percent report it takes a month or more to collect from patients.

2. Patients prefer to pay their premiums online. Sixty-eight percent of consumers prefer making electronic payments on their medical bills and 20 percent of online healthcare payments are made on a mobile device.

3. Despite the patients paying online, 86 percent receive paper medical bills and 88 percent of providers report receiving checks and explanation of payments from at least one payer.

4. Data breaches are up in the healthcare industry; 90 percent of providers reported payment security is very important when collecting from patients and 59 percent of consumers have concerns about payment security for their premiums and medical bills.

5. Seventy-four percent of consumers reported being confused by their medical bills and explanation of benefits.

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