The U.S. healthcare payments market is expected to reach a value of $5 trillion by 2022, according to InstaMed's Trends in Healthcare Payments Fifth Annual Report: 2014. Here are seven key points to know on healthcare payments from the payer perspective.
1. From 2011 to 2014, provider adoption of electronic remittance advice and electronic funds transfer increased 169 percent.
2. One in three payers did not meet the January 2014 ERA/EFT mandate.
3. Of the payers offering ERA/EFT in 2014, 58 percent said less than half of their providers accepted EFT payments and 75 percent said less than half of their providers accepted ERA.
4. Of the providers that did not accept ERA/EFT payments, 25 percent cited lack of necessary tools and technology.
5. In 2014, 33 percent of payers claimed that their top issue with providers was payment reconciliation.
6. More than half of payers, 67 percent, used a web portal for member communications.
7. A third of providers indicated that technology-based regulations, such as ICD-10 and CAQH, were their top priorities for 2015.