InstaMed released its "2021 Trends in Healthcare Payments" report March 24.
The company said the report is distributed with the hope of being a catalyst for improvement in the healthcare payment industry.
Twelve findings from the report:
1. Eighty-seven percent of consumers said they were surprised by a medical bill in 2021.
2. Seventy-three percent of consumers reported that they found out about the cost of care after receiving it.
3. Twenty-three percent of consumers do not know how to look at their health plan to understand out-of-pocket costs.
4. Twenty-one percent of providers prioritize price transparency.
5. Eighty-three percent of hospitals were noncompliant with at least one of the major requirements of CMS' price transparency rule.
6. Forty-eight percent of households had healthcare expenses in the past year, with 17 percent facing more than $1,500 in costs.
7. Eighty-seven percent of payers said members are likely to recommend their health plans.
8. Eighty-six percent of payers are prioritizing member engagement in 2022.
9. Sixty-five percent of consumers gave positive scores to payer websites and mobile apps.
10. Eighty-seven percent of consumers want to make all their healthcare payments in one place.
11. Forty-nine percent of payers said a lack of clear vision challenged their digital transformation agenda.
12. Eighty-seven percent of providers prefer electronic funds transfer without fees from payers.
Read the full report here.