Automated payments in healthcare grew by 55 percent year over year between 2012 and 2015, despite discussion patients do not want to talk about upfront payments, according to InstaMed.
There are four myths about healthcare payment methods InstaMed identified in a recent infographic that are not reflected in data. They are as follows:
1. "My patients aren't ready for eStatements." InstaMed's analysis found 60 percent of consumers want to receive eStatements. In addition, 1 in 4 patients would switch to a physician offering eStatements.
2. "Only millennials want to pay online." While more millennials than individuals older than age 40 want to pay medical bills online, 52 percent of those older than 40 prefer online payments. This is compared to 73 percent of millennials, according to InstaMed.
3. "We can't talk to patients about payments upfront." InstaMed's analysis found all forms of automated payments in healthcare are increasing by 111 percent year over year. In addition, 92 percent of consumers said knowing payment responsibility prior to treatment is important.
4. "Patients won't use a digital wallet for healthcare." The number of cards saved on file in healthcare has increased 47 percent year over year. InstaMed said a key takeaway from digital wallets is they "accelerate adoption of eStatements and automated payments, and increase patient attachment" to a provider's website or portal.
To access InstaMed's infographic on patient payment myths, click here.