A new report from healthcare payments network InstaMed outlines trends from the perspective of consumers, providers and payers.
The report includes quantitative data from more than $396 billion in healthcare payments processed on the InstaMed platform between 2015 and 2018, along with qualitative, proprietary, independently gathered survey findings from U.S. consumers, providers and payers in 2018.
Survey respondents represent 100,000 U.S. healthcare providers, more than 3,000 U.S. payers, and a representative sample of thousands of consumers who paid a medical bill and were insured last year.
10 findings:
Consumer trends
1. Seventy percent of consumer respondents said they are confused by medical bills.
2. Sixty-one percent said they received a bill for more than expected in 2018.
3. Half said they received an unexpected bill in 2018.
4. Fifty-six percent said they would not be able to afford a medical bill of $1,000 or more.
Provider trends
5. Nearly all provider respondents (90 percent) said they use paper and manual processes to collect payments.
6. Sixty-nine percent reported seeing patient financial responsibility climb in 2018 compared to the year prior.
7. Seventy-seven percent said that collecting any payment takes more than a month.
Payer trends
8. Seventy-five percent of payer respondents said they think members can locate needed information without making contact.
9. Seventy percent reported allowing patients to pay premiums through their member portals.
10. Thirty-nine percent said direct-to-consumer solutions are a top priority for them this year.
Access the full InstaMed report here.
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