Here at RexPay, we keep a close watch on the latest trends and news in the healthcare industry! One of the reports that has been helpful to us recently is the annual InstaMed Report, which outline trends in healthcare payments.
In our line of work, we want to have every piece of information possible in order to fine-tune RexPay to directly meet a patient’s needs. But, of course, we also want to keep our customers and partners in the loop, which is why we’ve recapped a few points from the report for you here!
Read on for a quick look at 10 of this year’s healthcare payment trends, and find out what RexPay is doing to meet patient’s needs!
Medical Bills are a Mess: 70% of consumers are confused by medical bills. RexPay offers an in-app A.I. that will help patients clarify their medical bills
Consumer Loyalty Hangs on Convenience: 80% of patients reported that “convenience factors” would be enough to make them switch providers. RexPay provides a convenient tool for medical bill management.
Healthcare “Payment Experience” Matters: 61% of consumers would consider switching providers for a better healthcare payments experience. RexPay improves and eases the patient billing process.
Digitization is Down…: Only 17% of consumers receive their medical bills electronically . If a healthcare provider partners with RexPay, which is a very simple and inexpensive process, they can send their bills directly to the patient through the app.
…But Demand is Up: 71% of consumers want to enroll in eStatements from providers. Aka, 71% of patients would like to enroll in RexPay. As it says in the report:
“As smartphones dominate the consumer experience, mobile must be considered for healthcare as well. This includes mobile access to web-browsers to make a payment, which consumers are increasingly leveraging. With the advent of mobile payment systems such as Apple Pay and Google Pay, consumers will look to healthcare for similar mobile offerings….”
Consumers Want to Consolidate: 86% of consumers want to make all of their healthcare payments in one place. In the RexPay app, patients can not only keep every bill they receive in one place, but can also pay their bills in one place – directly through the app!
Delayed Debit: 77% of providers say that it takes more than a month to collect any payment. RexPay’s provision of an organized, simplified payment experience for customers is projected to reduce the delay in payments by bettering the healthcare payments experience.
Consumer Experience Matters for Providers: 10% increase in consumer loyalty could generate more than $22 million in revenue for the average hospital. Providing a patient-focused billing solution could be just the thing to make that difference.
Positive Experience Increases Hospital Margins: U.S. hospitals that deliver “superior” customer experience achieve net margins that are 50% higher than those with “average” customer experience. RexPay is an easy way to provide that superior customer experience.
“Consumer payment responsibility has heavily impacted the way providers get paid; however, payments from payers are still an important part of the overall provider payment puzzle. For every medical claim submitted to payers, providers must perform seven transactions to reach completion, and thus, payment from the payer. Currently, all of those transactions also rely heavily on paper and manual processes to complete, though payers are mandated to offer electronic channels for providers to get paid. If providers were to fully embrace electronic processes for payments from payers, the savings potential is immense.”
The Numbers Don’t Lie: A total of $9.5 billion of the $11.1 billion in annual savings potential for electronic adoption would accrue to medical providers. If you are a medical provider and you are reading this, don’t miss out on the savings potential.
A tool like RexPay will streamline the payment process for both providers and patients, ultimately saving both parties money that can be reinvested in the most important factor at play: their and others’ health!