Taking the Pain out of Healthcare Payments

Taking the Pain out of Healthcare Payments

“How much will this doctor’s visit cost?” It seems such a simple question, but for many people, the answer is rarely straightforward. A maze of complexities often results in the patient unsure of how much to pay. And when the bill arrives, making the payment is not always simple or easy. In most industries, consumers and businesses have embraced a variety of modern payments methods including digital wallets, kiosks, mobile point-of-sale terminals and more. Yet, the healthcare payment experience has not evolved the way other industries have. Elavon recently interviewed hundreds of patient and healthcare information technology (HIT) company executives across the U.S. to understand the opportunities and challenges facing healthcare payments. In the survey, patients named healthcare the hardest industry to make payments by an overwhelming margin, with 46% of respondents choosing the sector. The next closest was airlines, with only 18% of respondents. Why Are Healthcare Payments Lagging? There are a multitude of factors behind why healthcare payments are so far behind other industries. From the consumer perspective, our survey found that most consumers feel it is difficult to make medical bill payments compared to paying for other goods and services. Part of this stems from the [...]

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