Top healthcare payment trends in 2022

The preference for digital payment options has continued to grow for consumers. According to the Trends in Healthcare Payments Twelfth Annual Report conducted by InstaMed, consumers prefer online payments for their medical bills, and 87 percent of consumers were “surprised by a medical bill in 2021.” With the uptick in medical needs and increased number of payments, a digital shift has started to increase efficiency and provide a better experience for both the payer and payee. 

Streamline healthcare payment methods with digital payment processing

The majority of consumers (91 percent) prefer digital payment experiences, with 60 percent of all consumers saying they are interested in a digital payment platform for their medical bills¹. Similarly, on the B2B side, medical providers need to find a way to streamline their payment processes when they are paying their suppliers and vendors. Electronic Bill Pay Presentment (EBPP) also provides a solution for healthcare providers. Offering a simple, easy-to-use interface, payers can see their invoices and make payments online any time and anywhere, while using their preferred payment method.

Are healthcare payments evolving?

To put it simply, healthcare payment methods continue to evolve, but slowly. While consumer-based behaviros have shifted to digital payment use, B2B-based payer-to-provider commercial medical payments have been slower to adopt electronic payment methods. 

What are the trends in healthcare payments?

1. Increases in costs continue 

Reports show 20 percent of healthcare providers say their primary financial concern is related to the ongoing pandemic¹. By moving from paper-based check payments to eChecks, insurance companies can eliminate the cost of mailing a check and as an added benefit, cut down on time lost due to mail float. 

2. Labor shortages affecting medical providers 

With fewer staff due to labor shortages, health insurance companies see healthcare providers struggling to process payments. According to the American College of Healthcare Executive, staff shortages ranked #1 among CEO’s top concerns in 2021². With an electronic payment method, the number of people who handle a payment is reduced from eight people to two people. In addition, this healthcare payment method helps decrease fraud risks by ensuring data privacy and complying with data protection requirements.

3. Greater importance on efficiency and payment experience 

For provider trends, InstaMed reports show 75 percent of providers primarily use paper and manual processes for collections. Offering a streamlined payment process, Medical Payment Exchange (MPX) allows insurance health plans or third-party administrators to pay healthcare providers. By delivering the EOP/EOB simultaneously with the payment, this digital solution helps to improve overall efficiency for both insurance payers and healthcare provider payees.

Electronic payments can help ensure a positive experience for both the payer and payee with increased payment visibility, time savings and heightened security for personal data. Plus, MPX is built on the foundation of the check payment rail, so it easily integrates within your existing payment processes without costly implementation or disruption.

^{1. InstaMed Provider Healthcare Payments Survey 2021
2. American College of Healthcare Executives, Top Issues Confronting Hospitals in 2021, February 2022}