Three Healthcare Payment Myths

Three Healthcare Payment Myths

If there’s one thing we enjoy, it’s providing clarity and assistance to our customers and clients. Which is why we’ve decided to debunk some of the healthcare payment myths you’ve probably heard. According to InstaMed, here are three healthcare payment myths we just need to stop believing:

Myth #1: Older patients don’t want to pay online.
As smartphone ownership increases across all ages and things like checkbooks become a thing of the past, consumers are looking for more convenient payment options such as online payment portals and applications. Seventy eight percent of consumers over the age of 40 pay at least one bill online … why shouldn’t that be a medical bill?

Myth #2: We can’t discuss payment with the patient until after the services are rendered.
Patients are paying more out of pocket than in the past, and because of this, patients are taking an increased interest in the cost of their healthcare service/treatment. InstaMed’s analysis shows that 92 percent of consumers said ‘knowing payment responsibility prior to treatment is important.’ Don’t be wary of having those payments and coverage conversations sooner rather than later.

Myth #3: Patients aren’t ready for e-statements.
InstaMed also found that 60 percent of patients would prefer e-statements opposed to a physical bill in the mail, and one in four patients would even consider switching to a physician if they offered e-statements. Has your medical institution made the switch to e-statements yet?

Does your business offer online payment, e-statements and upfront payment information? What other healthcare payment myths would you add to the list?