The Truth About Healthcare Payments and Billing Trends
For the last couple of years, healthcare has jumped into the forefront of American minds. With changing policies, election years, and opposing viewpoints, healthcare has become one hot topic. With all of this interest in healthcare, the question to ask is how much did it impact the trends in medical billing payments? Truth be told, it didn’t impact it much. However, the trends going on right now are of interest to the average person and to healthcare providers.
Electronic Transactions Aren’t the Norm
Did you know that most transactions in the healthcare industry aren’t paperless? With most businesses offering paperless options nowadays, this might seem surprising. Yet, paper is still used predominately. Given the expense of paper, it’s important for healthcare trends to start to shy away from paper billing. Going paperless is simpler and more cost-effective, but still hasn’t quite caught on. Instead, the industry continues to shell out a large sum of money to purchase paper for medical billing.
The Threat to Healthcare Data
Recently, most consumers have moved towards electronic payment options. This is a lot more convenient for the patient. The problem with this is that there are some healthcare providers that don’t invest enough in cyber security. This means that a lot of healthcare data can end up under attack. Ransomware, for instance, can completely devastate an organization. In order to keep customer data safe while retaining convenience, security is a must when it comes to medical billing & coding.
Consumers Want Payment Option Variety
When taking a look at the healthcare industry, it’s common for people to assume that consumers look at healthcare differently from other industries. This isn’t the case, however. In fact, people look at medical billing in the same light as their other bills. Due to this, many of them would much rather pay their bill online through their bank. Additionally, they want to be able to use a variety of payment channels and methods to be able to pay their bills. Keep in mind that convenience is usually the key to success in the industry. No one wants to spend more time than they have to paying healthcare payments.
High Expectations From Consumers
Given the skyrocketing price of healthcare, patients are rightfully looking for more out of their healthcare plan. After all, they owe higher deductibles, have higher premiums and copayments to dish up out of pocket. The problem is that one of the trends is for the healthcare industry to ignore all of the demands of patients. When they do this, it can completely destroy an organization’s reputation and they wind up losing patients and revenue.
The point of studying the latest medical billing trends is to figure out how the industry can step up their game and become more efficient. Many of these trends point towards companies listening too little to their patients. Trends can help organizations within the industry hang onto the consumer. While trends have a tendency to grow and change, no matter how much spotlight the healthcare industry receives, its trends have remained relatively stagnant over the last several years.