Even the most technologically savvy consumers are likely to get an explanation of benefits (EOB) letter in addition to actual bills for medical services rendered. It will stay with us for some time, yet there is light at the end of the tunnel.
Three years after the widespread adoption of telemedicine, consumers and providers remain strongly committed to the use of paper in healthcare billing and payments. Key players are still working to shift public perception of the healthcare payment process.
In an interview, Jeff Lin, president of InstaMed, a J.P. Morgan company, and global co-head of healthcare payments at J.P. Morgan, stated, “I think the last impression is the enduring impression.”
It is not surprising that 42% of customers will move to a different provider based on their payment experience when we have that gap and talk to them about it.
Healthcare billing and payments today, according to Lin, are “nuanced” since paying a paper invoice with a check is assured, but more and more people want better choices.
There is a well-known fast-food chain that has the motto, “Have it your way. Part of that is that healthcare has to have that same philosophy,” he added, implying that customers want these alternatives accessible as the industry slowly transitions to digital healthcare payments, whether they use them now or in a year.
