Spotlight

Modernizing Medical Payments

Why Providers Must Enrich the Patient Financial Experience

Report by Rajiv Leventhal  | May 20, 2022
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Table of Contents
Executive Summary
Key Points
The US’s Escalating Medical Debt Burden
Payments to Providers: A Burning Platform for Innovation
Turn Debt Into Revenues with Transparency and Automation
Practical Actions for Providers
Insider Intelligence Interviews
Read Next
Sources
Media Gallery
About This Report
The pandemic, along with shifts in consumer health behavior, have heightened the need for medical payments innovation. With unpaid US medical debt approaching $200 billion, healthcare providers must take a patient-centered approach to enhancing their payment infrastructures.
Topics
Digital Health
Payments
US
Table of Contents
Executive Summary
Key Points
The US’s Escalating Medical Debt Burden
Payments to Providers: A Burning Platform for Innovation
Turn Debt Into Revenues with Transparency and Automation
Practical Actions for Providers
Insider Intelligence Interviews
Read Next
Sources
Media Gallery

Executive Summary

The pandemic, along with shifts in consumer health behavior, have heightened the need for medical payments innovation. With unpaid US medical debt approaching $200 billion and financial responsibility progressively shifting to individuals, healthcare providers must take a patient-centered approach to enhancing their payment infrastructures. Financial stability and consumer allegiance are on the line.

Key Question: How can healthcare providers modernize their payment infrastructures to increase revenues and meet new consumer demands?

Type of Financial Experience that Would Keep US Healthcare Consumers from Returning to Their Medical Providers, Summer 2021 (% of respondents)
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KEY STAT: Providers that lack billing transparency and coordination, as well as flexible payment options, are at risk of losing their patients.

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    Table of Contents

    1. Executive Summary
    2. Key Points
    3. The US’s Escalating Medical Debt Burden
    4. Payments to Providers: A Burning Platform for Innovation
    1. Turn Debt Into Revenues with Transparency and Automation
    2. Practical Actions for Providers
    3. Insider Intelligence Interviews
    4. Read Next
    1. Sources
    2. Media Gallery

    Charts in This Report

    Type of Financial Experience that Would Keep US Healthcare Consumers from Returning to Their Medical Providers, Summer 2021 (% of respondents)US Adults Who Have Any Medical Debt, Feb 2021 (% of respondents)
    Leading Frustrations of Healthcare Bills According to US Adults, Aug 2021 (% of respondents)Most Desired Methods for Paying Medical Bills According to US Patients*, by Age, Feb 2021 (% of respondents in each group)
    What Type of Digital Experience Would Influence Whether US Healthcare Consumers Choose to Return to Their Healthcare Provider? (% of respondents, Summer 2021)

    Interviewed for This Report

    Matthew Hawkins
    Waystar
    CEO
    Interviewed April 20, 2022
    Arel Lidow
    Cedar
    Co-Founder and Co-Chief Maker
    Interviewed April 20, 2022
    Deirdre Ruttle
    InstaMed and JPMorgan
    CMO and Head of Healthcare Payments Marketing
    Interviewed April 28, 2022
    Lankford Wade
    Summit Health
    CFO
    Interviewed April 27, 2022

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    authors

    Rajiv Leventhal

    Contributors

    Jeane Han
    Senior Researcher
    Lisa Phillips
    Principal Analyst, Digital Health