Key takeaways
- The healthcare industry is finally showing signs of recovery after years of struggling in the pandemic. Will strong headwinds derail any upward momentum for healthcare organizations?
- Consumer costs are growing, but adoption of digital and self-service payments remain slow in healthcare. How much longer can consumers wait for the tools to better manage their healthcare payments?
- Emerging trends are challenging healthcare’s status quo. Healthcare must navigate adoption of alternative payment models, breakthroughs in obesity drugs and artificial intelligence – all while new entrants from retail and tech race to disrupt the industry.
The “Trends in Healthcare Payments” annual report delivers in-depth insight on the challenges facing the industry. Now in its fourteenth year, the report reveals signs of financial recovery for healthcare, while navigating various emerging trends and a deep disconnect with consumers.
The state of healthcare and payments
After years struggling amid the COVID-19 pandemic, financial recovery may be on the horizon for the healthcare industry. However, the upward trends are not without challenges. Cyberattacks, staffing shortages and increasing costs are just some of the trends facing the industry.
48%
of providers were challenged by staffing shortages and increasing labor costs
37%
of payers were challenged by high dollar claims
Healthcare’s disconnect with consumers
The trends reveal a deep disconnect between the healthcare industry and consumers. Even as consumer costs in healthcare grow higher, the industry has not fully embraced the online, self-service tools consumers want for their healthcare payments. When consumers have easy ways to pay, the trends show high adoption rates.
50%
of providers were challenged by large patient balances
71%
of providers collect from patients with paper and manual processes most often
75%
of consumers want to pay medical bills online
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The race to disrupt
Healthcare’s status quo is facing challenges from all directions. This year alone, healthcare stakeholders had to navigate breakthroughs in artificial intelligence and increasing use of obesity drugs. However, will any of these emerging trends solve healthcare’s fundamental challenges?
59%
of consumers are comfortable with artificial intelligence in their healthcare experiences
73%
of consumers preferred the convenience that retail stores offer over traditional healthcare services
Each year the “Trends in Healthcare Payments” annual report is published by J.P. Morgan Healthcare Payments to objectively educate the market and promote awareness, change and greater efficiency. Now in its fourteenth year, the mission of the report has not changed.
The report uses quantitative data derived from the InstaMed Network and qualitative, independently gathered data from the InstaMed Healthcare Payments Surveys of consumers, providers and payers nationwide. Third-party sources are also used to analyze the market from the perspective of all stakeholders.
