J.P. Morgan Payments published its fifteenth annual “Trends in Healthcare Payments” report, which highlights the evolving landscape of healthcare payments. While providers and executives are optimistic about the growth potential within the healthcare sector at the start of 2025, persistent challenges such as consumer dissatisfaction, economic hardship and cybersecurity continue to shape trends and innovation in healthcare payments.  Below are some of the key takeaways from our report.

The transition to electronic workflows offers substantial cost savings, consumer experience enhancements and time efficiencies, yet the continued reliance on paper processes impedes progress:

• Patient collections are the primary revenue concerns for providers, increasing 133% from 2011 to 2024.
• 71% of providers report that it takes over 30 days to collect payments after a patient encounter.
• 68% of payers still reimburse providers with paper checks, compared to 60% in 2023, underscoring strong reliance on legacy processes.
• 91% of providers issue refunds to patients for overpayment of medical bills, while more than half issue refunds via paper check.

Payment innovation, particularly around AI, is emerging as a key driver of industry transformation, with digital solutions gaining momentum among consumers, creating a need for more efficient and consumer-centric experiences:

• 72% of consumers under the age of 35 have switched providers, or are willing to do so, for a better healthcare payment experience.
• There has been a 243% increase in the use of eStatements as the primary method for patient collections from 2016 to 2024, demonstrating the growing momentum of digital solutions among consumers.
• 62% of consumers prefer to pay their medical bills online, indicating a strong consumer demand for digital payment solutions.
• Only 22% of consumers always know how much they owe for a provider visit beforehand, highlighting the need for improved transparency and information sharing.

The healthcare industry has experienced large-scale cyberattacks, leaving many organizations financially impacted. This underscores the urgent need for innovative solutions to protect sensitive data and maintain trust among consumers and providers.

• 92% of providers have identified cybersecurity as a high priority within their organizations, reflecting a growing awareness of the risks posed by cyber threats and the need for robust security measures.

“Embracing innovation in healthcare payments can significantly reduce friction, leading to substantial cost savings and improved consumer experiences,” said Jeff Lin, Global Head of Healthcare Payments at J.P. Morgan Payments. “Providers and payers must actively engage in driving adoption of innovative payment solutions within the healthcare industry as well as empower consumers to choose how they want to manage their payments, paving the way for better payment experiences for all.”

J.P. Morgan Payments delivers an end-to-end suite of payments solutions to healthcare organizations of all sizes, powering better healthcare payments experiences for consumers, providers and payers.

Learn more

• Jeff Lin recently shared insights on the benefits of embedded finance for healthcare payments with Digital Transactions. Read the full article here.
• For more insights and to access the full report, visit this link.
• Watch our webinar, “Trends in Healthcare Payments: Navigating Challenges and Adapting to the Future,” featuring insights from J.P. Morgan Payments experts discussing the pressing challenges and opportunities highlighted in this year’s report.

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