Treasury and Payments

Healthcare’s New Normal: Accelerating Adoption of Contactless and Digital Experiences

InstaMed CEO Bill Marvin and Karen Webster, CEO of PYMNTS.com discuss the impact of COVID-19 on healthcare and how the accelerated adoption of contactless experiences, including digital payments, will be the industry’s new normal. This podcast was originally published on PYMNTS.com.


View Transcript (updates content above)

Highlights

  • Healthcare has been impacted by COVID-19 unlike any other industry and has forced many providers and health plans to quickly prioritize an online payment strategy to ensure critical cash flow.
  • Healthcare’s rapid adoption and utilization of telehealth in response to COVID-19 shutdowns shows just how fast the industry can move to implement new technology – now digital tools are implemented in a matter of days, not weeks or months.
  • The new normal in healthcare will require organizations to build trust with consumers through contactless, digital and automatic experiences wherever possible, including from BYOD technology for appointment check-ins to digital wallets to manage patient balances and health plan premiums.
  • Millennials, as digital natives and the largest generation in the workforce, will continue to drive healthcare’s shift to contactless experiences long after COVID-19 and will stay loyal to providers and health plans that embrace digital channels.
  • After decades of a focus on electronic transactions between providers and payers, digitization of consumer transactions is the next frontier as consumer demand for contactless options, including eStatements, remains unmet.
  • The COVID-19 pandemic will drive a step-change in the adoption curve of digital experiences, as seen in the rapid growth in telehealth and will spread to administrative processes like healthcare payments, ultimately creating a better healthcare experience for all stakeholders through digitization. 
Bill Marvin Headshot

BILL MARVIN, PRESIDENT & CEO, INSTAMED
MANAGING DIRECTOR, J.P. MORGAN

Bill is a healthcare technology visionary, entrepreneur, thought leader and operator. Bill’s deep experience and expertise in the healthcare payments and revenue cycle industries date back to 1993. He possesses an unwavering passion for leveraging technology to transform the healthcare payments experience for providers, payers and consumers.

Since co-founding InstaMed in 2004, Bill has led and scaled the company to power hundreds of billions of dollars in healthcare payments for providers and payers of all sizes nationwide. InstaMed’s customers include 9 of the top 10 children’s hospitals, 4 of the top 5 national payers and many of the most prestigious academic health systems and Blues plans.

This material was prepared exclusively for the benefit and internal use of the JPMC client or prospect to whom it is directly addressed (including such entity’s subsidiaries, the “Company”) in order to assist the Company in evaluating a possible transaction(s) and does not carry any right of disclosure to any other party. In preparing these materials, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Company or which was otherwise reviewed by us. This material is for discussion purposes only and is incomplete without reference to the other briefings provided by JPMC. Neither this material nor any of its contents may be disclosed or used for any other purpose without the prior written consent of JPMC.

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