Despite the rapid advances in digital payments, healthcare trading remains frustratingly slow and outdated. Patients who are used to seamless digital transactions elsewhere still deal with long refund latency and tedious billing processes. culprit? Many healthcare providers still rely on legacy payment methods, including paper checks, manual billing processing, and outdated systems that create inefficiencies at every step.
Relying on traditional payment rails is not only inconvenient, but also expensive. Research shows that 48% of healthcare providers still process claims manually, a factor that contributes to increased payment errors and delays. Claim inaccuracy increased from 43% in 2022 to 55% in 2024, driving a surge in rejected claims and refund requests. Meanwhile, the growing complexity of healthcare claims puts more pressure on outdated systems.
At the same time, patient expectations are evolving. Only 39% of patients preferred instant healthcare payments in 2023, but that number surged to 77% in 2024. Consumers now expect the efficiency of healthcare payments they experience when shopping online and sending money digitally. Providers who are unable to modernize lower patient satisfaction, delayed revenue cycles, and operational inefficiencies.
Good news? Change is happening. 66% of small and medium-sized businesses (SMBs) in the healthcare provider sector have used real-time payments over the past year, with third-party platforms accelerating the transition to digital payments. These innovations don't just streamline your workflow. It improves cash flow, reduces management burden and increases patient trust.
In an age of rising healthcare costs and increasingly complex billing models, modernizing the payment process is not just an efficient upgrade, but a strategic need.
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“Healthcare Payment “Instant Treatment for Problems”
Money MobilityTracker®, a collaboration with INGO payments, brings inefficiency to Healthcare's reliance on outdated payment methods, and digital and instant payment innovations streamline financial operations and promote security. , explore ways to reduce costs, promote patient trust, and promote patient trust. satisfaction.
