In a typical year, patient payment trends change constantly — and 2020 has been anything but typical. 

In addition to the standard evolution of preferences, the flux surrounding COVID-19 has upended many healthcare operations. Still, there are some facts about patient payment priorities every provider should know. 

Here Are 7 Patient Payment Trends That Could Impact Your Practice

1. 80% of Patients Want to Pay Online.

You’ve heard it before and you’ll hear it again: Online payment options for healthcare practices are no longer a plus; They are the minimum practices have to offer to keep patients happy. 

As of late 2019, half of patients were frustrated with their physician’s hesitation to adopt digital processes — and that was long before coronavirus made contactless payment a matter of safety in addition to convenience. 

2. Up to 60% of Patients Consider Switching Providers Due to Digital Shortcomings.

More than 40% of patients say they’d consider switching to a provider who offers a better digital experience. That jumps to more than 60% in patients aged 18-24. 

One in 5 patients has already made the switch. 

3. 70% of Patients Are Confused by Medical Bills.

With more patients accessing and paying for their own care, simplicity is key. In many cases, clarity may be the deciding factor between which bills they pay and which they don’t. That means your invoicing system has to be clear and easy-to-understand. 

4. Most Providers Can’t Collect Bills of $1,000+ in 30 Days.

Two-thirds of healthcare providers say their biggest revenue problem is collecting patient payment. For 81%, bills that exceed a thousand dollars go uncollected 30 days after invoicing. 

One likely culprit: 77% of healthcare providers wait at least a month to request payment. The longer you wait, the harder payment is to secure. 

5. More than 75% of Healthcare Emails Are Never Opened.

Does that mean email doesn’t work? Absolutely not. Patients want it, and they’re using it more and more. 

What it does mean is that you need to be able to track how each patient is actually paying their bills in addition to how they’re asking to pay. If a patient requests E-Invoices but only pays when they receive a paper bill, you need to be able to update your system to give them both. For larger systems, that extra step can result in millions of dollars collected. 

6. 71% of Patients Want to Pay All Their Healthcare Bills In One Place.

Again, simplicity is the name of the game. Once a person decides to make their payments online, they don’t want to have to log in to 5 different portals to do it. Your practice needs one simple, transparent hub so patients can view, manage and pay bills the way they want. 

7. Providers That Use PayGround Increase Collections by 23% in 3 Months.

At PayGround, we help healthcare providers increase collections by 23% in the first 90 days, and we believe a lot of that comes down to options.

Opening up your patient payment plan to include the following is likely to boost your bottom line:

Onsite payments

• Contactlessly using a stored or new payment method, or
• Using a physical terminal.

Online payments

• After receiving a paper statement (QuickPay), or
• From an e-invoice delivered via email or text.

Web terminal payments collected over the phone

It really is that simple. 

Ready to Put Your Patient Payment Trends to Work?

We can help you identify which of these facts apply to your practice, and help you take the next steps. Contact us to get started.