Online Healthcare Payment Trend Predictions for 2021
Online Healthcare Payment Trend Predictions for 2021
From telemedicine to artificial intelligence, healthcare technology trends rapidly shifted toward all things digital in 2020. But now that the year of massive societal change is behind us, where does healthcare payment technology stand? And where is it heading? Let’s dive into our top seven predictions for online payments in 2021.
1. Demand for Digital Healthcare Payment Solutions Will Rise.
The demand for digital solutions isn’t new, but it’s sure to continue in 2021. Both providers and patients will seek simpler ways to manage healthcare bills, moving further away from paper statements and mailed-in checks.
For providers, many healthcare tasks are already automated, but culture has been a major hurdle in further digital transformation. But now, since the COVID-19 pandemic spurred online healthcare technology trends like telehealth, virtual care is already a key part of the industry.
Providers will demand digital healthcare payment solutions as a way to ease the medical billing process and achieve faster payment processing.
For patients, digital payments are already a familiar part of their lives. Even as far back as 2013, the majority of millennials never wrote checks, and most consumers preferred debit card, credit card, and ACH payments.
Across industries, patients are already switching to digital payments — if they haven’t already — and they’re waiting for healthcare providers to catch up.
2. Contactless Payments Will Be the New Normal.
Contactless payments grew twice as fast as traditional payment methods in early 2020. This year, contactless isn’t going away — it will be the norm.
Though hygienic concerns for cash, check, and plastic payments may decline by the end of the year, the experience of going contactless proved the power of convenience. Patients will expect healthcare payment solutions that allow them to simply tap their card, jump online, or pull out their phones.
In this sense, healthcare payment technology is shifting toward ecommerce-style solutions. Just as retailers seek ways to reduce consumers’ time spent at checkout, top healthcare providers need to go contactless to improve the patient experience.
3. Automated and One-Click Payments Will Increase.
Modern healthcare payment technology won’t just decrease the time needed to pay. It may eliminate much of the payment process altogether.
Medical practices are quickly adopting healthcare payment solutions like PayGround, which offers both automatic payments and one-click payments.
When patients have recurring medical bills, PayGround allows them to make the payment process completely hands-free by approving automated charges. And for any other payments, patients can keep a card on file securely for quick, one-tap payments from any device.
Automated and one-click payments may benefit providers, too, as fewer patients put off or forget about paying their bills. Payments will no longer be a hassle that requires them to fill out a check, get a stamp, or go to the post office.
4. Paper Statements Will Lose the Spotlight.
According to InstaMed’s 2019 annual report, only 23% of providers currently offer their patients e-statements. In 2021, we predict this fraction will rapidly rise. With new payment technology for patients will come new invoicing technology for your practice that will improve the healthcare experience for both sides.
Electronic invoicing will mean faster — almost instant — invoice generation for providers and fewer bills getting lost in the shuffle for patients. Plus, with paper invoices costing up to $30 to process, compared to only $3.50 for e-invoices, it’s safe to say significant savings for practices are up ahead.
Though we don’t expect paper statements to 100% fade away this year, healthcare technology trends in recent years show that the digitization of just about everything is coming.
5. More Healthcare Providers Will Adopt Cloud-Based Payment Platforms.
With on-demand healthcare becoming more and more common, it’s clear that the industry is moving toward a more consumer-centered model. One of the next things patients will want is greater transparency in the payment experience.
After all, in 2019, over 90% of patients reported being surprised by a medical bill.
Cloud-based platforms like PayGround make it easier for providers to offer this much-needed transparency. PayGround allows patients to review all their invoices — even from multiple providers — on a single dashboard before they make a payment. And after they pay, they can review their receipts, too.
Another reason healthcare providers will adopt cloud-based payment portals is because they’re accessible from any device. Patients will be able to pay and get the information they need, even if they’re on the go.
6. Enhanced Data Security Will Drive Online Payment Growth.
As online bill pay rises, data security concerns will, too. The majority of mobile users in every generation is somewhat or very concerned about data privacy. Plus, healthcare providers have for years been wary of data breaches, which can expose both financial data and medical histories.
Increasing adoption of online healthcare payment technology will depend on advancements in data encryption, anti-fraud tools, and other security measures. Both patients and providers will also be adamant about using PCI-compliant payment tools like PayGround.
This healthcare technology trend will move the industry toward the safer use of digital tools. Patients and providers will no longer have to worry about the risk of using compliant online tools.
The demand for secure tools will also encourage payment service providers like us to continue enhancing our cybersecurity measures and recommit to data protection.
7. Modern Healthcare Payment Technology Will Increase Revenue.
A big perk of modern healthcare payment solutions will likely be increased revenue for providers. A report from McKinsey estimates that more innovative payment methods could add up to $60 billion in value. Not only could new payment technology make medical bills more convenient to pay, but it could make managing debt easier, too.
The McKinsey report also found that administrative spend could be substantially reduced. The medical billing and collections process would be far more efficient, which in turn could boost return on investment dramatically.
Similarly, PayGround customers have reported faster payment collection. And as patients get a better payment experience, their relationship with you may grow. This could mean greater loyalty and more return visits.
We predict that healthcare payment technology will help practices sustain and grow their businesses by reducing both outstanding invoices, patient turnover, and operational costs in 2021.