12 findings from InstaMed's 2021 Trends in Healthcare Payments report 

InstaMed released its "2021 Trends in Healthcare Payments" report March 24. 

The company said the report is distributed with the hope of being a catalyst for improvement in the healthcare payment industry. 

The report is based on data derived from $460 billion in healthcare payments processed by InstaMed as well as independently gathered survey data from consumers, providers and payers nationwide.

Twelve findings from the report:

1. Eighty-seven percent of consumers said they were surprised by a medical bill in 2021. 

2. Seventy-three percent of consumers reported that they found out about the cost of care after receiving it. 

3. Twenty-three percent of consumers do not know how to look at their health plan to understand out-of-pocket costs. 

4. Twenty-one percent of providers prioritize price transparency.

5. Eighty-three percent of hospitals were noncompliant with at least one of the major requirements of CMS' price transparency rule. 

6. Forty-eight percent of households had healthcare expenses in the past year, with 17 percent facing more than $1,500 in costs. 

7. Eighty-seven percent of payers said members are likely to recommend their health plans. 

8. Eighty-six percent of payers are prioritizing member engagement in 2022.

9. Sixty-five percent of consumers gave positive scores to payer websites and mobile apps.

10. Eighty-seven percent of consumers want to make all their healthcare payments in one place. 

11. Forty-nine percent of payers said a lack of clear vision challenged their digital transformation agenda.

12. Eighty-seven percent of providers prefer electronic funds transfer without fees from payers.  

Read the full report here.

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