54% of providers changed contactless payment strategy amid the pandemic

The pandemic forced healthcare providers to modernize their revenue cycle practices and offer more digital options, and patients want that trend to remain, according to survey results released March 23 by InstaMed, J.P. Morgan's healthcare billing and payment company.

The Trends in Healthcare Payments Eleventh Annual Report surveyed consumers, providers and payers to highlight healthcare billing and payment trends from 2020. 

Below are six notable findings:

  1. Fifty-four percent of providers changed their contactless payment strategy because of the pandemic.

  2. Thirty-nine percent of providers said their primary revenue cycle concern was pandemic-related.

  3. Eighty-four percent of providers prefer electronic funds transfers from payers. However, 62 percent of payers still pay providers via paper and fee-based options.

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

  5. Fifty-six percent of consumers would consider switching healthcare providers for a better payment experience.

  6. Seventy-eight percent of consumers want the pandemic's prevalent contactless payment options to remain in place.

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