Even the most tech-savvy customers are likely to get still an explanation of benefits (EOB) letter in between real invoices for medical services delivered. That will be with us for a while, but there is a device screen at the end of the tunnel.
Three years after telemedicine became widely used, consumers and providers are still strongly attached to the predominance of paper in healthcare billing and payments. Major actors are still attempting to change people’s perspectives on the healthcare payment process.
Jeff Lin, president of InstaMed, a J.P. Morgan firm, and worldwide co-head of healthcare payments at J.P. Morgan, told in an interview, “I think the final impression is the enduring impression.”
It is not surprising that 42% of customers will move to a different provider based on their payment experience when we have that gap and talk to them about it.
Healthcare billing and payments today, according to Lin, are “nuanced” since paying a paper invoice with a check is assured, but more and more people want better choices.
There is a well-known fast-food chain that has the motto, “Have it your way. Part of that is that healthcare has to have that same philosophy,” he added, implying that customers want these alternatives accessible as the industry slowly transitions to digital healthcare payments, whether they use them now or in a year.
