The healthcare payments market is growing, according to a report from Business Insider Intelligence.
Three trends:
1. Total expenditure in the U.S. payment market was $3.65 trillion in 2018, with that number expected to grow. By 2024, the U.S. national health spending is expected to reach $5.05 trillion.
2. While the payments market is growing, innovative technology hasn't kept pace. Many healthcare providers still use manual processes and paper in their collections processes.
3. According to a report cited by Business Insider, patients said they want new technologies such as online portals, online bill pay and online appointment registration, but when offered these services, 30 percent of patients don't use them.