Black Book survey results show that 82 percent of medical providers and 92 percent of hospitals have planned to abandon traditional manual efforts to back-end process and reconciling bills by the fourth quarter of 2018, according to Inside Arm.
Black Book collected data from 2,698 healthcare providers and a focus group of 850 healthcare consumers insured under high-deductible health plans between April 1 and September 30, 2017. Designed to identify trends in consumer satisfaction and patient experiences, the research study was aimed at determining how a patient's responsibility for medical costs affects uncollected provider revenue.
Here are three takeaways:
1. While only 20 percent of healthcare financial administrators were ready for payments to be made primarily on mobile devices, 89 percent of financial administrators expected a shift toward electronic payments beyond checks, cash or credit and debit cards by the fourth quarter of 2018.
2. With improvements to patient satisfaction, 71 percent of surveyed patients said mobile pay and billing alerts have improved their billing experience and satisfaction with healthcare providers.
3. Eighty-three percent of physician practices with fewer than five practitioners said slow payment of patients on high-deductible plans was their top collection challenge.
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