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As one health care observer recently pointed out, COVID-19 offered a long overdue jolt to health care payments. The public health emergency, which impacted so many, underscored what is now perceived as out-of-date processes depending on manual, paper-based recordkeeping as much as the pandemic underscored confusion about health care costs.





The pandemic also ushered in a priority about contactless payment options in a new type of digitally-emphasized world. Even when practices were closed or scheduled appointments were the only option, the crisis set in more rapid motion a new direction in the payments world for providers, payers and consumers.

A 2020 report by InstaMed includes quantitative data from $393 billion in health care payments processed on its platform, as well as survey data from consumers, providers and payers.

The pandemic accelerated many consumer-focused digital trends in health care, such as telehealth and contactless payment options. It’s not just younger, tech-savvy patients using these options. Millions of Medicare beneficiaries made contactless payments in 2020, according to the report.

What it said about patient attitudes has held true through the present timing in early 2022, even though offices reopened over the second year of the pandemic and into this year. The survey noted:

• 82 percent of patients said they want to make all of their health care payments in one place.

• 85 percent of patients said they prefer an electronic payment method for medical bills and premiums.

• 66 percent acknowledged that they still receive medical bills in the mail.





The InstaMed report noted that many health organizations and providers don’t always acknowledge the link between the payments experience and overall patient satisfaction.

InstaMed said that patients take ease of payment seriously—more than many providers realize. Forty-two percent of providers think collection efforts don’t impact the patient experience. Yet 56 percent of consumers would consider switching providers for a better health care payments experience. Patients have seen digital growth in other industries, so they notice when health care providers’ systems are lacking.

For companies like CareCredit, a division of Synchrony Financial, the pandemic’s escalation of the major consumer shift to digital technology—including e-commerce, social media and mobile computing—has been fast reshaping the needs and expectations of patients, especially when it comes to payment options.

Consumers and patients within today’s digital environment are starting to apply their on-demand, mobile expectations to the health care experience. Immediate access to information, streamlined communications and convenient payment solutions are quickly becoming essential.

However, some 88 percent of providers still rely on manual transactions to collect fees, according to the InstaMed report. These labor-intensive legacy approaches can decrease cash flow and result in bad debt, CareCredit pointed out. While 92 percent of patients say they are satisfied with the clinical relationship, 66 percent of patents say they would still consider switching providers for a better health care payment experience.

CareCredit has been implementing new features for its health care credit card and the company offers a range of tools for providers to utilize to bring more digital and mobile options to patients. The new tools use an all-in-one mobile solution that allows patients to privately learn about promotional financing options, estimate their mobile payments up front, apply for credit and receive an instant credit decision and, if approved, pay with their new account right away, all from their own smartphone.

Looking ahead for 2022, Randy Baldwin, CareCredit’s vice president, marketing for elective specialties, observed, “CareCredit can help patients move forward immediately with so many different vision care needs—from quality eyewear to clinical treatments for dry eye, myopia management and vision therapy to elective therapies such as CRT/Ortho-K. Six-to-24- promotional financing options with the CareCredit credit card can help increase patient satisfaction and also boost practice revenue. It’s a win-win for providers and patient alike.”