Healthcare providers were facing problems with slow, disorganized disbursements before COVID-19 shook the industry to its core.
There was already disparity in how patients were receiving funds from providers and the methods they wanted to use, with one pre-outbreak Ingo Money study noting that less than 10 percent of U.S. consumers chose checks for their disbursements but that more than 40 percent were being paid that way.
Digital methods for health insurance payments are on the rise, though, with claims processed via ACH payments now accounting for approximately 80 percent of all healthcare transactions.
The remaining 20 percent are paid through paper checks — regardless of whether patients have chosen the method — which can take weeks to arrive before funds can be accessed.
The pandemic has not made those wait times for checks more palatable for the insurers and payment firms forced to process them, either.
Checks cost healthcare providers between $3 and $20 to process, compared to the roughly 50 cents it takes to send ACH payments, and the added expenses could easily strain these services amid higher-than-average patient volumes.
This has created a surge of interest in and adoption of digital medical services that remotely connect patients with doctors […]
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