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NEW DATA: Three Payment Innovations That Keep Doctors’ Cash Flows Healthy

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The pandemic had a devasting impact on many private and group medical practices as consumers stayed home for their safety, avoiding nonessential procedures and even delaying some critical care. Medical professionals responded with a rapid launch of telehealth services and a new outlook on payments innovation. As consumers moved their day-to-day shopping online, healthcare services struggled to adjust to their consumers’ primarily digital payments needs.

Healthcare Payments Innovation Playbook: Modernizing The Payments Experience , a PYMNTS collaboration with Rectangle Health , surveyed 2,091 patients of private and group medical practices to reveal how consumers navigated the changing healthcare landscape and their attitude toward their customer experience. We discovered that consumers want their healthcare payment experiences to resemble their digital retail experiences, for example, and many want user-friendly digital payment options that are easy to understand and access.

Approximately 22 percent of private practice patients and 13 percent of group practice patients had difficulty paying for their medical care last year. While the economy took a devastating hit and 63 percent of all patients expressed interest in payment plans to make their out-of-pocket healthcare bills more affordable, most (83 percent of group practice patients and 60 percent of private practice patients) […]

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