Billing Processes Need Overhaul as Patient Payments Increase

Although patient financial responsibility and the cost of maintaining insurance is rising, basic forms of communication about payment responsibility have largely remained the same, according to Trends in Healthcare Payments Eight Annual Report: 2017 by InstaMed. Traditional paper statements and explanation of benefits (EOBs) documents may be making it more challenging for patients to pay their bills because they don’t understand them. Seventy-two percent of consumers responding to an InstaMed survey said they are confused by their explanation of benefits and 70 percent are confused by medical bills.

Common terms in healthcare payments remain a mystery for consumers as only nine percent could successfully define a plan premium, deductible, co-insurance and out-of-pocket maximum, according to the report.

Consumers Express Confusion About Medical Billing