Billions Wasted By Inefficient Billing

by Sarah Grotta 0

Here’s an interesting statistic from a study conducted by InstaMed Network data from more than 100,000 healthcare providers, 3,000 payers, and 1,000 consumers;

Almost a third of the estimated $5 trillion a year collected for healthcare payments is wasted through inefficient payment processing and associated costs.

Most of the inefficiencies are a result of a high level of payments that are still conducted by paper. Yes, paper. With the rise in consumer directed healthcare, the need for online and mobile based solutions would be a welcome addition to the healthcare payment issues. An innovated payments solutions provider would be hard pressed to find an un-met need as great as that of the U.S. healthcare market.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

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