THE HEALTHCARE PAYMENTS REPORT: The strategies payments leaders are using to take advantage of the $3.7 trillion opportunity in US healthcare
- This is a preview of THE HEALTHCARE PAYMENTS REPORT from Business Insider Intelligence.
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The US healthcare payments market is enormous: Healthcare expenditure hit $3.65 trillion in 2018, per projections from CMS, and this spending is only expected to accelerate.
The companies mentioned in this report are: InstaMed, JPMorgan, Liquid Payments, Patientco, WaystarHere are some of the key takeaways from the report:
- The US healthcare payments market is massive: Total US healthcare expenditure hit $3.65 trillion in 2018, per projections from The Office of the Actuary in the Centers for Medicare & Medicaid Services. For reference, consumers spent slightly less on retail purchases - $3.63 trillion - in 2018, per Internet Retailer.
- But healthcare payments innovation has failed to keep up with consumer demands due to providers' reliance on legacy processes, and this may be hurting providers' bottom lines.
- Healthcare payments are complicated by the different stakeholders - providers, payers, and patients - that have a role in each transaction. These stakeholders' needs are shifting as the market changes: Consumers are taking a more active role in paying for their healthcare while states are pivoting toward a model that compensates providers based on the quality of their services rendered rather than the quantity.
- Some payments firms are successfully adapting to the shifting market by creating digital solutions that balance the evolving needs of the entire healthcare payment value chain.
- Outlines the structure of the current healthcare payments market.
- Analyzes the forces and stakeholders driving change in the market.
- Highlights companies that are implementing innovative solutions in the healthcare payments space, and offers key takeaways that other players can apply to their own approaches.
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