The case for omnichannel billing: Fiserv
While other industries enable customers to receive and pay bills online, in person or by mobile app, the healthcare industry has lagged behind – too often relying on a number of limited payment channels that are not only slow, but expensive and heavily paper intensive for healthcare payers and insurance providers.
Significant changes within the industry are creating a number of billing and payment challenges for payers and insurance providers. More consumers have access to healthcare and will be paying more out-of-pocket expenses. Insurance providers will be challenged to process consumer payments more efficiently and cost effectively to keep up with growing payment volumes. While they should consider digital channels for bill payment to speed up transaction time and lower costs, they must also be mindful of the members who do not have bank relationships or do not use traditional payment methods.
While telcos lead other industries in e-bill adoption among consumers, the healthcare industry lags behind due to the complex nature of its bills. How can healthcare payers and insurance providers offer integrated billing and payment touch points to consumers of the same value as other service providers?
The first step is to understand consumer habits when it comes to making bill payments. Today’s consumers are bill pay omnivores, meaning that they use an average of three different bill payment methods per month and 70 percent use three or more methods to pay bills monthly.