The U.S. healthcare industry’s billing and payment system is a horse-and-buggy in a world contemplating driverless cars. Consumers, shouldering higher costs, are frustrated by the system, which still largely relies on paper and telephone calls for billing and payment.
The $2.9 trillion sector needs to transform the way it does business, creating a more transparent, seamless, convenient way to bill and collect money from its customers, according to “Money matters: Billing and payment for a New Health Economy,” a new report from PwC’s Health Research Institute (HRI), which identifies consumer pain points and desires, and offers a roadmap for a modern billing and payment system.
“Businesses that make this shift – offering convenient, seamless, quality, reliable and transparent billing and payment – will be rewarded in the New Health Economy,” said Kelly Barnes, PwC’s U.S. health industries leader. “They will retain more customers and attract new ones.”
