U.S. Medical Claims Payments: A Second Wave of Digital Payments

Payers seek to convert more checks to digital payments but must alter their tactics to realize a second wave of digital payments.

Boston, September 24, 2020 – Healthcare electronic funds transfers and virtual card payments have been cornerstones of payers’ digital claim payments strategies for the past eight years. But as the market fast-forwards, two factors point to a second wave of digital payments. First, payers remain short of their digital goals or, worse, are experiencing diminishing returns in pursuit of their targets. Second, the ongoing COVID-19 pandemic offers a rare window of opportunity to break the current digital stalemate.

This report outlines leading payments trends for business-to-businesses healthcare payers with an emphasis on advancing digital strategies. It provides an overview of payments priorities and insights into check-related cost metrics, and highlights the forms of digital payments that payers are looking toward. Sponsored by Deluxe, it is based on an Aite Group executive survey of 20 finance, accounting, cash management, and product executives in Q2 and Q3 2020.

This 25-page Impact Report contains 17 figures and two tables. Clients of Aite Group’s Health Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.

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