PYMNTS.com February 11, 2025
Despite rapid advancements in digital payments, healthcare transactions remain frustratingly slow and outdated. Patients accustomed to seamless digital transactions elsewhere are still dealing with lengthy reimbursement wait times and cumbersome billing processes. The culprit? Many healthcare providers still rely on legacy payment methods — paper checks, manual claims processing and outdated systems that create inefficiencies at every step.
This reliance on traditional payment rails isn’t just inconvenient — it’s costly. Research shows that 48% of healthcare providers still process claims manually, a factor contributing to rising payment errors and delays. Claims inaccuracies increased from 43% in 2022 to 55% in 2024, fueling a surge in denied claims and refund requests. Meanwhile, the rising complexity of healthcare billing is putting even...
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