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The healthcare industry might be likened to a battleship when it comes to payments innovation. It’s massive and slow to turn, but once turned, the waves made are enormous.
In the United States, for example, the Centers for Medicare & Medicaid Services estimated that the healthcare sector accounts for as much as 17% of GDP.
In Europe, The Commonwealth Fund found that healthcare spending as a percentage of GDP ranges from the high single-digit percentage points to the low teens.
Complexity is a hallmark in the industry, as payments wind their way between patients, insurers, providers and the government.
However, some commonalities exist within healthcare that would be seen in any other sector. Flexible spending and digital options are keys...
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