B2B Payments in Healthcare: Payments Harmonization Index
The study assesses commercial payers’ actions in establishing a next-gen or 3.0 payments harmonization. The survey is designed to establish the current state of payments harmonization and payment options available to providers, and is relevant for B2B payments executives at health plans and TPAs that make disbursement to providers, banks, benefit administration companies, claims clearinghouse businesses, merchant-acquiring businesses, patient accounting or practice management software vendors, payments networks, remittance solution providers, and third-party payment platforms that operate in digital payments.
Some of the key insights you’ll find in the report:
- Business-to-business (B2B) disbursement methods have come a long way since ACH/EFT, and not a moment too soon. Healthcare payers and third-party administrators (TPAs) are seeking to go beyond those tried-and-true methods and finding alternative ways to optimize financial performance and increase workflow automation.
- Forty-five percent of respondents indicate increasing the efficiency of workflows through electronic receipt of remittance data is very important, followed by giving providers the ability to settle funds through receipt of electronic reimbursement and automating workflows via receipt of electronic remittance and payment data.
- Forty-three percent of payments executives remained inactive or reactive in converting providers into receiving electronic forms and ACH/EFT. This inaction does not align with the level of priority that payers place on the topic.
This study was based on a quantitative survey conducted in Q1 2022, in which 214 healthcare payer executives participated. Seventy-five percent of participants worked at health plans, and the balance worked at TPAs. The survey questions identified the priorities of healthcare B2B executives regarding payments modernization and explored the actions they put in place to meet those priorities.
The findings presented in this paper are drawn from the responses of 60 B2B payments executives across the U.S. and supplemented with additional context and analysis from Aite-Novarica Group research. The data presented have a 10-point margin of error at the 90% level of confidence.