Boston, February 26, 2014 – U.S. hospitals have long viewed patient overpayments as a cost of doing business, but mandated work-flow changes and increased financial pressure now make that cost difficult to ignore. Treasury banking, merchant acquiring, and third-party payment processors that can triage the wound of patient overpayments through automation, alleviating causes and costs, look to benefit from a growing US$1.8 billion gross dollar volume payment opportunity.
This report examines root causes of patient overpayments, sizes the total cost and transaction volume of overpayments, examines payment processing outsourcing, and delves into the size of one overpayment outcome: patient refund payments. It is based on Q4 2013 Aite Group surveys with 26 directors, managers, analysts, and supervisors at U.S. hospitals.
This 24-page Impact Report contains 20 figures. Clients of Aite Group's Health Insurance service can download this report.