Healthcare is a massive market in the United States – the insurance industry alone is valued in the trillions of dollars. And yet, as Collective Health Co-founder and Chief Health Officer Rajaie Batniji recently told PYMNTS, the industry needs some curative care itself, as navigating payments is expensive and confusing for both patients who receive care and the companies that disburse the payments. The good news? The technology, even in the palms of patients’ hands, is getting better – and consumers are becoming self-advocates with an increasing preference for self-service across their lives. Maybe with the right payment medicine, healthcare can get healthier for everyone after all.
$3.5 trillion: Estimated value of the U.S. health insurance market.
9.55 billion: Apple Services business revenue in Q3.
85 percent: Share of private sector healthcare benefits paid by U.S. employers.
80 percent: Share of consumers who report a favorable outlook on self-service payments.
53.7 percent: Share of consumers who express a preference for direct deposits.