Convenient and Effective Paperless Healthcare Statements
Traditionally, most individuals have received their health insurance statements in the form of paper copies, but more and more providers are giving their users the option to move to electronic statements instead. This provides users with immediate access to their claims information, and it also allows them to view previous archived statements. Rather than keeping their eyes on the mailbox for weeks at a time, people can now simply log in to their online account or mobile app in order to review their account. And for those individuals who are worried that they might forget to make a payment, they can opt to receive reminder emails each month or even set up direct payments in some cases.
Electronic systems allow users to review their statements when and where they like, which means more convenience and zero postage. It also means far less clutter and a much more efficient and expedient payment process — not to mention eliminating the possibility that you might lose a paper statement in the mail or the junk drawer and miss a payment. Beyond access to claim statements, most of these electronic systems include detailed healthcare information, including:
- Deductible Balances
- Cost and Quality Tools
- Member Discounts
- Explanations of Benefits
- Electronic Funds Transfers
Not only do these electronic statement systems provide far more convenient access and efficiency, they are also environmentally friendly. It's estimated that if just 20% of households switched to electronic statements, we could conserve:
- 150 million pounds of paper
- 500 million pounds of wood
- 1.6 billion gallons of water
- 15 million gallons of gas
On an individual level, this would preserve 6 pounds of paper, 23 pounds of wood, and 29 pounds of greenhouse gases per person.
Electronic Statements and Your Business
Moving to paperless will allow your business to save on printing, mailing, and man hour costs, which can then be put to better use elsewhere. Additionally, electronic statements will save your employees time, which is a vital commodity both professionally and personally. And according to Forbes, electronic payments are made 8 days faster on average than traditional payment methods, which helps employees establish their personal budgets to better manage their finances.
Not only does it make sense from a business perspective, but it turns out that this switch is likely what your employees actually want. According to a recent survey, 36% of individuals who receive paper statements would switch to electronic if they were given the choice. Those surveyed stated that the most appealing aspects of digital statements include security, accessibility, flexible payment methods, and direct payment. Some of those surveyed expressed concerns over the safety of their statements, but electronic statements couldn't be more secure. By their very nature, they cannot be stolen from a mailbox or delivered to the wrong house, and the only way they can be accessed is through an individual's personal login information.
Encourage your employees to make the switch to electronic statements. It's good for the environment, adds convenience and efficiency, increases security, and also allows users to manage their finances more effectively.