Category:
Technology

By the Numbers: The Latest in Mobile Payments Data

By the Numbers: The Latest in Mobile Payments Data

11/20/2017

 

By most accounts, consumer adoption of the mobile payments trend has increased steadily, as consumers grow to understand its value and their concerns about security are assuaged. While some analysts say that B2B and retail can be expected to embrace mobile payments in the greatest numbers in the years to come, companies across industries, including healthcare, have used 2017 to explore emerging mobile payments opportunities, capabilities and challenges.

 

Some recent stats on mobile payments:

 

  • 83 percent: Percentage of U.S. consumers who owned a smartphone in June 2017 as compared to 79 percent in October 2016 (JPMorgan)

 

  • 360.4 million: Number of mobile payments users in 2017; this is expected to nearly double by 2021 to 663.8 million users (Statista)

 

  • $622.75: How much the average mobile payments user will have spent on mobile payments in 2017; this is expected to grow to $1,303.85 by 2021 (Statista)

 

  • 41 percent: Percentage of consumers who are likely to try digital wallets in the next year (JPMorgan)

 

  • 64 percent: Percentage of consumers who plan to use a mobile wallet in 2020 (Accenture)

 

  • 61 percent: Percentage of consumers who welcome open access to their finances so they can see checking account or credit card balances when paying with any mobile app (Accenture)

 

  • 25 percent: Percentage of U.S. retailers that currently have terminals that accept mobile payments. Apple Pay and PayPal are retailers’ two most widely accepted digital payment methods, though Android Pay is gaining in popularity with retailers and can be expected to overtake Masterpass by Mastercard within the next 12 months. (Statista)

 

  • 83 percent: Percentage of healthcare providers who plan to meet the rise in patient consumerism with more retail-like technology solutions and practices (Black Book)

 

  • 62 percent: Percentage of medical bills that were paid online in the first half of 2017 (Black Book)

 

  • 95 percent: Percentage of consumers who would pay online if a healthcare provider’s website had the option (Black Book)

 

  • 71 percent: Percentage of patients who say that mobile pay and billing alerts have improved their actual satisfaction with a healthcare provider (Black Book)

 

Mobile payments are likely to be critical to the future of healthcare benefits, as deductibles and out-of-pocket maximum costs rise, resulting in millions of dollars of unpaid medical bills. Through the WEX Health Cloud platform, members can streamline the funding, purchasing and payment processes required for informed healthcare financial decision making.

Want more? Read why consumers are turning to their smartphones for health information.

The 3 Biggest Threats to Data Security and Privacy in Healthcare Today

The 3 Biggest Threats to Data Security and Privacy in Healthcare Today

11/08/2017

by Jesse Braasch & Jason Langston

 

According to a new report on healthcare data breaches in 2017, the three greatest threats to data security and privacy this year have been human error, hacking/malware and insiders. To prevent breaches, all industry players need to ask themselves if they are vulnerable to these threats and ensure that their software systems are updated.

 

  1. Unintended Disclosure: 41 percent (the large majority) of breaches are the result of unintended disclosure, a.k.a. user mistake or human error. These incidents can come in the form of emails inadvertently sent to the wrong recipient or emails that contain protected health information (PHI). Discharge instructions may be given to the wrong patient, or a server containing PHI can be accidentally left open to the public. Workforce training and education can go a long way to diminish incidents of unintended disclosure.

 

  1. Hacking or Malware: Hackers have continued to disproportionately target healthcare organizations in 2017, organizing significant and sophisticated attacks that account for 15 percent of breaches so far this year. Phishing attacks on hospitals, insurance providers, medical equipment suppliers and others have resulted in the leaking of tens of millions of patient names, social security numbers, medical records, diagnoses, treatment information and other clinical data.

 

  1. Insiders: Disproving the old-fashioned theory that the best way to protect data is to keep it close to home are continuing reports of employee snooping or physical theft of on-site devices and data, which account for 15 percent of breaches (physical loss can be blamed for another 8 percent). Typically this can involve an employee viewing records without a work-related reason. Of note, the number of breaches attributed to employees are on the rise, but they are generally easier to mitigate than external threats.

 

Though the healthcare industry was slower to adopt cloud computing than other industries, but most healthcare providers and employers now overwhelming believe that patient and employee benefits data is safer being managed by a software-as-a-service (SaaS) company than it is with on-premise software. SaaS platforms are also more likely to have data engineers and software experts dedicated to continuously monitoring and guarding accounts for the above threats.

 

How can a company know if a SaaS provider can be trusted to provide secure custody of data? Verify that they understand the regulatory requirements and are strictly compliant with HIPAA, SSAE 16 and PCI.

 

 


Jesse Braasch

Vice President of Infrastructure and Operations at WEX Health

Jesse Braasch is the Vice President of Infrastructure and Operations at WEX Health, the largest Software as a Service (SaaS) company in the healthcare payment market today. His favorite saying is, “The most dangerous phrase in the English language is, ‘We’ve always done it this way!’” In the ever-changing, always dynamic world of consumer directed healthcare, Jesse’s dedication to innovation and excellence will continue to keep WEX Health at the forefront of the current healthcare revolution.

As the consumer driven healthcare industry grows exponentially, Jesse will help ensure WEX Health’s technical ecosystem has best-in-breed features, stability, security, and quality of service so the company is able to scale in parallel with the industry. Jesse’s passion is delivering creative yet rock solid technologies that truly solve the needs of the customer and enable speed to market.

Regarded as a veteran of the technology industry, Jesse has over twenty years of experience working for industry leading SaaS corporations and Fortune 500 companies. Most recently Jesse was Director of Infrastructure for XRS Corporation, a SaaS company providing trucking fleet management solutions, where he led server, storage, database, and IT operations teams. Prior to working at XRS, Jesse held technical and team leadership positions at Target Corporation, Fair Isaac Corporation, and Travelers Indemnity Company.

After serving in the United States Marine Corps, Jesse earned his Bachelor’s Degree in Information Technology from Capella University, and is currently pursuing his Masters of Science degree in Security. Jesse, his wife, and two teenage sons live in Maple Grove, MN, where he is an active volunteer in the community’s youth ice hockey association.


Jason Langston

Vice President of Infrastructure and Operations at WEX Health

Jason Langston leads the Enterprise Architecture and Application Security team at WEX Health. This team works closely with the IT Security, Compliance and Fraud teams to ensure the robust security and scalability of WEX Health Cloud. They run the software security assurance program, performing various tests, scans, attack models and reviews to identify, fix and prevent security issues. Jason has worked at WEX Health for 13 years and in the tech industry for almost 20 years in various technical and leadership roles, with a strong focus on architecture and security.


Consumers Are Searching for Health Info Via Smartphone

Consumers Are Searching for Health Info Via Smartphone—Meet Them There

10/03/2017

All it takes is one look around a busy subway platform, café or concert to know that Americans are devoted to our smartphones: At any given time, it seems like most of us have one in hand –ready to help us follow a whim or tackle a task. Survey numbers corroborate this: Google found that 80 percent of Americans use a smartphone every day for an average of three hours a day, and while 67 percent use a computer daily, for one in four people a smartphone is the only device they use. This means that companies and healthcare providers that aren’t reaching their employees or customers on mobile are missing an opportunity to connect with a quarter of their audience. Continue reading

Technology Looking to Improve the Healthcare Recruitment Process

Technology Looking to Improve the Healthcare Recruitment Process

A new entrant into the healthcare marketplace looks to help address the shortage of physicians anticipated by 2025 – a 90,000 physician shortage to be exact, according the medical school and teaching associations.

Along with those numbers, the Bureau of Labor Statistics adds that healthcare practitioners and healthcare support positions are expected to be the fastest growing jobs from now until 2024. Registered nurses are on both lists, expected to be in shortage and among the fastest growing positions. Continue reading

Smartphones and Apps Growing in Use to Manage Personal Healthcare

There are many challenges facing the health industry today such as a growing and aging population, many of whom are staying in the workforce, decreasing health budgets, and a rise in chronic diseases. Health organizations are putting their resources in technology to provide a solution to these challenges.

This is a good thing as health plans and employers looking to help employees manage their personal healthcare are turning to smartphones and health apps for assistance.

Remote Health Monitoring

Recognizing that existing protocols between physicians and patients need to change, there is a movement underway opening the door for remote health monitoring. This is a brand-new protocol where a physician treats an individual by continuous, actionable information being collected from the patient and digitally delivered to the provider to create more meaningful engagement between the two.

At the center of this are smart technologies, like smart phones, watches, and plasters (which some look like band-aids) that can provide insights that will deliver benefits to impact the physical, emotional and mental aspects of a person. Smartphones, which approximately two-thirds of U.S. adults now own, according to a 2015 Pew research study, already have fingerprint sensors and a camera. They also have the ability to connect through Bluetooth to monitors, activity trackers and medical devices like ECG machines to deliver data where and when its needed.

New Technology Forms

Multiple sensors in the form of jewelry, fabric garments and adhesive patches or plasters will be delivered moving forward based on personal preference. These sensors can then transform a smartphone into a personal health management device.  Some health insurers have recognized the value in these offerings and are subsidizing the cost of Apple watches and Fitbits for enrollees.

Gathering important biometrics and communicating them on a daily basis with little or no recharging is imperative for this technology to evolve into the mainstream. Using a smartphone means it’s also critical to have sufficient security and privacy in place. Data will not only need to be validated, but also acted upon. Learning from this data can help improve the quality and delivery of care to individuals everywhere.

Source:  Electronic Design. The Future of Digital Health. Feb. 2017 PP 30-31.