Healthcare consumerism: Helping improve the patient payment journey
A survey shows more than half of consumers struggle with out-of-pocket healthcare costs, but offering payment options can help patients manage cost.
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We have all seen healthcare costs continue to rise over the years, becoming a true burden on patients and, for some, even a barrier to receiving care.
Due to the intricacies of the nation's healthcare system -- not limited to higher health insurance premiums, deductibles and out-of-pocket (OOP) costs -- Americans are increasingly assuming a greater share of their healthcare bills, while finding it difficult to pay for them.1
听To help patients better plan and pay for recommended care, on behalf of CareCredit, Synchrony recently conducted the Consumer Healthcare Journey Research. The goal of this research was to better understand the impact that healthcare costs have on patients and providers, specifically when needing to pay for OOP medical expenses.
The research revealed that patients are often faced with an expensive, stressful and challenging payment journey, with 52% of consumers struggling to pay for their OOP medical costs.
Cost concerns are top of mind for consumers
The rise of healthcare consumerism has encouraged patients to make their own informed choices about their healthcare services and expenses by seeking care that best meets their needs and expectations.
According to the Consumer Healthcare Journey Research , the most important considerations for consumers when deciding where to go for treatment or services are:
- Whether a provider accepts their insurance
- 听The cost of care
- 听Whether a provider offers a variety of payment options, including special financing
With healthcare costs continuing to rise and consumers concerned about cost and their ability to pay for care, many are choosing to delay or put off care entirely. In fact, 53% of patients delay or push off medical treatments due to expenses or OOP costs.
People who are forced to delay medical care may not experience the repercussions immediately, but it is well known that putting off care can increase the risk of preventable conditions and worsen health outcomes,2 making it critical for providers to help patients understand their costs so they can manage them and move forward with recommended care.
Providers can offer financial solutions to help improve the patient payment journey
Synchrony's research also showed that providers can empower their patients to get care by providing education on what payment options exist for their patients, including financial assistance (when applicable), health insurance, third-party financing and in-house payment plans. Many consumers (59%) feel that there are a limited number of options available through their healthcare provider when it comes to paying for OOP costs, so to ensure consumers are able to receive the care they need, providers should be prepared to help their patients explore their options.
Across the following specialties (Orthopedic Surgery: 30%; Hair Restoration Surgery: 31%; Cosmetic/Plastic Surgery: 36%; Refractive Surgery: 44%; Ophthalmic Surgery: 50%), 30% to 50% of survey respondents said they used general-purpose credit cards for payment. However, overall, 50% said they would be extremely likely/very likely to use a deferred interest financing option for future eligible health and wellness expenses.
For providers looking to help improve the patient payment process, offering third-party financing options, such as a health and wellness credit card, can help patients manage costs.听听
When it comes to healthcare, consumers may not seek care if they feel they cannot manage the cost, so educating patients on all available payment options helps consumers feel secure in their ability to pay for the services they want or need. Providers can also benefit from that same assurance.
This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual advisors with respect to any information presented. Synchrony and any of its affiliates, makes no representations or warranties regarding this content and accepts no liability for any loss or harm arising from the use of the information provided.
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[1] Kaiser Family Foundation (KFF). December 21, 2023. Americans' Challenges with Health Care Costs.
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[2] Gertz, A.H., Pollack, C.C., Schultheiss, M.D., and Brownstein, J.S. 2022. Delayed medical care and underlying health in the United States during the COVID-19 pandemic: A cross-sectional study. Preventive Medicine Reports 28, 101882.
