A new healthcare revenue cycle market study reveals
A SIGNIFICANT GAP
Here are some eye-opening findings from the study
CONSUMERS WANT A BETTER FINANCIAL EXPERIENCE
BETTER ‘RETAIL-LIKE’ EXPERIENCE
1 OUT OF 2 PATIENTS want their financial experience to be similar to what they consider a good retail financial experience (i.e. banking, automotive, credit card.)
FINANCIAL CONTINUITY IS IMPORTANT
MORE THAN 60% of patients want a hospital financial experience that has continuity between the people, process, billing and payment tools.
DEDICATED PATIENT FINANCIAL CONCIERGE CRITICAL
1 OUT OF 2 patients wants a dedicated concierge (support person) to engage with them throughout their financial experience.
ESTIMATES ARE NECESSARY
2 OUT OF 3 patients say pre-service estimates are necessary, with Millennials and Baby Boomers expressing the greatest voice.
DIY PAYMENT PORTALS DON’T IMPROVE SATISFACTION
2 OUT OF 3 patients say an online payment portal would reduce or have no change on their patient satisfaction.
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PATIENT FINANCIAL EXPERIENCE IMPACTS LOYALTY
POOR FINANCIAL EXPERIENCES
1 OUT OF 4 patients has had a less than satisfactory hospital financial experience in the past year.
FINANCIAL EXPERIENCE IMPACTED CLINICAL EXPERIENCE
1 OUT OF 5 Millennial, Generation X and Baby Boomers said their hospital's financial experience negatively impacted their clinical experience.
YOUNGER PATIENTS EQUATE FINANCIAL SATISFACTION WITH PATIENT LOYALTY
1 OUT OF 4 Millennials and Generation X would not recommend their hospital to a friend or family member while 1 OUT OF 11 Baby Boomers would not.
MILLENNIALS WON’T RETURN TO HOSPITAL BASED ON FINANCIAL SATISFACTION
1 OUT OF 5 Millennial patients said they would be less likely to return should they need another service based on their current financial experience.
CURRENT ESTIMATES NOT SATISFYING
1 OUT OF 3 patients describe their estimate experience, either receiving one or not receiving one, and the explanation of out-of-pocket costs prior to their hospital service, as less than satisfying.
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PROVIDERS CHALLENGED BY BAD DEBT, CASH FLOW AND PATIENT SATISFACTION
PROVIDERS FEELING CHALLENGES IN PATIENT SATISFACTION
1 OUT OF 3 providers say patients' increasing premiums and out-of-pocket expenses are creating challenges in patient satisfaction.
PROVIDERS HAPPY WITH FINANCIAL EXPERIENCE PROVIDED
47% OF PROVIDERS say they are satisfied with the financial experience they provide to patients.
PATIENTS WANT ESTIMATES BUT AREN’T GETTING THEM
11% OF PROVIDERS are offering estimates prior to service yet 71% OF PATIENTS ranked this as most important.
PAYMENT PLANS OPTIONS ARE VITAL TO PATIENTS
Just 27% OF PROVIDERS are offering payment plans, yet 56% OF PATIENTS want to proactively be offered options to help resolve out-of-pocket expenses.
ESTIMATES, FINANCIAL OPTIONS AND CONCIERGE GUIDANCE NOT BEING PROVIDED TO PATIENTS
Just 9% OF PROVIDERS are offering financial clearance outreach yet 50% OF PATIENTS want help and guidance with understanding their out-of-pocket expenses and a dedicated concierge.
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BRIDGING THE GAP BETWEEN PATIENTS EXPECTATIONS AND CURRENT PROVIDER PRACTICES
Get a clearer picture of the growing disconnect in Patient Financial Experience.
Download the full report for more insights.
