A new healthcare market study reveals

A SIGNIFICANT GAP

between what consumers expect from the healthcare financial experience and what healthcare providers offer.
Here are some eye-opening findings from the study learn more
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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.

This new study reveals dramatic inconsistencies between what patients want and what providers are offering in the healthcare financial experience. 

Gain deeper insights into how providers can reverse this alarming trend and begin bridging the gaps between patient expectations and current practices.

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Empower Your Patients' Financial Experience