In August 2016, Navicure commissioned Porter Research to conduct a national survey of healthcare organizations to better understand patient consumerism and price transparency trends within healthcare organizations. Here’s a look at some of the key survey findings.
Download the full report here.
63%
Indicated consumerism is impacting their organization
69%
Patients are price shopping
63%
Patients more involved in their medical treatment
Healthcare organizations face resource challenges tackling patient consumerism. The top three challenges they reported were not having tools to estimate cost of care (18%), staff resources (13%), and convenient payment options (12%).
Is price transparency mandated in your state?
While the price transparency trend is growing, almost half aren’t aware of their state’s patient estimation & price transparency laws. Seventeen states have implemented or proposed databases for common procedures to help patients find this information*. A number of states have current or proposed legislation in place to require healthcare organizations to provide a cost estimate to patients.
Little usage of key tools to make it easier for patients to pay:
33%
have a price
estimation tool
estimation tool
25%
are utilizing a
credit card on
file solution
credit card on
file solution
26%
are sending
electronic
statements
electronic
statements
Only a minority of respondents are using key tools that make it easier for patients to pay. This presents an opportunity for organizations to implement such tools to make it easier for their patients to understand and pay their bills.
Most common patient financial responsibility questions:
| 58% |
 |
Do you offer
payment plans?
payment plans?
| 56% |
|
How much will
my treatment cost?
my treatment cost?
| 53% |
|
What is my
balance due?
balance due?
| 43% |
|
What are your
payment options?
payment options?
Do you offer payment plans?
| 58% |
How much will my treatment cost?
| 56% |
What is my balance due?
|
53% |
What are your payment options?
| 43% |
Patients are confused as to how much they owe and why. Prior to or at time of service, healthcare organizations should address the patient’s eligibility, their financial policy including payment options, and share estimates to set expectations about the patient’s responsibility.
When do patients ask the most financial responsibility questions?
Pre-service
21%
21%
Time of service
24%
24%
Post-service
55%
55%
Healthcare organizations need to invest more time with patients in the front office, estimating their cost of care and discussing payment options. This will help reduce patient questions and patient collection delays post service.
Healthcare consumerism is real and here to stay.
Healthcare organizations need to embrace digital technologies to facilitate price transparency and payment conversations with patients up front. This will provide the speed and options patients want, while also improving the cost to collect for the organization.
Healthcare organizations need to embrace digital technologies to facilitate price transparency and payment conversations with patients up front. This will provide the speed and options patients want, while also improving the cost to collect for the organization.
Find out how Navicure® can help your organization easily generate patient care estimates along with other patient-friendly payment tools.