The Patientco 2021 State of Patient Financial Experience Report contains quantitative data from 3,116 patients and 46 healthcare providers. To obtain the patient survey data, Patientco used SurveyMonkey to obtain insights from a random sampling of people across the United States over the age of 18. Patientco also used SurveyMonkey to poll revenue cycle employees at large healthcare organizations, most with 300 beds or more to better understand how healthcare providers currently address or plan to address the current patient financial engagement challenges.
Concerns about out-of-pocket costs are the #1 reason patients skip or delay recommended healthcare treatment.
For medical bills that exceed $500, 45% of patients would need financial assistance and for bills that exceed $1000, the percentage is even higher, as 66% of patients would need assistance.
More than half of patients have felt confused when paying for healthcare services because it’s difficult to understand what their health insurance covered and what they owe.
After COVID-19, revenue cycle teams are most focused on getting patients back in for care with 64% of providers citing this as a key focus, followed by solving for price transparency, which 51% of providers cited.
How does a patient become eligible for charity care or financial assistance at your health system?
While EOBs are intended to help patients understand their medical expenses, not all patients found them helpful, nearly 1 in 4 patients said their EOB didn’t make sense to them.
Electronic billing that sends paper statement if patient does not open digital bill49% 36%
Real-time chat40% 26%
Patient self-service payment plans or financing options68% 21%
Touchless payment options (e.g. Apple Pay, Google Pay47% 24%
Presenting HSA/FSA information in the Patient Portal40% 24%
Patients are struggling to keep up with rising healthcare costs. These fears often prevent patients from seeking the medical care they need. In fact, concerns about out-of-pocket costs are the #1 reason patients skip or delay recommended healthcare treatment.
When patients do seek out and receive treatment, they often feel confused, stressed or disempowered when making financial decisions related to their care. More than half of patients have felt confused when paying for healthcare services because it’s difficult to understand what their health insurance covered and what they owe.
Healthcare providers realize that digital investments will be vital to their organization’s success and getting patients back in for care following the pandemic. Patients across demographics value the ability to communicate with their provider digitally, especially since the pandemic fueled adoption of technologies such as telehealth.
Patientco, recently named Best in KLAS for Patient Financial Engagement Platforms, is the only vertically-integrated payment technology company that was founded specifically to rethink the patient payment experience in healthcare. We provide greater connectivity, advanced analytics and more, so that health systems only need one patient payments partner and technology platform. Patientco improves financial care across the entire patient journey, from pre-service to post-service, while increasing payments and revenue for today’s top health systems.