Majority of Patients Want to Discuss Pricing and Payment Options Prior to Treatment
Rising out-of-pocket healthcare costs have been a major issue for Americans for the last several decades. As a result, Americans experience stress over the payment of their medical expenses with some delaying care due to costs. Researching financial resources can be especially frustrating due to lack of transparency over pricing and payment options of treatments.
It should come as no surprise then, that one of the most common critiques of the healthcare experience is the lack of patient financial communications. Without cost estimates and affordable payment options it can be near impossible for households to budget for medical care which could deter patients to seek care in the first place.
In a survey performed by HealthFirst Financial Patient Survey*, these frustrations were laid clear by respondents:
- 77% stated that it was important or very important that providers gave a cost before a procedure.
- 63% reported that it was important or very important that providers also publish pricing lists of common procedures.
- 57% said it’s important or very important that their healthcare provider offer ways to extend payments over time with no interest charged.
Many adults surveyed also reported frustration with the lack of financing options when it comes to paying for treatment. Only 18% of survey respondents reported that their healthcare providers had spoken to them about patient financing options in the last two years, and an even smaller 8% reported that they had received zero- or low-interest financing from a healthcare provider.
Healthcare providers should also keep in mind that their lack of financial options can affect their bottom line. Further in the survey, 29% of respondents stated that they would move to a different provider for more attractive payment programs. For Millennials, this jumped up to 40%. For healthcare providers, offering affordable payment plans may soon play as large a role as the actual care given.
For AccessOne, helping to provide transparent, honest and affordable patient financing is a mission goal. AccessOne helps bridge the divide between healthcare providers and consumers by providing financial support and guidance for patients. At AccessOne, payment plans are flexible and carefully curated for each patient. Low- and zero-interest financing plans are available, as well as plans that require no minimum or maximum balance. Each of these plans helps to bring an excellence in both treatment and care, as well as financial support.
*AccessOne acquired HealthFirst Financial in May 2018.