Negative Payment Experience: 63% of Patients Willing to Switch Healthcare Provider
Anyone who doubts that healthcare expectations have become more and more shaped by mainstream consumer experiences hasn't been paying attention. PYMNTS.com surveyed 3,546 U.S. adults who have received healthcare services in the last year, and in their report -- The Payment Cure: How Improving Billing Experiences Impacts Patient Loyalty -- 63% of patients would consider switching their healthcare providers if they are not satisfied with how they pay and discover the costs connected to their care.
From the report:
Consumers are used to ease and convenience when they check out online or in-store and “checking out” at the doctors is no different. In fact, PYMNTS data shows that nearly two-thirds of consumers will switch healthcare providers if they don’t get it.
Modern patients act like independent shoppers expecting an array of choices concerning payment experience for healthcare. They are empowered by the ability to compare and choose among healthcare services providers and may abandon their trusted providers if their experiences do not align with their expectations. The healthcare industry needs to offer its patients the same value-focused experience and customization level when it comes to payments, like any other commercial sector.
Key Findings from the Report
Importance of Patient Financials
When examining the findings from the survey, it is evident that patients want to understand the costs of healthcare. When examining Figure 10: Importance of select items in providing a positive healthcare experience, a few key findings reveal how patient financials can lead to switching healthcare providers:
THE ABILITY TO KNOW THE COSTS FOR WHICH I WILL BE RESPONSIBLE BEFORE RECEIVING CARE
THE ABILITY TO PAY FOR MY VISIT QUICKLY AND EASILY USING METHODS I PREFER:
THE ABILITY TO UNDERSTAND MY HEALTHCARE BILLS:
Additionally, it appears that difficulties in obtaining and understanding costs plays a major role as well. From Figure 9: "Very" or "extremely" influential factors in patients' decisions to change healthcare providers:
IF THE BILLING PROCESS MY CURRENT PROVIDER USED WAS DIFFUCULT TO TRACK/UNDERSTAND:
IF THE COSTS ASSOCIATED WITH CARE FROM MY CURRENT PROVIDER WERE DIFFICULT TO OBTAIN IN ADVANCE OF A VISIT OR TREATMENT
Importance of Patient Experience
As healthcare consumerism continues to take hold of the industry, healthcare consumers are looking for the experience to mimic what is expected from retail and hospitality industries. Here are a few key findings from Figure 9: "Very" or "extremely" influential factors in patients' decision to change healthcare providers:
IF I DID NOT LIKE MY CURRENT PROVIDER:
I WAS NOT SATIFIED WITH THE QUALITY OF CARE I RECEIVED FROM MY CURRENT PROVIDER:
This is further supported in Figure 10: Importance of select items in providing a positive healthcare experience:
MY ABILITY TO GET APPOINTMENTS OR OTHERWISE ACCESS MY PROVIDER WHEN I NEED TO:
THE FRIENDLINESS OF THE STAFF:
The data gathered by PYMTS couldn't be more clear: The modern healthcare consumer definitely wants the best possible healthcare and results, but the financial bottom line and patient experience loom large.
The healthcare revenue management cycle can alleviate the burdens of the patient financial experience by electronifying the payments process. By utilizing artificial intelligence and deep learning technologies to convert paper remits and EOBs/EOPs and even check payments made by patients, RCM enables transparency on the patients financials through various means, such as patient portals, and also offers a more pleasant experience as electronification reduces the number of denied claims due to manual errors.