At VisitPay, we know the value of evaluating current trends and data and listening to the voice of the patient. As leaders in healthcare finance, we see this not only as an opportunity but as a responsibility. That’s why we created the VisitPay Report. It’s an examination of patient financial health and where it’s heading. The 2021 edition of this report surveyed patients from around the country, revealing what today’s healthcare consumers look for in a financial experience.
The overwhelming takeaway from this year’s report is that we’ve truly entered the digital transformation of healthcare. The industry has been heading this way for some time, but progress has been slow and steady rather than widespread and dramatic. But widespread change takes time—or a catalyst. That catalyst came in the form of the COVID-19 pandemic. Seemingly overnight, digitization became a priority, and the process of transformation was accelerated. Patients reevaluated their relationships with their health systems, and health systems prioritized implementing digital, user-friendly platforms offering experiences similar to those familiar in other consumer settings.
Our research shows that today’s patients want these digital solutions. Now, it’s up to health systems to continue adapting—or risk losing patients. Many health systems have implemented digital front doors, self-pay solutions, and flexible payment plans tailored to the individual and have found great success. Our report highlights stories from two of our partners, Intermountain Healthcare and Carilion Clinic, who have seen the benefits of such a transformation.
The results of this report show a real change in consumer behavior, including an increase in patients using health system payment plans to manage their medical bills. They reveal important patient pain points, like their biggest frustrations with their medical bills. They look at patient preferences, too, including interest in estimates prior to receiving service.
Some results may surprise you. For example, over a third of patients regularly use credit cards to pay their medical bills, and of those, three-quarters maintain a balance over multiple months. With an average credit card interest rate of 14.65%, this compounds the total cost of care to patients.
The report is full of findings like this: actionable insights that paint a fuller picture of today’s patients. The more a health system understands patient needs and behaviors, the better the relationship between patient and provider can be—and that’s exactly what this report is for.
Explore these insights and many more in the 2021 VisitPay Report. Download it today.