Rising Costs are Driving Demand for Digital Payment Options and Flexible Payment Options
Sixty-three percent of all patients and 85% of younger patients (aged 18-34) would consider point-of-service (POS) financing for their healthcare bills, according to a new survey sponsored by CareCredit, a Synchrony solution and leading provider of promotional financing for healthcare consumers. The survey, conducted in October 2020 by management consulting firm CWH Advisors, also found that 45% of all patients and 69% of younger patients have already used a payment plan that allowed them to pay healthcare bills over time.
Within the U.S. health system, the Coronavirus (COVID-19) pandemic has forced changes across the patient journey, from telehealth appointments to contactless payments. Survey results show that patients are now seeking the same level of convenience they have come to expect in other facets of their life, where they can select buy now, flexible payment options for online purchases or use mobile payment services for secure person-to-person payments. In addition, 51% of survey respondents use financial and healthcare apps multiple times per week, with 75% of younger patients reporting that they have used new person-to-person or digital payments to pay healthcare bills.
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“Each crisis teaches us lessons that change the way we do things going forward,” said Beto Casellas, CEO, CareCredit. “When it comes to paying for healthcare, patients want convenient, digital payments, and reliable options that allow them to fit medical costs into their budget and pay-over-time in a way that works for them and their families. To stay ahead of the curve, health systems should seek reputable third-party solutions that enable them to not only empower patients, but to build trust and stand out by meeting the evolving needs and expectations of patients.”
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Other key survey findings include the following:
- 79% of consumers of all ages trust healthcare providers with their personal data and trust in them to offer healthcare credit cards and other patient payment solutions.
- Consumers are equally okay with applying for a new healthcare payment product, with 42% agreeing they would go through their healthcare provider, 42% saying they would go through their payer and 39% through their bank.
- Consumers under 55 want cost, payment products and plan options from their healthcare provider before receiving care. Fifty percent would like the payer and 49% would like the healthcare provider to share financing options.
“COVID has accelerated healthcare payment trends that were already underway,” said David Stievater, senior partner, CWH Advisors. “Consumers want a more multi-channel experience that reflects their retail purchasing experience, including more digital payment options and easier access to online payment portals. These study findings further solidify the need for all provider organizations and especially health systems to more proactively offer patient financing solutions before, during and after care delivery.”
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