Nearly (95%) all patients say it’s important to know the total cost of a medical procedure upfront, according to the national survey of 407 patients who used CarePayment payment programs. Nearly everyone (96%) also wants to understand their payment options before receiving medical care.
A new survey sponsored by national patient financing leader CarePayment reveals that cost alone is not the driver in choosing providers or health plans−the ability to make care affordable is more important. Nearly three out of four people (73%) think having a CarePayment account removes barriers to receiving medical care when they need it.
“These findings should spur healthcare providers to make significant changes in how they engage with patients,” Craig Hodges, CEO of CarePayment, said in a release. “With out-of-pocket healthcare costs and health insurance premiums rising at a faster rate than wages, people face tough choices about when and where to receive treatment or if they can afford care at all. Our survey results make it clear patients want providers to help them understand and manage the financial side of receiving medical care.”
As the survey shows, people increasingly judge hospitals, physician groups, and other healthcare providers based on how they handle patient
financial matters. And they are taking action, rewarding providers that offer affordable payment options such as CarePayment’s 0.00% APR financing for the life of the account with increased loyalty, satisfaction, and referrals.
Here are some key takeaways from the study:
93% were satisfied with the billing experience after they began using CarePayment
88% became more satisfied with their providers after they began offering CarePayment
86% of customers are more likely to recommend medical providers that offer the CarePayment program to help pay medical bills
80% of customers are more likely to return to a provider for additional care because they can use CarePayment to pay their medical bills over time
73% say the availability of CarePayment would influence their decision in choosing one provider over another
The telephone survey was conducted by Hardwick Research in August.