A survey conducted by a healthcare financial technology company examined the interplay between patient financial behaviors and expectations. The 2023 Patient Payment Technology Report analyzed the responses of over 1,500 U.S. healthcare consumers, delving into their interactions with healthcare payment systems. This encompassed areas such as consumer confidence, patient loyalty, financial preferences, and trust in technology and security.
The report’s key findings illuminated notable trends in patient attitudes and behaviors:
- 78% of patients consider the billing process to be somewhat or very important when choosing a healthcare provider.
- 72% of patients trust either their healthcare provider or affiliated technology companies to handle their medical payment data.
- 66% of patients prefer receiving billing and payment reminders through email or text messages.
- 53% of patients who had negative financial experiences with their providers reported leaving negative reviews.
These insights underscore a shift in patient expectations, aligning healthcare financial experiences with the standards set by consumer-centric industries. The Founder and CEO of the healthcare financial technology company emphasized the need for healthcare providers to not only meet but exceed these evolving standards across the entire patient journey, from pre-service outreach to clinical care and final billing.
The report also highlighted the increasing preference for digital payment methods, noting an 11% surge in demand for recurring payment plans since 2019. Contactless payments have seen a two-fold rise in popularity over two years, jumping from 11% in 2021 to 22% in 2023. Patients also expressed interest in utilizing digital wallets for settling medical bills, if given the option.
Nonetheless, traditional payment and communication methods still hold relevance, with 32% of patients favoring healthcare billing statements via mail and 27% opting to pay by check. This underscores the importance of a balanced approach to patient billing, accommodating various preferences and ensuring a seamless experience regardless of the chosen communication channel, as highlighted in the report.