Survey findings indicate a 72% delay in medical bill payments due to affordability issues. Middle-aged, higher-earning individuals and families face rising healthcare costs. Younger adults often postpone necessary care, with 44% witnessing cost hikes. Many resort to savings or credit cards, impacting credit scores. The solution lies in patient-centric revenue strategies. Prioritizing affordable options and offering payment plans before care could encourage timely payments. Clear, transparent billing, mobile payment options, and flexible payment plans are essential. Revenue cycle leaders must revamp approaches, aligning with patient preferences for a more satisfactory financial experience.
Amid escalating healthcare costs, a survey reveals staggering delays in medical bill payments. Affordability barriers force 72% of consumers to defer payments. This impacts various demographics, prompting postponed care among younger adults. Financial strains lead to reliance on savings or credit cards, affecting credit ratings. This study underscores the need for healthcare revenue cycle leaders to reassess strategies. Addressing affordability concerns and prioritizing patient-friendly payment plans pre-care delivery could alleviate payment delays. Emphasizing transparent billing and embracing flexible payment options becomes crucial for a more satisfying financial experience.
Less than one-third of consumers promptly settle their medical bills, as indicated by a recent survey revealing that 72% of individuals either delay or find themselves unable to pay these expenses in full immediately, citing affordability as a primary hindrance.
The findings from a survey conducted by AccessOne, involving over 1,000 participants, underscored that less than 33% of respondents manage to pay their medical bills right away. This leaves a significant 72% of consumers seeking alternative options or support, either due to incapacity or the choice not to settle these healthcare-related costs immediately.
Among those delaying payments, 13% have not paid yet, while 7% prefer to settle just before the due date, and 2% pay after the due date. The overarching issue remains affordability, with 68% of respondents expressing their inability to afford timely payments, and 44% reporting an increase in healthcare expenses.
Notably affected by rising healthcare costs are middle-aged respondents, higher-earning individuals, and households with children. The survey revealed that this financial strain has led many, particularly younger adults, to forego or postpone necessary medical care. Around 1 in 3 individuals aged 18 to 34 admitted to delaying care, while 40% of those between 18 and 44 have chosen to defer filling prescriptions or postpone them.
A concerning trend is the reliance on personal savings (10% of respondents) or personal credit cards (utilized by nearly a third) to cover medical expenses. However, using credit cards may lead to additional charges such as late fees and interest, impacting credit ratings despite recent agreements to exclude medical debt from credit reports.
To address these challenges, healthcare revenue cycle leaders must adapt their approaches. Dissatisfaction with payment options was expressed by 17% of respondents, indicating a need for more consumer-friendly strategies. The survey recommends prioritizing discounted or charity care options based on income before discussing payment plans. Offering payment plan choices before care delivery could motivate two-thirds of respondents to seek healthcare.
The survey underscores significant delays in medical bill payments, primarily due to affordability hurdles impacting diverse consumer segments. This prompts postponed care and reliance on credit, affecting credit scores. To combat this, a patient-centric approach is crucial. Revenue cycle leaders must prioritize affordable options, offer pre-care payment plans, and ensure transparent billing. Implementing flexible payment solutions and embracing technological advancements are essential steps. Aligning strategies with patient preferences fosters a more satisfactory financial experience, urging healthcare entities to reshape revenue approaches for improved consumer satisfaction and timely payments.