4 generational differences in the patient financial experience

Younger patients prefer to pay their medical bills through portals or by credit cards, and are more likely to use multiple hospitals compared to their older counterparts, according to data from revenue cycle technology company Waystar.

The data is based on a July survey in which 500 patients were asked about their last hospital encounter and their hospital business office experience.

Four findings related to generational differences:

1. Fifty-two percent of respondents ages 27 to 39 reported their experience with the hospital business office has significantly changed their willingness to recommend the hospital to a friend. Only 14 percent of respondents ages 40 to 64, and 4 percent of respondents 65 and older, said the same.

2. Ninety percent of respondents age 27 to 39 reported they prefer to pay their medical bill online via a secure portal or website. Ninety-seven percent of respondents age 40 to 64 said the same. But only 31 percent of respondents age 65 and older cited that as their preferred payment approach. Rather, half of that group reported they prefer to pay their medical bill through physical mail.

3. Respondents ages 27 to 39 were significantly more likely to ask a friend or expert for help understanding their medical bill (33 percent), compared to those ages 40 to 64 (15 percent) and those age 65 and older (11 percent).

4. Respondents ages 27 to 39 were also more likely to say they or someone in their household have used several hospitals in the last year. Forty-six percent of those respondents said they used multiple facilities in the last year, while 79 percent of respondents age 65 or older said they had used one hospital.

 

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