Financing their healthcare a big pain for many consumers, survey finds

The top pain points for consumers as they navigate the healthcare system are finance-related, according to an Experian Health study.

The study included a September 2017 survey of more than 1,000 U.S. healthcare consumers.

Six findings from the survey:

1. Thirty-three percent of consumers said they worried about determining their out-of-pocket costs versus what their health plan covers.

2. Thirty-two percent of consumers said they used the internet or mobile apps in the last 12 months to shop around for care.

3. Twenty-eight percent of consumers said they worried about being able to pay for medical tests recommended by their provider.

4. Nearly all consumers (90 percent) significantly underestimated costs related to major medical procedures, such as a knee replacement.

5. Nearly all consumers (98 percent) also ranked concerns about being able to cover out-of-pocket costs as a "very" to "extremely" important pain point during their healthcare journey.

6. Thirty percent of consumers reported a pain point with respect to determining their available financial support options.

"Consumers want control — they want to know, upfront, the cost of their care so they can avoid surprises and prepare to meet financial obligations," said Jennifer Schulz, president of Experian Health. "They also want on-the-go access to pay their medical bills and schedule appointments. This requires healthcare organizations to adopt the same data, insights, and technology as other consumer industries to drive an ideal customer experience."

Read more about the study here.


More articles on healthcare finance:

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4 RCM hires, promotions in August

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