Providers could benefit from providing upfront cost information and offering consumers financial education, according to a survey conducted by Accenture.
Here are four survey findings about price transparency for providers to consider:
- Sixty percent of patients choose to proceed with their provider if they know the costs of the medical services they seek
- Twenty-three percent of patients opt to delay care rather than canceling or choosing a lower-cost provider
- Nearly 40 percent of patients say they would pay medical bills in advance if they knew their costs
- Sixty-one percent of uninsured and 40 percent of insured patients are concerned about the affordability of healthcare services
"Giving patients the price transparency they want could strengthen health consumer engagement and could help avoid financial headaches for providers facing a looming collections crisis," the survey authors wrote.