Like all businesses, healthcare organizations are focused on revenue recovery in 2021 and 2022, with a key being how to recover volume in all care settings. Patients are at the center of this rebound. As healthcare providers adapt their business model post-pandemic, they must influence consumer behavior – both to generate a willingness to return for care and to provide affordable options patients can use to pay for care.
ClearBalance HealthCare® worked with healthcare consultant CWH Advisors recently to conduct a comprehensive Patient Pay study. The study reveals emerging dynamics related to healthcare affordability – taking into account perspectives from both patients and healthcare providers. CWH senior partners David Stievater and Henri Cattier, who authored the Patient Pay study, talked with ClearBalance President and CEO Bruce Haupt to share highlights of the study.
Some of the most interesting trends include the following:
- Providers must appeal to Millennials with consumer retail tactics that provide payment over time in multiple, contactless, convenient ways
- Millennials want to budget for healthcare as a fixed expense vs. putting one lump sum charge onto a credit card
- Payers are content to stay in their swim lane of providing insurance vs. wading in to provide patient financing options
- Providers don’t have an appetite to get into the business of issuing branded payment cards
Check out the videocast for the details.