Today’s consumers are inundated with financial pressures as inflation hits record highs, COVID persists as a source of medical debt, and insurers peel back on COVID-related coverage. Last year, Americans racked up $140 billion in medical debt, which compounds over time when not paid off promptly. The need to provide patients with simple, compassionate and personalized payment options has never been greater.
Yet R1’s recent survey of over 1,000 U.S. patients finds that medical payments continue to be a major point of friction in the patient experience. In fact, nearly two-thirds (64%) agree that paying medical bills is very stressful. Additionally, more than one third (38%) have lost trust in a provider due to a negative billing experience and 34% have considered switching providers due to a poor payment experience.
What’s more, according to McKinsey & Company’s new Next in Personalization 2021 Report, 71% of today’s consumers expect companies to deliver personalized interactions, and healthcare is no exception. However historically, healthcare technology has been designed from the health system point of view. As Atul Gawande, MD, said in a New Yorker article, “Why can’t our work systems be like our smartphones—flexible, easy, customizable? The answer is that the two systems have different purposes. Consumer technology is all about letting me be me. Technology for complex enterprises is about helping groups do what the members cannot easily do by themselves—work in coordination.”
As a result, according to the survey conducted by VisitPay, an R1 company, health systems and hospitals are falling short of meeting expectations for consumer-centric experiences. Over a third of patients (36%) commonly feel intimidated paying medical bills and more than a quarter (27%) say their billing experience is not personalized. Of note, the survey also reveals that among those respondents who “love” paying medical bills on their respective online platform, more than half (56%) say their experience is extremely personalized. This drives home the strong connection between personalization and satisfaction levels.
Download our white paper, Creating a Better Result with VisitPay, to learn five ways to take patient financial engagement to the next level.
Fortunately, health systems can provide patients with a personalized and frictionless billing experience via R1 Entri™, the intelligent patient access solution fueled by VisitPay’s machine learning and consumer finance expertise. With VisitPay’s proprietary analytics, personalized financing options are tailored to meet the unique needs of patients and their families, creating a simplified billing experience that complements EMR solutions. For VisitPay clients, this translates to up to 40% increases in payment yield and average Net Promoter Scores of 50+.
Learn how to address the challenges highlighted in the survey by downloading our new white paper, “Creating a Better Result with VisitPay.” This white paper explores five ways VisitPay goes beyond current EMR patient payment solutions to deliver highly personalized experiences with a proven approach to transforming the digital financial experience.
Content written on behalf of R1 RCM.