Healthcare Dive points us to a really interesting study:
- A new HealthFirst Financial Patient Survey found that 77% of healthcare consumers say it’s important or very important to know costs before treatment and 53% want to discuss financing options before care.
- Only 18% of the 1,011 Americans surveyed said their healthcare providers spoke to them about patient financial options in the last two years.
- This is an especially important issue for millennials. The study found 40% of millennials said they would be very likely or likely to switch providers if a competitor offered low- or zero-interest financing for medical bills.
As Healthcare Dive concludes, the fact that consumers are worried that they can’t afford a $1,000 medical bill or less should serve as a wake-up call to providers.
Patients not paying their medical bills means more bad debt, which can leave providers in a worse financial decision. Providers creating financial payment solutions could go a long way in keeping patients happy, maintaining a steady revenue stream and limiting bad debt.
For more information on the issues surrounding medical debt, please contact RIP Medical Debt.