Almost three-quarters of individuals can’t or don’t pay their healthcare bills immediately, and among those who wait, not having enough money to pay the bill is the biggest reason why, according to the results of a nationwide survey that were released earlier this week.
By The Numbers: Nearly one-third of consumers have used a credit card to pay for a healthcare bill in the past 12 months.
- Four out of 10 respondents say they’ve experienced an increase in healthcare costs. Notably, almost half of respondents (48%) have taken some kind of action to reduce medical expenses, including postponing care or opting not to fill prescriptions.
- Nearly one-third of consumers say they are “not confident at all” they could pay a medical bill of $500 or more. While some individuals dip into personal savings to handle their bills when their income isn’t sufficient, as many as 32% use a personal credit card.
- More than half of respondents prefer digital communications regarding bill pay. Notably, about 30% of Gen Z respondents and 22% of millennials specifically prefer secure text messages.
The Recommendations: The report makes three recommendations for healthcare providers and revenue cycle management companies.
- Promote a culture of financial transparency
- Proactively encourage the use of mobile payments technologies
- Give patients the flexibility to manage and change their medical payment plans
