Medical debt is a growing problem in the United States, and the costs of healthcare are one of the...
November 2, 2022
The average healthcare consumer experience in America is right up there with going to the DMV or having to endure the holidays with relatives you cannot stand. For patients, the process is confusing and frustrating due to a lack of transparency, consumer knowledge, and an inability to get answers from a single entity.
The confusing (and sometimes conflicting) flow of information from the provider, insurance company, clinical site, and hospital to the patient makes for an extremely unpleasant healthcare consumer experience. For many, the financial aspect of the healthcare customer experience is frustrating and confusing that they give up. This results in debt collection for patients, a lack of revenue for providers, and the patient not getting the care and treatment they need.
FinPay can help. With our automated solutions, we improve the healthcare consumer experience by enhancing the patient's financial journey through pre-care engagement, expanding healthcare financial literacy, advocating for cost transparency, and offering affordable payment options, all while restoring consumer trust in the American healthcare system. To learn how we can help your healthcare facility or treatment center provide a better healthcare consumer experience, contact us at info@finpay.com today.
What Is the Consumer Experience in Healthcare Like in America?
For most Americans, interacting with the healthcare system is unpleasant. A study by the Commonwealth Fund found that only 27% of U.S. adults said they were "satisfied" with the healthcare system. In contrast, 72% of respondents in the Netherlands reported being satisfied with their healthcare system, followed by 58% in Australia and 56% in Canada.
When asked about specific aspects of the healthcare consumer experience, Americans were particularly dissatisfied with the cost of care, the quality of care, and how health insurance works. In fact, nearly half (49%) of respondents said they "somewhat" or "strongly" agree that they are worried about being unable to pay for a major unexpected medical bill.
The healthcare consumer experience in America is further complicated by the lack of a single "healthcare system." Instead, there is a patchwork of public and private insurance plans, providers, and clinical sites. This lack of coordination often leads to confusion and frustration for patients.
How Does FinPay Help with the Healthcare Consumer Experience?
At FinPay, we understand how confusing and frustrating the healthcare consumer experience can be. We also know that it doesn't have to be this way. FinPay is an industry-leading patient financial management platform that re-establishes trust in the patient-provider relationship and bolsters revenue for our healthcare partners.The key is pre-care engagement. Providing financial literacy and transparency before any services have been delivered and delivering a clear financial picture of the costs and obligations to the patient alleviates much of the confusion and anxiety surrounding the healthcare consumer experience.
Consider the following:
- The Kaiser Family Foundation states that 27% of American families put off or postponed needed medical treatment due to financial concerns
- According to USA Today, health care is the 4th largest consumer expense in the U.S., and medical debt is the leading cause of bankruptcy in America
- For those that do have insurance, the National Center for Health Statistics reports that 43% of consumers who are privately insured have high deductible health plans
FinPay puts the financial discussion upfront before any treatment has been provided. By having candid financial discussions and working with patients to come up with solutions that fit their budget, FinPay increases revenue for providers while decreasing bad debt or write-offs and restoring faith in the healthcare consumer experience for patients.
Choose FinPay and Improve Your Healthcare Customer Experience
In the United States, there is no way to know what medical treatment will cost until the bills come due. The opaque nature of how insurance authorization and billing work means patients are often surprised with a hefty bill when a service is denied that they thought was covered. The provider or treatment center wants to get paid if the service has already been delivered. This sets up an adversarial relationship and destroys trust between patient and provider.FinPay offers a better solution—one that benefits patients, and by extension, providers. Contact us at info@finpay.com to learn how we can improve your healthcare consumer experience.
