New Report Shows the Importance of the Billing Process When Patients Evaluate Healthcare Providers
PHOENIX–Salucro Healthcare Solutions, a leading healthcare financial technology company, today released its 2022 Patient Payment Technology Report, an annual study designed to aid healthcare providers in understanding and following trends in the patient payment and billing experience and the impacts on revenue cycle outcomes. The full report is available on the company’s website.
“The financial experience can have a significant influence on a patient’s loyalty to their provider”
From patient loyalty to data security, the report shows that patients want a retail-like payment experience from their healthcare provider, and they don’t necessarily trust Silicon Valley companies with their financial data.
The survey of over 1,000 U.S. healthcare consumers tracks the evolution of revenue cycle solutions and their popularity among patients.
- 58% of patients prefer to pay their medical bill online and most patients say having the ability to pay online would influence whether they return to their provider.
- Two-thirds of patients say that receiving a medical bill in their preferred method would cause them to pay their bill more quickly, highlighting the growing importance for flexible and inclusive billing and payments solutions.
- Most survey respondents say they have had a negative financial experience with a medical provider, but only about one-third have taken action by having left a negative review in the past.
- 94% of patients expect their providers to use more and more technology to collect payments, identifying an appetite for evolution and advancement in patient financial engagement.
The report shows that patients trust their healthcare provider and their third-party partners twice as much as they trust large technology companies. As these companies enter the healthcare industry, it’s important to note who patients trust most with their information.
“Patients are asking for flexibility and transparency from their healthcare provider,” said Clayton Bain, Salucro Founder and CEO. “65% of patients say they have had a negative financial experience with a medical provider, and providers need to keep this in mind when they are listening and responding to their patients.”
Patients want more retail-like payment services like text-to-pay, and are increasingly interested in flexible financing options. When asked what would keep them from returning to their medical provider, 44% of survey respondents said that a difficult and unorganized billing process was the main factor.
“The financial experience can have a significant influence on a patient’s loyalty to their provider,” said Rebecca Grossman, Senior Vice President of Strategy for Salucro. “Healthcare providers that deliver a personalized and efficient billing process can see a positive impact on both revenue cycle outcomes and patient satisfaction. We know that patients are more likely to respond and react to billing statements when they are delivered through their preferred communication channel.”
You can download the full 2022 Patient Payment Technology Report today at salucro.com.
From online bill pay solutions to provider-facing payment integrations, the Salucro platform brings cohesive payment experiences to healthcare providers, patients, and third-party collection agencies. Salucro belongs to an elite group of organizations worldwide that have earned both PCI DSS Level 1 Service Provider and HITRUST CSF Certified status, proving Salucro’s continued commitment to managing risk and improving payment security and compliance. To learn more, visit salucro.com.