According to a recent Kaiser Family Foundation study, approximately half of adults in the United States said that it is very or somewhat difficult for them to afford their health care costs. As the cost of care continues to rise, the economic interplay between patients and providers is a critical determinant of the overall care experience. A provider's perception of the possible challenges a patient could encounter when seeking care can influence the strategies to improve the patient care experience.
Barriers to Care and Providers' Perceptions
Healthcare costs remain a significant concern for patients. As highlighted in an accompanying study, "How costs impact the consumer healthcare journey" by CareCredit, 50% of patients feel stressed, anxious, sad, overwhelmed, annoyed and frustrated by out-of-pocket medical expenses. Unexpected medical expenses can lead to delays in seeking care, with many patients choosing to forego necessary treatments due to cost concerns. This phenomenon can create a cycle where untreated conditions can worsen, which can lead to higher costs and more complex care needs in the long run.
Providers are aware of the financial barriers their patients face. The same Synchrony study revealed that 61% of consumers prefer to learn about their available payment options directly from their provider's office in the form of email, mailed materials, phone call, text message or website.
To address these financial barriers effectively, transparency and early communication about costs is very important. The Synchrony study highlighted that proactive financial discussions can significantly reduce patient stress and improve their overall experience. When patients have as much information as possible about costs upfront, they're able to make informed decisions about how they pay for their care. This transparency helps in building trust between patients and providers, which is essential for effective healthcare delivery.
Integrating Financing Solutions
The complexity of the healthcare billing process can be overwhelming to patients, making it difficult for them to budget appropriately for their medical expenses. Providers can simplify the billing process for patients by offering several effective technology platforms. Patient portals enable patients to view and pay bills, track payment history and access health information such as test results and appointment schedules. Mobile payment tools enable convenient bill payments using smartphones, with reminders when payments are due. Additionally, price transparency tools provide upfront cost estimates for procedures and services, reducing confusion and unexpected bills.
Third-party financing solutions, such as the CareCredit credit card, also provide patients with alternative methods to manage their expenses. These offerings can include payment calculators, online payment options and financing options to help fit patient’s budgets. Offering third-party financing options to patients can benefit providers by helping reduce accounts receivable, administrative burden and improving the provider's revenue cycle management.
The integration of financing options into the patient care experience can improve provider-patient relationships and improve the payments process. Providers can also empower patients by having transparent, early financial discussions to enhance their understanding of the potential costs associated with the patient's visit. As the healthcare landscape continues to evolve, addressing the economic aspects of care will remain pivotal in fostering a more efficient and patient-centric approach to healthcare.
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Disclaimer
This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual advisors with respect to any information presented. Synchrony and any of its affiliates, including CareCredit, (collectively, "Synchrony") makes no representations or warranties regarding this content and accepts no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and patients through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer financing products to customers in their channel of choice. For more information, visit www.synchrony.com.
