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Payment Models Helping Retailers Succeed in Healthcare

A growing number of retailers are offering healthcare services, from flu shots to having stitches removed. The products and services offered by those health retailers, such as pharmacies or department stores, are having an impact on how consumers approach their medical issues. And one option that many consumers are in favor of, is being able to finance procedures as if they were buying an appliance, according to data released by PwC.

Eighty-five percent of consumers would be “very” or “somewhat” likely to take advantage of financing options if they were offered by a health retailer, according to the report. As well, individuals would be more likely to have certain healthcare procedures — such as getting a flu shot — done if they were offered rewards, such as those offered by retailers and credit card issuers. Sixty-seven percent of those surveyed would be more likely to get a flu shot or an annual checkup if a rewards program were offered. Sixty-six percent of individuals would be more likely to get a repeat elective treatment if a discount subscription plan were offered, according to the report.

The report further codifies the impact that retail habits are having on the healthcare industry. Medical debt collectors would be wise to be aware of this data and these trends to make important decisions about collection strategies going forward.

 

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