Fewer than 60% of healthcare providers are satisfied with their current patient payment systems and 30% said their most recent implementations were not successful, according to the results of a survey by Bank of America and The Strawhecker Group. The results underscore what consumers are looking for when making payments generally, and can help healthcare collection operations work with their clients to make sure payment platforms are built out with patient preferences in mind.
The survey included responses from more than 650 healthcare providers nationwide and asked for their thoughts about patient payment systems and what more the providers want from the platforms.
Nearly three-quarters of patients used either a credit or debit card for their most recent healthcare payment, illustrating the “high expectations” that patients have when it comes to the way they pay for their care, according to the survey. More than half of patients are interested in receiving email or text notifications related to payments, and 43% are interested in automated digital payments. Patients now expect “flexible, convenient payment methods, and they are willing to find new providers if they cannot pay how they want,” the survey concludes.
Providers are looking for platforms that credit a more seamless experience for patients, that integrate with their health records or revenue cycle software, and are compliant with HIPAA and relevant privacy laws. Other benefits that healthcare providers are seeking include: data safety, improved efficiencies and cost reductions, integrations with electronic health records, and increased patient satisfaction.