Imagine going to a car dealership, writing a check for your chosen vehicle and driving home in your shiny, new wheels. Now imagine that 3-4 weeks later, you receive a surprise bill to cover the bulbs in the headlights and taillights, the battery, the brake pads and fluid, the oil and gas — every ‘extra’ that is, in fact, necessary for the car to run. It sounds ludicrous, yet healthcare consumers face an ongoing lack of price transparency, as we noted back in 2014. And it’s having a negative impact on patient payments. Why is transparency still an issue in the age of healthcare consumerism?Read More
Insights on Today's Healthcare Consumer
In recent years, reports like Becker’s ASC Review have noted that healthcare costs, including out-of-pocket maximums and deductibles, have climbed nearly 30 percent. These rising costs have created challenges for both healthcare providers and patients.
On the provider side, revenue cycle management becomes the main issue. The same article noted that 82 percent of healthcare providers and 92 percent of hospitals have seen their profit margins shrink using traditional collection methods. And on the patient side? With more of the financial burden of healthcare on their shoulders, consumers aren’t willing to shrug off poor experiences — from how appointments are made to how patient payments are handled.Read More