CareCredit, CWH Advisors Patient Pay Survey Finds Majority of Patients Would Consider Funding Options to Pay for Healthcare Costs
COSTA MESA, California, March 24, 2021 / PRNewswire / – According to a new survey sponsored by Care Credit, a Synchrony solution (NYSE: SYF) and a leading provider of promotional financing for healthcare consumers. The survey, conducted in October 2020 by a management consulting firm CWH Advisors, also found that 45% of all patients and 69% of younger patients have ever used a payment plan that allowed them to pay their health care bills over time.
Within the U.S. healthcare system, the coronavirus pandemic (COVID-19) has forced changes throughout the patient journey, from telehealth appointments to contactless payments. Survey results show patients are now looking for the same level of convenience they expect in other areas of their lives where they can choose to buy now, flexible payment options for online purchases or use mobile payment services to secure person-to-person. Payments. Additionally, 51% of those surveyed use financial and health apps multiple times a week, with 75% of younger patients reporting using new person-to-person or digital payments to pay their health care bills.
“Every crisis teaches us lessons that change the way we do things in the future,” said Beto Casellas, CEO, CareCredit. “When it comes to paying for healthcare, patients want convenient digital payments and reliable options that allow them to fit medical expenses into their budget and pay over time in a way that works. for them and their families. To stay ahead of the curve, healthcare systems must seek out reputable third-party solutions that not only empower patients, but also build trust and stand out by meeting the evolving needs and expectations of patients. patients. ”
The other main findings of the survey are as follows:
- 79% of consumers of all ages trust healthcare providers with their personal data and trust them to deliver healthcare credit cards and other payment solutions to patients.
- Consumers are also okay with requesting a new healthcare payment product, with 42% agreeing they would go through their healthcare provider, 42% saying they would go through their payer, and 39% by their bank.
- Consumers under 55 want prices, payment products, and plan options from their health care provider before they receive care. Fifty percent would like the payer and 49% would like the health care provider to share the funding options.
“COVID accelerated healthcare payment trends that were already underway,” said David Stievater, senior partner, CWH Advisors. “Consumers want a more multi-channel experience that reflects their retail shopping experience, including more digital payment options and easier access to online payment portals. The results of this study further reinforce the need for all provider organizations and in particular healthcare systems to more proactively offer funding to patients. solutions before, during and after the delivery of care. ”
To learn more about the CareCredit, CWH Advisors Patient Pay study, please visit us at www.cwhadvisors.com/contact.
About CWH Advisors
We are made up of experienced healthcare executives, industry thought leaders and strategic thinkers. We believe that recruiting seasoned operators versus career consultants is a superior model and offers our clients an effective extension of their leadership teams. We understand the industry and its evolving challenges, which allows us to present more informed approaches and ideas. We help our clients accelerate their growth, overcome obstacles and strategize for new frontiers. For more information, please visit us at www.cwhadvisors.com
For more than 30 years, CareCredit, a leading provider of special health care funding, has helped people get the care they want and need. From dentistry, veterinary care and hearing aids to prescription glasses and cosmetic surgery, the CareCredit credit card is a way for people to pay for care not covered by insurance, including elective procedures, co-payments, deductibles and coinsurance, often with special funding. Today, CareCredit is accepted at more than 250,000 health-focused providers and retail outlets and there are over 12 million CareCredit cardholders. CareCredit is a synchronization solution (NYSE: SYF).
Synchrony (NYSE: SYF) is a leading consumer financial services company. Synchrony offers a wide range of specialized financing programs, as well as innovative banking products for consumers, in key industries such as digital, retail, home, automotive, travel, health and animals. of company. Synchrony enables partners to increase their sales and retain consumers. Synchrony is one of the largest private label credit card issuers in United States; Synchrony also offers co-branded products, installment loans, and consumer finance products for small and medium-sized businesses, as well as healthcare providers.
Synchrony is changing what’s possible with our digital capabilities, deep industry expertise, actionable data insights, seamless customer experience, and personalized financing solutions.
For more information visit www.synchrony.com and Twitter: @Synchrony.
Angie hu, [email protected]
Contact CWH advisers:
Trish tarantino, [email protected]