What Consumers Want: A Patient Financial Engagement Survey
More than a year into COVID-19, we examined how patients in the United States are responding to a healthcare system undergoing rapid transformation. Specifically, we sought to uncover if patients can keep pace with the rising cost of healthcare, and how medical expenses factor into their overall budgets. We explore these topics and more, to help inform how hospitals and health systems can improve the patient financial experience.
The economic impact of healthcare is significant.
Health spending in the U.S. is expected to grow at an average annual rate of 5.4% to reach a staggering $6.2 trillion by 2028. A confluence of factors is forcing Americans to spend significantly more money on healthcare - including high deductibles, high insurance premiums, and other out of pocket expenses. And as healthcare costs continue to increase, so too do the financial concerns of Americans who worry they cannot afford to pay for their healthcare. At the same time, patients are becoming more savvy. They are taking more control over their healthcare decisions, using apps to track their conditions, and taking ownership of their medical records. Simply put, they are acting less like patients and more like consumers. The COVID-19 pandemic has thrust these two major trends - healthcare affordability, and the consumerization of healthcare - into the spotlight. At home, consumer patients were forced to take charge of their own care, and many hospitals and health systems greatly accelerated their adoption of consumer-friendly practices like telehealth. As for affordability, the industry is waking up to the reality that innovative solutions can be put in place to make healthcare more affordable and accessible for consumers. In our latest report, we sought to understand how U.S. consumers are faring with the rising cost of healthcare. In addition to paying for care, we also explored some of the ways health systems can meet modern consumers’ expectations for care delivery.
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