Executive Summary
COVID-19 brought immense scrutiny to almost all parts of the healthcare ecosystem. From macro trends like supply chain operations and vaccine rollouts, to the everyday practice of physician visits, the entire world watched as the healthcare industry grappled with the complexity of the pandemic. In many ways, the pandemic was a forcing function to modernize many aspects of healthcare, and do it as quickly as possible. Telehealth, for instance, saw significant upticks in usage and with great success.
But some of the major issues facing healthcare today continue, including the cost of medical expenses, and the process of paying for care. Among the most significant setbacks from the pandemic was the fact that many Americans avoided seeing a doctor when they were sick due to financial concerns. In addition to risking another public health crisis, this also presents major concerns for hospitals and health systems, who could be missing out on meaningful revenue from patients.
So, how do patients believe healthcare can become more affordable and accessible? And what can hospitals and health systems learn from the pandemic to modernize how they engage with their consumers? To better understand consumer behavior around many aspects of how they engage with healthcare - from insurance coverage, to telehealth, to billing and payments - Flywire commissioned independent research of more than 2,000 U.S. adults. These findings will arm hospitals and health systems with unique insights into how to respond to consumer demand and optimize the patient financial experience.