Written by Andrew Neal on Dec 7, 2022
New Report Shows That Patients Want Payment Solutions Designed Around Their Preferences
Two-thirds of survey respondents say receiving a bill in their preferred communication channel would cause them to pay more quickly.
As healthcare providers plan for the year ahead, a new Salucro report shows what kinds of technologies and engagement solutions that patients are asking for throughout the revenue cycle.
Our annual survey data shows that emerging payment methods like text-to-pay and digital wallets are growing in popularity, especially among younger patients. At a time when most patients describe their billing process as “okay” or “awful,” the 2022 Patient Payment Technology report shows what patients want, and how you can respond.
Effective Patient Payment Software Linked to Loyalty
55% of patients evaluate a provider’s online bill-pay platform when choosing whether or not to return.
Print and mailed statements are still important, especially among survey respondents aged 60 and over, but younger populations prefer a digital-first approach to patient financial engagement and paying their bills. Both options are equally important in the healthcare revenue cycle, but a majority of patients evaluate their provider’s online bill-pay platform when choosing whether or not to return for services.
Loyalty matters when evaluating your level of service. Aside from quality of care, price transparency is the main factor that deepens patient loyalty, and 16% of respondents rated their digital experience the most important.
Three Reasons Patients Leave a Bad Review for Hospital Revenue Cycle Teams
Difficulties with the billing and payment process are on the rise.
Most patients say they have had a negative financial experience with a medical provider, and 27% have left a bad review because of it. We asked patients what type of negative financial experience would cause them not to return to their provider. The top responses include:
- Incorrect or confusing charges
- Difficult billing and payment processes
- Limited digital capabilites
Other responses, including lack of payment options and delays in receiving a statement, show that patients feel most comfortable when they have confidence in the accuracy of their billing statement, that it’s sent where they expect it, and that they have ability to pay it however they prefer.
Contactless Healthcare Payment Solutions Follow Trends to Digital-First
Increase in patients prioritizing contactless payments from their provider.
Healthcare is following the same trends seen in other industries. Since the pandemic began in 2020, there has been an unprecedented shift to digital and contactless payments. Patients are asking for a financial experience that aligns with a more retail-like interaction as shown by their preference for an online bill-pay platform, digital pre-appointments, and text-to-pay functionality.
93% of survey respondents say they expect healthcare providers to use more and more technology to collect payments. The digital shift in healthcare revenue cycle management is widely accepted by patients, so choosing the right tools is more important than ever.
What Top Healthcare Companies Can Do to Prioritize Patient Billing Preference
Salucro Patient Payment Solutions
Salucro’s patient-first payment experience gives you the tools to delight your patients.
The Salucro platform offers online and mobile billing options, personalized notifications, and 24/7 live chat support. We have been exclusively focused on patient payment technology since 2004. Healthcare providers around the world benefit from Salucro’s commitment to modern solutions and exceptional security.
Download the 2022 Patient Payment Technology report to see more data and analysis from this Salucro study.