Becker's Hospital Review

22 Executive Briefing Understanding the gaps and challenges patients face in each of these stages can help providers improve how they inform and engage patients and prioritize the patient financial experience. Sources of Stress Patients experience varying levels of stress throughout the six stages of their healthcare journey, and not surprisingly, the type of visit—whether routine, follow-up or unplanned—also affects patients' stress levels at each stage. For all types of visits, the initial realization that medical care is needed caused the greatest concern (60 percent). 4 When unplanned care was needed, this surges to 78 percent. 4 Receiving a post-care bill also caused great concern. More than half of all survey respondents (53 percent) indicated they felt stressed at this point. 4 Learning about the cost of treatment (27 percent) and what's covered by insurance (24 percent) was also worrisome. 4 As patients take on more of their healthcare financial responsibilities, paying for unplanned expenses is becoming a serious burden, and budgeting and saving for these scenarios aren't necessarily happening. In fact, a survey by The Physicians Foundation late last year found that 73 percent of Americans said they are concerned about being able to pay for medical treatment if they got sick. 5 Filling the Information Gap While the cost of treatment is a concern for many patients, few (less than 15 percent) researched cost information before seeking care or making an appointment. 4 Of those who researched costs ahead of time, patients seeking follow-up care spent the most time researching, with nearly half spending an hour or more; however, about 1 in 4 had difficulty finding the information they needed. 4 Although few consumers research healthcare costs, our study shows that almost half (49 percent) believe they have some responsibility in finding the cost information they need, but they also expect insurance companies (54 percent), healthcare staff (48 percent) and doctors or other healthcare professionals (18 percent) to share in that responsibility. 4 Other survey results show that 88 percent of consumers surveyed said they want to know their payment responsibility up front, 3 which underscores a need for greater access to cost and payment information. Information at Each Stage Once patients begin interacting with a healthcare practice or facility after making initial contact, staff and providers have an opportunity to provide treatment cost and payment information. However, our research shows this does not happen in many cases. At every stage of the healthcare journey, more patients report wanting cost-related information than say they received it. 4 Additionally, at every stage of the journey, patients reported having more interest in co-pay information versus their overall out-of-pocket costs. 4 Healthcare staff were able to provide co-pay information more often, especially during the check-in stage (33 percent). 4 This may suggest a greater familiarity and comfort with co- pays by all parties, and it is possible patients sometimes assume a co-pay represents the complete out-of-pocket obligation. Post-Care Billing As previously mentioned, the second-most stressful stage of the healthcare journey for patients, after realizing that medical care is needed, is when they receive a bill after their appointment. The majority of survey respondents (53 percent) reported being surprised by the amount they owed. 4 More concerning, nearly a third of patients owing a balance reported difficulty in being able to pay the amount owed, and almost a quarter (23 percent) considered using a financial solution, such as healthcare financing, to help with payment. 4

• Cover