Becker's Hospital Review

23 Executive Briefing Significant increases in out-of-pocket healthcare costs may explain why receiving a bill is so stressful for the majority of healthcare consumers: deductibles have increased 183 percent since 2006, and they have doubled (100 percent increase) in the past decade (since 2009). 6 Help with Payments Regardless of the type of visit—routine, follow-up or unplanned—patients who face difficulty paying their balances owed may welcome information on ways to help plan for and help cover the costs. More than a third (35 percent) of patients expressed interest in learning about payment plans when receiving a medical bill. 4 Among younger patients, interest levels are nearly double, with almost two-thirds (64 percent) saying they wanted information on payment plans to be included in their medical bills. 4 An Opportunity for Impact The results of our study highlight that at every stage of the patient's healthcare journey—from realizing that medical care is needed to receiving a post-care bill— patients want easy access to cost information, an understanding of what their out-of-pocket costs will be, a financial solution to assist, and overall reassurance and support. Healthcare staff have the opportunity to help patients understand and plan for their financial responsibilities by offering them options to pay for their care in a way that's helpful for them. We understand that talking about money can feel uncomfortable, both for patients and providers, but it's a critical aspect of the overall healthcare experience. When you talk about cost and payment options early and often, you can better support patients at all stages of their journey with you. You can also help patients prepare for and fulfill their financial obligations, making it easier to get the care they want and need while fitting healthcare payments into their budget. n 1 GCI Health and Harris Poll, The COVID-19 Health Impact Survey: Select Findings for Communicators, May 2020 2 Price Waterhouse Cooper, The COVID-19 pandemic is influencing consumer health behavior. Are the changes here to stay?, April 2020 3 Instamed, Trends in Healthcare Payments Ninth Annual Report: 2018, Feb. 2019 4 CareCredit, Understanding the Medical Journey Research, Aug. 2019 5 The Physicians Foundation, 2019 Survey of America's Patients, Oct. 2019 6 Kaiser Family Foundation, Employer Health Benefits 2019 Annual Survey, Sept. 2019 (Among those with individual coverage under employer-sponsored plans that include a general annual deductible). A pioneer in healthcare financing for more than 30 years, the CareCredit health, wellness, and personal care credit card gives patients a way to pay for out-of-pocket healthcare costs while fitting payments into their monthly budget.* Providers receive payment within two business days, with no liability if the cardholder delays payment or defaults.** Today, more than 11 million people have a CareCredit credit card and it's accepted to pay for care at 240,000 U.S. locations. For more information, visit carecredit.com. *Subject to credit approval. Minimum monthly payments required. See carecredit.com for details. ** Subject to the representations and warranties in your Agreement with CareCredit, including but not limited to only charging for services that have been completed or that will be completed within 30 days of the initial charge, always obtaining the patient's signature on in-office applications and the cardholder's signature on the printed receipt.

• Cover