Becker's Hospital Review

21 Executive Briefing Sponsored by: T he global Coronavirus (COVID-19) pandemic has transformed nearly every facet of our daily lives, from how we live and work to how we seek and receive healthcare. Within the U.S. health system, Coronavirus has driven rapid innovation and agility as providers and healthcare organizations seek new ways to meet the needs of patients and ensure continuity of care. Meanwhile, some hospitals and health systems are managing difficult and rapidly evolving situations involving an influx of Coronavirus patients and facing financial constraints as elective procedures have been cancelled or postponed. While the pandemic has highlighted areas for improvement within the U.S. healthcare system, it has also been a catalyst for innovation and resourcefulness that will reshape the future of healthcare. Coronavirus has rapidly propelled healthcare consumerism forward, and as we enter the next chapter, providers and hospitals will need to balance patient concerns about the timing of non-emergent procedures with the desire for access to and more convenient interactions with their providers. About 44 percent of Americans cancelled or postponed medical appointments due to the Coronavirus 1 , with 5 percent of American consumers reporting that they or a family member used telehealth for the first time during the pandemic. Among those new to telehealth, 88 percent reported they would use it again. 2 Convenience features, including remote consults and touchless payments, are likely to become a crucial way for patients to access the care they need, while providing a positive patient experience that will help support and sustain a provider's practice. During this time consumers may become more conscious of their finances and financial planning needs, with 32 percent of consumers making or planning to adjust their spending on healthcare visits as a result of Coronavirus 2 . Increasing engagement for these consumers may rely on the trust health systems are able to build with them over the next few months, particularly as it relates to billing and other financial matters. Prior to the pandemic, we conducted a study 4 to understand patients' financial needs throughout their healthcare journey. We examined the assumptions, needs and motivations of patients at various stages of their healthcare experience, from first learning one needs care, through making and having appointments, to receiving post-care bills. We surveyed over 2,000 U.S. adults who had visited a doctor or healthcare facility within the past twelve months for routine, follow-up, or unplanned care for themselves or their dependents. Much of what we learned likely still applies—or may be even more important—in today's environment. Here's what we learned. The Impact of Cost The cost of healthcare is having a significant impact on patients' decisions about their care. Forty-three percent of patients surveyed said they had changed their behavior due to costs. 4 Nearly all of those changes involved decreased or delayed care, including not filling prescriptions, not fully complying with a recommended medical treatment plan or taking less than a recommended dosage of a prescription. Uncertainty around healthcare costs is also impacting patients' relationships with their healthcare providers. An Instamed study found that 93 percent of consumers surveyed said they were surprised by a medical bill in 2018. 3 Given the extent of surprise billing, it's not surprising that nearly two-thirds of the patients CareCredit surveyed (65 percent) said they would consider switching providers after receiving an unexpected high bill, and 28 percent said they would very likely do so. 4 Nearly 59 percent said they would consider switching providers if the office staff could not tell them the cost of a visit or procedure. 4 The Patient Journey To better understand the patient financial experience and the decision-making factors patients encounter, our study focused on these six stages of the healthcare journey: 1. Realizing that medical care is needed 2. Scheduling an appointment 3. Checking in at their provider's office 4. Seeing their healthcare provider 5. Checking out at their provider's office 6. Receiving a post-care bill for any balance due Addressing the patient financial experience in today's challenging healthcare environment By Tim Donovan, Synchrony SVP and CareCredit Chief Marketing Officer

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