A new type of consumer is emerging as HDHPs, public exchanges and employers shift a greater share of financial responsibility to medical patients. Below are five insights from our digital healthcare payments webinar.
1. NEW PLAYERS ARE DISRUPTING COVERAGE
Private exchanges enrolled 12.7 million people in 2016, but more than half require a deductible of $3,000 or more.1 Meanwhile, healthcare providers that offer insurance plan coverage are turning into payers.
2. TRENDS ENCOURAGE COST-CONSCIOUS PATIENTS
While many patients still rely on their primary care physicians to guide their healthcare decisions, a recent study showed HDHP members spending 12% less on total healthcare, including preventive services.1
3. ALTERNATIVE DELIVERY IS ON THE RISE
Patient care at retail clinics costs 30% - 40% less than physician practices.2 Many of these outlets are striking partnerships with major health systems to handle increased demand.
4. CONSUMER PAYMENTS ARE GROWING TOO
Patient out-of-pocket payments make up 12% of all U.S. healthcare purchases. These spending patterns are expected to increase from $406 billion in 2015 to $515 billion by 2019.3
5. PROVIDERS CAN BENEFIT BY PLANNING AHEAD
As more healthcare consumers seek value, convenience and easy-to-understand billing, providers that adopt patient-centric, digital payment options will be positioned for future success.
1. NIH, CastLight Health, Health Care Cost Institute, 2016
2. Health Affairs, 2016
3. CFPB, Aite Group, 2016
- Patients are taking on a greater share of medical costs and decision making
- Demand for cost-effective, simplified healthcare delivery is driving growth at alternative care outlets nationwide
- Providers that offer digital payment options stand to benefit as consumer spending volume increases