US Consumers Forgo Medical Treatments Over Lack of Healthcare Payments Options

When it comes to healthcare financing, American consumers want choice. From payment plans to alternative financing programs, our research shows patient loyalty is driven by the perceived quality of their entire healthcare experience — and that includes paying their bills.

That is just one of the key findings presented in The Access Channel: How Healthcare Financing Keeps Patients Engaged, a PYMNTS report with research sponsored by CareCredit. The report is based on the findings from a census-balanced survey of  3,546 adult American consumers regarding their customer experiences as patients conducted from June 17 to July 8, 2021.

More key findings from the study include:

Many middle-income American families live paychec k to paycheck and are at risk of rationing healthcare. While most patients have health insurance, PYMNTS’ research has found that 54% of Americans
earning between $50,000 and $100,000 annually live paycheck to paycheck and would likely benefit from healthcare financing options.

Despite some consumers’ financial challenges, providers, nearly half are unaware of their healthcare financing options and few know how much they will be charged at the end of their healthcare visit. Only 30% of patients were able to get an estimate of their costs before they began treatment.

Payments options matter greatly to consumers and have a direct impact on patient loyalty. Our research revealed that nearly two-thirds of patients would be willing to switch healthcare providers if payment experiences fail to meet their expectations.

To learn more about how healthcare financing drives patient loyalty, download the report.