Current state of the patient financial experience
Insights to elevate patient financial care
Waystar’s Current State of the Patient Financial Experience Report shines a light on what it will take to rebuild trust with patients and remove the barriers that prevent them from seeking care so health systems can continue on their mission of delivering high-quality care to the communities they serve.
Even when patients do seek care, more than half have felt confused about what they owe after their visit and what their insurance covered. What’s more striking, it doesn’t matter how many years of school a patient has under their belt, even PhD graduates felt confused about what they owe.
If left unresolved, these pain points will continue to deteriorate patient trust in the healthcare ecosystem. Patients should trust their providers to do no harm, both physically and financially. Therefore, getting patients back in for care will take more than eliminating the threat of COVID-19. Health systems must also eliminate threats to patient trust, which include unclear and unaffordable billing communication. Fostering trust benefits everyone in healthcare, from health systems to the patients themselves. When patients are no longer hesitant to receive care, entire communities can thrive and reach their full health potential while our health systems stay funded. In this scenario, everyone wins.
- 1 More patients are skipping care out of cost concerns
- 2 Patients needing financial assistance
- 3 Medical bills are leaving patients confused about what they owe
- 4 Providers are focused on getting patients back in for care