BOISE, Idaho, Dec. 16, 2020 (GLOBE NEWSWIRE) — VisitPay, the chief in affected person monetary engagement, is immediately saying the outcomes of a brand new survey that reveals the state of shopper stress and monetary conduct within the wake of COVID.
Financial fallout from COVID continues, with most shoppers (61%) saying this recession has had a extra unfavorable impression on their household than that of 2008, and with COVID having the best impression (66%) on private funds in comparison with different widespread life bills.
Additional exacerbating each monetary and well being stresses is a supply of frustration immediately associated to each: paying for medical payments. Most People (60%) report medical payments as a prime supply of stress. But the survey reveals a discrepancy between the stress People really feel from medical payments and their precedence to pay them. Whereas medical payments land at No. 2 (behind solely bank cards) when ranked amongst different widespread payments as a supply of stress, they take the underside spot for precedence to pay in a given month.
Widespread medical billing ache factors will be the cause medical payments prime the stress listing however fall to the underside of the cost listing (behind credit score, telephone, web and cable payments). Prime frustrations embody: shock prices (31%), confusion on how a lot insurance coverage is paying (20%) and unclear prices and dates (18%). Over one-third (37%) find yourself funding medical payments with bank cards, and, of those, three-quarters finance them through credit score for a number of months, compounding well being prices over time.
“Medical payments are a actuality for nearly each American, but they proceed to function sources of stress that many people attempt to keep away from — whether or not by not looking for medical care within the first place, or by ignoring the payments as soon as they arrive in,” mentioned VisitPay Co-Founder and CEO Kent Ivanoff. “The important thing reality for suppliers is the necessity to give attention to the affected person monetary expertise from starting to finish, with transparency and ease of entry to information sufferers by the billing course of with compassion and tailor-made cost alternate options that match their wants.”
Lastly, the survey means that medical payments could also be such a supply of stress that many are prioritizing their monetary well being over their bodily well being. An alarming 35% of individuals say they’d contemplate pushing aside remedy for COVID to keep away from medical payments; 39% are extra frightened about coping with the monetary burdens of the illness than contracting it within the first place.
In its ongoing quest to be on the forefront of shopper monetary conduct evaluation, VisitPay commissioned Researchscape to conduct this analysis. The information above is from a web based survey fielded November 10-13, 2020 to U.S. adults. It garnered 1,661 respondents. Outcomes had been weighted to be consultant of the general U.S. grownup inhabitants.
Based in 2010, VisitPay is the chief in affected person monetary engagement. The corporate’s third-generation cloud-based platform is utilized by the nation’s largest and most modern well being techniques to ship transparency, selection, and management to sufferers managing healthcare funds and transactions. By way of VisitPay, sufferers can entry a complete accounting of their monetary obligations, in addition to important well being plan and healthcare data, through a well being system-branded portal. VisitPay’s proprietary analytics tailor constant and absolutely compliant financing choices that meet the distinctive wants of sufferers and their households, making a simplified billing expertise that drives each increased cost charges and improved affected person satisfaction scores. VisitPay’s buyers embody Norwest Enterprise Companions, Flare Capital Companions, and Ascension Ventures.
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