Salucro’s New Patient Payment Technology Report Shows Billing Experience Directly Affects Relationship with Provider
78% of surveyed patients reported that the billing process is somewhat or very important when selecting a provider, with 53% that have had a negative financial experience stating they left bad reviews for their provider
PHOENIX–(BUSINESS WIRE)–Salucro Healthcare Solutions, a leading healthcare payment technology company, today released its 2023 Patient Payment Technology Report, sponsored by American Express, which provides healthcare leaders and their revenue cycle teams a panoramic view of patient billing and payment preferences – and how to take action to create a world-class patient financial experience. Based on a survey of over 1,500 U.S. healthcare consumers, the 2023 release of this annual report includes insights on consumer confidence and patient loyalty, patient financial preferences, and trust in technology and security.
Some key findings from the report include:
- 78% of patients say the billing process is somewhat or very important when selecting a provider.
- 72% of patients report trusting their healthcare provider or partnered technology firms to handle their medical payment data.
- 66% of patients say that they prefer email or text message notifications about new billing and payment reminders.
- 53% of patients who had a negative financial experience with their provider report having left a bad review.
“We’re seeing a shift in the way patients view their financial experiences with their providers as they are increasingly benchmarking their healthcare financial experience against interactions and standards set by other consumer-focused sectors,” said Clayton Bain, Founder and CEO of Salucro. “This means that the entire patient journey – from pre-service outreach to clinical care, following through to the final billing statement – needs to meet or even exceed these evolving standards.”
The report highlights a notable rise in digital payment preferences, with the demand for recurring payment plans increasing by 11% since 2019, showing that while the demand for healthcare services remains high, healthcare consumers are not immune from ongoing financial concerns and the impact of inflation on the U.S. marketplace. Additionally, the preference for contactless payments has doubled within two years – from 11% in 2021 to 22% in 2023 – and an increasing number of patients would prefer the option to use digital wallets, PayPal, and Venmo to pay their medical bills if given the choice.
However, the digital swing does not render more traditional payment and communication methods obsolete. 32% of patients still prefer to receive their healthcare billing statements in the mail and 27% still pay by check, driving home the need for a balanced strategy when it comes to patient billing. Amidst the push for “digital-first” payments and billing approaches across the healthcare market, it’s more important than ever to have comprehensive and inclusive fallbacks that allow providers to meet patients where they’re most likely to take action, regardless of their preferred communication channel.
“The report shows that the billing process continues to play a critical role when patients are evaluating new providers and that offering access to a variety of payment options, such as American Express, is a key to patient satisfaction” said Christopher Lolli, VP/GM Sales and Marketing at American Express. “With this in mind, it’s important for providers to meet their patients’ needs and expectations in the billing process and offer a patient financial experience that maps to their growing and unique preferences.”
The 2023 Patient Payment Technology Report is available as a free download today at salucro.com.
About Salucro
Salucro is a healthcare financial technology company exclusively focused on patient payments and billing. From online bill pay solutions to in-context payment integrations that sit directly within the EHR workflow, the Salucro platform brings cohesive payment experiences to healthcare providers, patients, and technology partners. Salucro belongs to an elite group of organizations worldwide that have earned both PCI DSS Level 1 Service Provider and HITRUST CSF Certified status, proving Salucro’s continued commitment to managing risk and improving payment security and compliance. For more information, visit salucro.com.
About American Express
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.
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