Consumer satisfaction remains low for both providers and payers. The primary reasons cited by consumers for a poor healthcare experience are “surprise bills” and the lack of clear and accurate price transparency, before service or at the point of care. Consumers need help to become better informed decision-makers.
Providers, insurers, pharmacists, and others want to help them, but need to be able to align their products and services around patient/consumer wants and needs. In the end, if we achieve greater transparency, we can move toward a much better experience for healthcare consumers.
BANKRUPTCIES IN THE USA
DUE TO MEDICAL DEBT*
*Himmelstein, DU, Lawless, RM, Thorne, D, Foohey, P Woolhandler, S, 2019: Medical Bankruptcy: Still Common Despite the Affordable Care Act American Journal of Public Health 109, 431_433, https://doi.org/10.2105/AJPH.2018.304901
From our unique vantage point working with stakeholders across healthcare, Change Healthcare seeks to be neutral, objective, and collaborative partner with our payer and provider customers to help empower consumers.
Along with our customers, we are closely monitoring ongoing developments related to transparency in healthcare to determine how we can best help them address governmental requirements and their own market dynamics.
We see mandates for cost transparency as an opportunity to instill greater trust across the healthcare system itself, improve the consumer experience, and support healthcare retail initiatives and digital transformation objectives.
For payers, this means building trust with their members and empowering them with transparency. It means ensuring that billing, payment, and financing tools work seamlessly across the healthcare system like the consumer experience in other retail or e-commerce shopping and bill payment aspects of daily life.
For providers, billing and payment experiences are among the primary drivers of patient dissatisfaction. Transparency means more accurately estimating and collecting patient responsibility pre-service and at the point of care. This up-front price transparency can help foster an improved patient/provider relationship and reduce financial risk for both.
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