More than ever before, patients have high expectations when it comes to the way they pay for care. Exacerbated by financial hardship and trends toward paying with digital options, patients are now expecting flexible, convenient payment methods - and they are willing to find new providers if they cannot pay how they want. What do healthcare providers need to stay competitive?
TSG and Bank of America surveyed over 650 healthcare providers* in the U.S. to understand their experiences with patient payment solutions, and the need for solutions that put patients first. Download Infographic →
Key Insights
- 72% of patients used credit or debit cards for their last healthcare payment
- 30% of providers felt implementations of payment solution platforms in the last five years were not successful
- Only 33% have payment solutions that are fully integrated with their Electronic Health Record (EHR) or Revenue Cycle Software
- HIPAA-compliance was most frequently noted as the most crucial platform feature
- 78% of providers would feel more confident in a solution provided by a bank
Providers Want Solutions that Put Patients First
Bank of America helps healthcare providers prioritize patients’ needs, reduce payment complexity, and improve the seamlessness of their patient payment solutions while giving them the tools they need to increase efficiencies and reduce costs.
Email [email protected] to learn more about a solution provider’s trust. Or visit business.bofa.com/healthcare.
PaymentsPulse
Looking to survey the market? TSG can support your survey engagements and market research needs to provide insight into consumers, merchants, or specific samples of the payments market. Learn More
TSG and Bank of America conducted a survey of 672 healthcare providers in the U.S, to understand their experiences with the patient payments-related processes at their organization. The survey, conducted between Monday, June 6th and Friday, July 1st, 2022, includes feedback from healthcare providers and employees working in the billing, finance, or IT departments, in 49 out of 50 U.S. states. With providers working at hospitals, health systems, or clinics/medical offices with 1,001 - 5,000 employees making up the largest portion of the sample (29%). The margin of error is +/- 3.78% at a 95% confidence level.
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TSG (The Strawhecker Group) is a globally recognized analytics and consulting firm that supports the entire payments ecosystem, serving over 1,000 clients from Fortune 500 leaders to more than a dozen of the world's most valuable brands. Trusted by industry leaders, TSG's strategic services, market intelligence, and analytics merge to empower clients with actionable and accessible information. Please visit www.TheStrawGroup.com.
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Reducing Friction for Healthcare Payments Systems - Healthcare Dive
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