When you think of companies that cater to consumerism, you might think of Amazon.com and its global ecosystem of businesses offering an on-demand shopping experience anytime. Or you might think of Walmart, where you can conveniently buy frozen chicken, an engagement ring and new tires for your car all in one location. Unfortunately, healthcare organizations probably weren’t top of mind in this list.
However, after a slow start, consumerism has finally picked up speed in our industry…and it’s gaining real traction. McKinsey & Company’s Debunking Common Myths about Healthcare Consumerism cited the number one myth about healthcare consumerism is the belief that consumers don’t expect the same customer experience in healthcare as they do to retail and technology settings. In reality, consumers now expect convenient, high-quality experiences in all aspects of their lives—including healthcare.
What does this mean for healthcare organizations? Most importantly, it means they mustn’t buy into the myth that patients don’t have consumer-level expectations. Navicure recently commissioned Porter Research to conduct a survey on patient engagement and consumerism, and found that 63 percent of respondents are in fact seeing their organization and patients affected by consumerism. The survey respondents also revealed the following:
- 33% have a price estimation tool
- 25% have a credit-card-on-file solution
- 26% send electronic patient statements
These results show that only a minority of respondents are using key patient payment solutions to help with patients payments and give them a consumer-friendly experience! Providers need to implement patient estimation and payment tools in order to adapt to rising consumerism in the industry, especially in light of the Navicure survey finding that 67 percent of respondents reported that patient confusion with payment responsibility was the top challenge to price transparency.
Check out Navicure’s infographic, How Consumerism Is Affecting Healthcare Organizations, to see more survey results and how they impact healthcare organizations.