How prices affect patient decisions

Health spending on the rise

47% of Americans are on high- deductible plans.

60% say they have spent at least $1,000 on healthcare in the last 12 months.

38% spent $2,500 or more on care in

the past year. 

Collections

Recevied a medical bill they were unable to pay in full and had it sent to collections:

22% of millennials

17% of Generation Xers

12% of Baby Boomers 

Financial stress

40% of consumers aren’t sure how they would pay an unexpected medical expense under $500.

22% say a bill of less than $250 would prompt financial stress. 

Delaying care

56% of survey respondents have delayed care due to cost

26% percent have delayed care by a year or more. 

Payment options are unknown

• 74% say that in the past two years, their providers have not spoken with them regarding patient financing options or the availability of a payment plan. 

Generation X trends

45% of Gen Xers have shopped around for care based on price.

43% are likely to switch providers for low- interest or no-interest payment plans.

61% desire flexibility in payment according to their needs. 

Millennial trends

• 27% of Millennials have spent $5,000 or more on healthcare expenses in the past year, compared to 19% of Baby Boomers.

• Only 50% of Millennials understand their payment options.

• 42% are concerned about their ability to pay an unexpected medical expense under $500. 

Baby Boomer trends

55% of Baby Boomers consider transparency on out-of-pocket costs to be a critical factor in evaluating a healthcare provider.

71% want to discuss their ability to pay for treatment with their physician.