The rise in popularity of high-deductible health plans has changed the way patients approach their medical expenses.
Patients are paying even closer attention to healthcare costs and shopping around more to find their best care option. At the same time, they face challenges to cover medical expenses. Nearly half of patients (42 percent) are "very concerned" or "concerned" about being able to cover out-of-pocket medical bills in the next two years, according to a HealthFirst Financial Patient Survey.
Patients also seek simplicity, said Stuart Hanson, senior vice president and general manager of consumer payments with Nashville, Tenn.-based Change Healthcare, during a presentation at the Becker's Hospital Review 3rd Annual Health IT + Revenue Cycle conference in Chicago.
"They're looking for an Amazon-simple experience in their healthcare," Mr. Hanson said. "They want real transparency. They want to easily shop and compare and project what their costs are going to be. They want to easily understand their bills and easily make their payments."
Amid these trends, Mr. Hanson and Jack Gehrke, head of consumer digital payments with Hartford, Conn.-based Aetna Consumer Health Solutions, contend there are opportunities for healthcare providers to improve collections, as well as patient experience. Mr. Gehrke said Aetna offers a price estimate service so members can understand what their costs will be prior to receiving care. Aetna and Change Healthcare are also collaborating on developing a consolidated healthcare financial summary for Aetna members that will include the patient's deductible amount, out-of-pocket costs and claim information, as well as an ability to pay their healthcare medical expenses in one place. The "digital wallet" solution is expected to launch later this year.
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