[October 29, 2014]

Healthcare Consumer Survey: Pricing Transparency and Payment Options Drive Patient Satisfaction and Loyalty

As consumers increasingly shop for medical care and health insurance the way they do other services, they overwhelmingly want to know healthcare pricing information and payment options as early as possible, according to a new survey sponsored by national patient financing leader CarePayment®.

Just about all patients (95 percent) say it's important to know the total cost of a medical procedure upfront, according to the national survey of 407 patients who used CarePayment payment programs. Nearly everyone (96 percent) also wants to understand their payment options before receiving medical care, the survey found.

Cost alone is not the driver in choosing providers or health plans, however; the ability to make care affordable is more important. Nearly three out of four people (73 percent) think having a CarePayment account removes barriers to receiving medical care when they need it.

"These findings should spur healthcare providers to make significant changes in how they engage with patients. With out-of-pocket healthcare costs and health insurance premiums rising at a faster rate than wages, people face tough choices about when and where to receive treatment or if they can afford care at al," says Craig Hodges, CEO of CarePayment. "Our survey results make it clear patients want providers to help them understand and manage the financial side of receiving medical care."

As the survey shows, people increasingly judge hospitals, physician groups and other healthcare providers based on how they handle patient financial matters. And they are taking action, rewarding providers that offer affordable payment options such as CarePayment's 0.00% APR financing for the life of the account with increased loyalty, satisfaction and referrals.

• 93% were satisfied with the billing experience after they began using CarePayment
• 88% became more satisfied with their providers after they began offering CarePayment
• 86% of customers are more likely to recommend medical providers that offer the CarePayment program to help pay medical bills
• 80% of customers are more likely to return to a provider for additional care because they can use CarePayment to pay their medical bills over time
• 73% say the availability of CarePayment would influence their decision in choosing one provider over another

The telephone survey, conducted by Hardwick Research in August and September of this year, has a margin of error of ±4.84% with a 95 percent confidence level.

About CarePayment

Headquartered in Lake Oswego, Oregon, CarePayment is a patient financial engagement company that accelerates provider transition to the new consumer-driven healthcare market. Powered by advanced technology and analytics, our innovative patient financing solutions improve patient satisfaction and loyalty while delivering superior financial results. By partnering with healthcare providers to make affordable financial options available, CarePayment helps patients get the care they need, when they need it, while protecting the financial health of provider organizations so they can continue to offer valuable care to the community. The CarePayment 0.00% APR payment program is compliant with applicable state and federal consumer credit laws, requires no application, and is supported by a friendly US-based customer service staff. Accounts for the program are issued by WebBank of Salt Lake City, UT. Find more information at http://www.carepayment.com.

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