Waystar Survey Finds Patients More Stressed About Medicals Bills than About Care
CHICAGO, Nov. 19, 2020 /PRNewswire/ -- Waystar, a leading provider of healthcare payments software, today released a consumer survey based on the upcoming final rule on price transparency from the Centers for Medicare and Medicaid Services (CMS). The rule, which will go into effect on January 1, 2021, will require U.S. hospitals to provide clear, accessible pricing information online about the items and services they provide so patients can compare provider estimates in advance.
Waystar's study, entitled "Consumer Attitudes Toward Medical Bills and the Price Transparency Rule," revealed that while patients are interested in better understanding the cost of care, the current medical billing process remains complex and stressful. The upcoming price transparency rule is a step in the right direction toward creating a truly consumer-centric healthcare experience, but 81% of patients said that knowing their actual out of pocket cost — rather than the standard price — would make them more likely to seek care. This underlines the need for providers to take further action to improve price transparency and help patients through the bill pay process.
Key findings of the survey include:
Waystar provides next-generation, cloud-based technology that simplifies and unifies healthcare payments. The Waystar platform removes friction in payment processes, streamlines workflows and improves financials for providers in every care setting. Waystar products have won Best in KLAS® or Category Leader every year since 2010 and earned multiple #1 rankings from Black Book™ surveys since 2012. The Waystar platform supports more than 450,000 providers, 750 health systems and hospitals, and 5,000 payers and health plans. Waystar is backed by EQT, Canada Pension Plan Investment Board, and Bain Capital. For more information, visit waystar.com or follow @Waystar on Twitter.
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