How Cost Impacts the Patient and Provider Journey

Out-of-pocket healthcare costs represent a significant barrier to care in the United States, often leading to a "cycle of avoidance." When patients face unexpected expenses, they experience stress and anxiety, frequently delaying or forgoing necessary treatments. This delay not only compromises patient health but also impacts provider operations through increased delinquent accounts and the administrative burden of in-house financing.

Key findings across medical specialties include:

• General Barriers: 1 in 2 patients struggle with out-of-pocket costs, and 50% have delayed care as a result.
• Timing Discrepancies: While 55% of patients want to discuss payment options before scheduling, 77% of providers wait until the actual appointment to mention financing.
• Specialty-Specific Strains:
  • Hearing: 68% of consumers delayed hearing aids specifically due to cost.
  • Orthopedics: 34% of patients are surprised by the final bill, which is often 20% higher than the initial estimate.
  • Dermatology: 1 in 2 cardholders would switch providers to access flexible financing like CareCredit.
• Provider Risks: 50% of practices must use debt collectors for late payments, yet only 40% are satisfied with their current in-office payment plans.

Proactive financial discussions—handled early in the patient journey—can help 3 out of 4 patients seek more services and allow providers to focus on clinical outcomes rather than debt collection.