Two-thirds stated difficulty paying their deductible and 66% of respondents either delayed care or could not afford additional medical expenses without a financing plan
NASHVILLE, Tenn.–(BUSINESS WIRE)–#affordinghealthcare–A recent survey commissioned by CarePayment and conducted by Porter Research found that 42% of consumers delayed healthcare and 24% could not afford additional medical expenses without a financing plan due to COVID-19. According to the survey, delayed care was the number one way the pandemic impacted healthcare needs, followed by increased telemedicine and mental stress.
Conducted May – June 2021, Porter Research surveyed 2,500 CarePayment members, patients who are currently enrolled in CarePayment’s 0.00% APR patient financing solution, regarding the effects of the pandemic and the cost of healthcare if they were to pay medical bills in full rather than using the CarePayment program.
“We thought it was important to hear from our members about how they’ve been affected by COVID,” said CarePayment CEO Ed Caldwell. “Most of our members have high deductible health plans and only 19% actively save for a health event. The pandemic added another layer of difficulty that financially impacted families. Understanding these survey results has only fueled our mission to help make healthcare affordable for all Americans.”
The survey also found that consumers were struggling to pay medical bills independent of COVID, with two-thirds having difficulty affording their deductible. CarePayment members are also likely to have delayed their medical care if they were not able to use a patient financing plan for their out-of-pocket expenses. 45% stated they do not know how they would have paid for their medical expenses without CarePayment’s patient financing program, while 28% stated they never would have been able to pay their medical expenses without CarePayment.
According to the survey, consumers need more time to pay their medical bills. The majority want to pay for healthcare treatment costs with a financing plan for 12 months or longer. 91% stated it was easier to pay for medical expenses when they have at least 12 months to pay.
Consumers are also more likely to pay their bills through a 0.00% APR interest program vs. an interesting bearing program. 74% prefer to pay their future medical expenses with CarePayment’s interest-free solution, while 0% preferred a traditional interest-bearing financing program.
“This data proves what we’ve always known – people want to pay their bills. They just need more time and a compassionate solution that makes sense for their family,” said Caldwell. “With at least 12 months to pay and interest-free financing, the vast majority of patients are able to get the care they need without delay and pay their medical bills.”
The CarePayment program is co-branded to increase patient satisfaction and drive provider loyalty and trust. According to the survey, 73% of respondents were satisfied with their billing experience when the provider offered CarePayment.
CarePayment can be found in more than 2,000 provider locations throughout the country, serving over 6.1 million patients.
About CarePayment
CarePayment is a patient financing company that accelerates a healthcare provider’s 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. CarePayment’s patient-friendly financing 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 Republic Bank & Trust Company, Member FDIC. Find more information at www.carepayment.com.
Contacts
Jessica Howard
jhoward@daltonagency.com
615-945-8876