Business
Flywire Survey: Majority of Americans Want Consumer-Friendly Ways to Pay for Healthcare
84% say there needs to be a more streamlined payment system for healthcare 77% want to pay an unexpected medical expense in installments or under a payment
About this update from Flywire Corporation - Voting
[{"type":"text","content":"84% say there needs to be a more streamlined payment system for healthcare 77% want to pay an unexpected medical expense in installments or under a payment plan Nearly 40% missed a medical bill due to a complex payment system BOSTON, Aug. 17, 2021 (GLOBE NEWSWIRE) -- An increased reliance on the healthcare industry throughout the COVID-19 pandemic has shined a light on the complexities faced by consumers when it comes to paying for medical expenses. A recent survey of 2,000 adults in the United States commissioned by Flywire Corporation (NASDAQ: FLYW) (Flywire), a global payments enablement and software company, found that 65% of such individuals say billing for medical expenses is too complicated today. Furthermore, 37% said they missed a medical bill because the payment system was complicated. However, if healthcare expenses were accessible in one place, 72% say they would be less likely to miss a payment. For its new report, What Consumers Want: A Patient Financial Engagement Survey, Flywire examined how patients in the United States are responding to a healthcare system that is undergoing rapid transformation - uncovering issues ranging from affordability and accessibility, to billing and payments. Simple, Digital Payment Options Can Improve How Consumers Budget for Expenses Questions around health insurance enrollment and complicated health payments processes are frustrating consumers looking to manage their medical bills effectively, with 84% of those surveyed saying there needs to be a more streamlined system for healthcare. Over half (56%) feel confused when it is time to enroll in health insurance, so health systems and insurers have an opportunity to create better experiences ahead of open enrollment in November 2021. When communicating and paying for medical expenses, consumers prefer digital methods. Forty-one percent say they prefer to use live chat or chatbots to ask questions of their health system, and 38% would prefer to pay via online portal rather than mailing a paper check (28%). Additionally, 77% say technology for healthcare needs to be closer to what they personally use in other areas of their life. \"The healthcare industry needs to have a holistic understanding of what patients need and value from their healthcare financial experience,\" said John Talaga, EVP & GM, Healthcare, Flywire. \"The data uncover...