Amazon does consumerism right. Healthcare needs to follow suit.
Individuals are the third-largest payer to healthcare organizations, behind only Medicare and Medicaid, according to Health First Financial’s white paper that focuses on results from a survey of more than 1,000 people. The main takeaway is that consumers and employees want to know more about their medical out-of-pocket costs upfront and they aren’t getting that information. Becker’s Hospital CFO Report published several key findings from the survey:
- The survey found 77 percent of respondents believe it’s “important” or “very important” they know healthcare costs prior to care, and more than half of respondents (53 percent) want to discuss financing options prior to
- Additionally, a majority of respondents (63 percent) indicated it was “important” or “very important” for providers to publish prices of common procedures.
- But only 18 percent of respondents said any of their healthcare providers had discussed patient financing options with them at all in the past two years.
- More than half of respondents (57 percent) reported it’s “important” or “very important” their healthcare provider offer no-interest payment extension options. But only 8 percent of respondents received zero- or low-interest financing from a healthcare provider, according to the survey.
- Respondents also indicated availability of payment programs affect their choice in provider. The survey found 40 percent of millennials, ages 18 to 36, would be “very likely” or “likely” to change providers if another provider offered low- or zero- interest financing for medical payments, and 29 percent of respondents overall indicated they would change to a provider with attractive payment programs.
- Patients seek these discussions and options as they are concerned about medical costs. The survey found 42 percent of respondents are “very concerned” or “concerned” about being able to cover out-of-pocket medical bills in the next two years. More than half of respondents (54 percent) with annual income of less than $35,000 said the same.
- HealthFirst Financial said 53 percent of respondents indicated they are worried about being able to pay a medical bill of less than $1,000. For a bill of that amount, the survey also found 52 percent of respondents would initially have interest in a multiyear, no-interest financing option from their healthcare
Consumers aren’t used to buying services without knowing costs upfront. What other industry can maintain a business model that provides services without providing true cost expectations and then bills later? Both providers and patients lose in this scenario. It’s ludicrous to keep expecting people to accept this. Amazon has mastered art of the consumer experience by listing what products cost, and it’s not that difficult to understand. Provide a list of services with associated costs and let people select the one that meets their quality and budgetary needs. Give them the Amazon experience in a healthcare marketplace.
HealthQRS can partner with you to provide that.
We’ve said this before: to satisfy employees and consumers, don’t start with the technology. Start with the consumer. And a good customer experience in healthcare has been nonexistent. Current consumer health tools don’t have the applications necessary to provide an experience people expect from Amazon. One just sets appointments. Others provide only estimates of out-of-pocket expenses. To meet consumers where they are and provide them with an experience that will truly engage them, you need to provide people with more than estimates. No one in healthcare can tell people exactly what their out-of-pocket expenses will be. Except HealthQRS. We can do that.
HealthQRS’ solution was built with the consumer in mind. We understand what people want and need. For instance, our powerful algorithms calculate the exact, true amount (not just estimates) that consumers will owe. HealthQRS’ unprecedented, cutting edge technology combines metrics from provider contract rates with payers, insurance verification, patient financial responsibility, payer claims adjudication logic, and in a millisecond, calculates the patient’s exact out-of-pocket expense. No one else is doing this. And this is just one feature. We do it all.
HealthQRS has created an e-commerce medical marketplace that allows employees to shop, schedule and pay for procedures and services from their smartphones, tablets or computers. When consumers use our platform, they can instantly access their network, see a list of procedures and providers in order of least to most expensive, select a location, schedule the appointment and pay for it all from the app. Our built-in navigation can send consumers to telehealth services as well. In addition, our software is enabled for voice recognition and can easily be integrated to allow those with Echo devices to ask Alexis to book their appointments.
What really makes HealthQRS stand out from everyone else is our platform. We have put together over 30 modules all working together to provide a holistic, seamless, total experience for the consumer from start to finish. We combine navigation, the capability to make an appointment, referral management (if needed), payment management and so much more than we can list here. HealthQRS has developed the only complete e-commerce medical marketplace platform on the market.
Developing a solution of this magnitude didn’t happen overnight. We started with the consumer experience in mind and spent years drawing on the knowledge of best-of-breed experts to perfect, fine tune and put together this complicated, yet complete solution for medical e-commerce.
We’ve been told we are ahead of our time. But the time has come, and now is the perfect moment to follow Amazon’s retail model and provide that to people in the healthcare setting. We invite you to learn more about HealthQRS and our e-commerce medical marketplace. We have over 12 years of experience developing healthcare retail experiences for consumers and our founders have over 50 combined years of e-commerce experience. We can have providers, payers or facilities set up in a matter of weeks at the point-of-service and online. And because we are a software as a service (SaaS), our customers don’t incur any capital expenses, only a low monthly fee.
Why not contact us right now for more information or click here to schedule a demo? Or click here for a quick, 6-minute video about our e-commerce strategy.
 Kelly Gooch, “Despite strong patient interest, only 8% are offered no- or low-interest loans,” Becker’s Hospital CFO Report, Sept. 12, 2017, http://www.beckershospitalreview.com/finance/despite-strong-patient-interest-only-8-are-offered-no-or-low-interest-loans.html