The Changing Landscape of Healthcare Payment Plans report, produced by PYMNTS in collaboration with Flywire, surveyed 2,837 patients who had checked into a hospital or emergency room in the previous year.
The report, which includes over 370 data points, highlights patient preferences in resolving their medical debt and the approaches hospitals took to resolve or collect outstanding balances.
Some key findings outlined in the report:
- 57% of respondents would like a payment plan offered prior to service or at the time of service, while 35.5% would like a payment plan offered when they receive their first bill. Only 6.9% prefer calling to ask for a plan.
- There is a direct relationship between a patient’s higher out-of-pocket responsibility and likelihood to sign up for a payment plan:
- 38.9 percent used payment plans for out-of-pocket expenses from $50-$250.
- When expenses reached $1000 or more, 51.4 percent opted for payment plans.
- Payment plan fees have an impact on how patients make decisions related to payment plans:
- 33.7% choose shorter terms to reduce fees
- 17% pay balances in full to avoid fees
- 25% say fees have no impact on their decision on how to pay