OMAHA, Nebr. –
More than ever before, patients have high expectations when it comes to how they pay for care. Exacerbated by financial hardship and trends toward paying with digital options, patients now expect flexible and convenient payment methods—and they’re willing to find new providers if they can’t pay the way they want. What do healthcare providers need to stay competitive?
TSG and Bank of America surveyed over 650 healthcare providers* in the US to understand their experiences with patient payment solutions and the need for solutions that put patients first. Download Infographic →
Key insights
- 72% of patients used credit or debit cards for their last healthcare payment
- 30% providers felt that implementations of payment solution platforms in the last five years were not successful
- only 33% have payment solutions that are fully integrated with Electronic Health Record (EHR) or revenue cycle software
- HIPAA compliance was most often noted as the most important feature of the platform
- 78% providers would feel more confident in a solution provided by a bank
Providers want solutions that put patients first
Bank of America helps healthcare providers prioritize patient needs, reduce payment complexity and improve their patient payment solutions, giving them the tools they need to increase efficiency and reduce costs.
Email [email protected] to learn more about the solution provider trust. Or visit business.bofa.com/healthcare.
PaymentsPulse
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TSG and Bank of America conducted a survey of 672 healthcare providers in the US to understand their experiences with patient payment processes in their organization. The survey, conducted between Monday, June 6 and Friday, July 1, 2022, includes feedback from healthcare providers and employees who work in billing, finance or IT departments in 49 of the 50 US states. With providers working in hospitals, health systems, or clinics/medical offices with 1,001 – 5,000 employees making up the majority of the sample (29%). The margin of error is +/- 3.78% at a 95% confidence level.
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TSG (The Strawhecker Group) is a globally recognized analytics and consulting firm supporting the entire payments ecosystem, serving over 1,000 clients from Fortune 500 leaders to more than a dozen of the world’s most valuable brands. Trusted by industry leaders, TSG’s strategic services, market intelligence and analytics come together to empower clients with actionable and actionable information. Please visit www.TheStrawGroup.com.
