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Patient Financing Services 2023
A Winning Formula for Patients and Provider Organizations
Author
Mac Boyter
Author
Alex McIntosh
Author
Tyler Sycamore
Patients face many difficulties when paying for healthcare services due to the cost of care as well as increasingly high deductibles and co-pays. The majority of hospitals offer payment plans that last an average of six months, and the limited time frames lead to higher rates of bad debt. Patient financing services firms provide flexible, long-term payment plans (i.e., longer than six months) that can generate increased revenue for provider organizations and improve the patient experience. This report is KLAS’ first to focus on patient financing services, the associated successes and challenges, and clients’ perspectives of their firms.
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Key Findings:
- Client Perceptions of Patient Financing Services Firms
- Patient Satisfaction Is the Most Common & Most Important Measure of a Successful Patient Financing Services Firm
- Patient Adoption Is the Biggest Hurdle to Success with Patient Financing Services
- While Patient Satisfaction Is Most Important Metric, Financial Outcomes Are Still Important to Success
Writer
Natalie Hopkins
Designer
Bronson Allgood
This material is copyrighted. Any organization gaining unauthorized access to this report will be liable to compensate KLAS for the full retail price. Please see the KLAS DATA USE POLICY for information regarding use of this report. © 2024 KLAS Research, LLC. All Rights Reserved. NOTE: Performance scores may change significantly when including newly interviewed provider organizations, especially when added to a smaller sample size like in emerging markets with a small number of live clients. The findings presented are not meant to be conclusive data for an entire client base.