CHICAGO, Oct. 21, 2020 (GLOBE NEWSWIRE) -- The changes brought on by the COVID-19 pandemic are leading to more healthcare consumerism, where patients are taking their medical care and the costs associated with it into their own hands. TransUnion Healthcare’s (NYSE: TRU) second annual patient survey found that nearly six in 10 patients (59%) deferred non-COVID-19 related medical care during the past six months.
TransUnion Healthcare surveyed more than 3,000 people in September 2020 who had either visited a hospital, healthcare clinic, doctor’s office or other healthcare organization for treatment during the past 12 months. In addition to the changes that the pandemic has brought to the healthcare industry, nearly half of survey respondents (49%) indicated that the state of the economy has at least some impact on how they seek medical care. This number was a seven basis-point increase from 2019.
Healthcare consumerism is growing, perhaps in part due to the economic and financial challenges resulting from the COVID-19 pandemic,” said David Wojczynski, President of TransUnion Healthcare. Our latest survey illustrates to providers just how important it is to offer flexible care delivery options and payment experiences for their patients during this period of uncertainty, as well as understand and address individual payment needs.”
Healthcare consumerism driven by younger generations ; spurred by economic challenges
Findings throughout the survey highlighted that the youngest generations are feeling the greatest impact from the COVID-19 pandemic. In fact, one-third (33%) of Gen Z and 29% of Millennial patients reported their health insurance coverage was impacted due to the pandemic (compared to 22% of overall respondents; 18% of Gen X; and 12% of Baby Boomers).
Our survey found, due to the pandemic, larger percentages of younger generations deferred non-essential care and had their insurance coverage impacted. At the same time, the industry has reported only modest shifts in payer mix despite the economic and financial impacting these individuals, going against expectations and signifying a gap in coverage,” said Jonathan Wiik, principal of healthcare strategy at TransUnion Healthcare. These findings indicate that while a greater percentage of these patients lost health insurance coverage due to the pandemic, the moderate change in payer mix could be because they avoided non-essential care and likely did not seek alternative coverage.”
Interestingly, an updated TransUnion analysis indicates that while patient out-of-pocket (OOP) expenses in 2020 remain near their highest levels across all care settings, the overall change in OOP costs is limited when compared to 2019 levels (inpatient down 5% year-over-year to $5,002; outpatient up 6% year-over-year to $1,095; and emergency department down 7% year-over-year to $485). Given these minimal changes, patients’ focus on understanding costs prior to service and the growth in consumerism appear to be driven by the material, financial impacts of the pandemic and insurance plan disruptions.
Supporting the increasing trend of healthcare consumerism, TransUnion Healthcare’s survey also found eighty percent of respondents utilized either healthcare provider or payer/insurance websites, among other sources, to research healthcare costs up from 75% in 2019. Younger generations are more likely to be researching these costs compared to older generations (90% of Gen Z respondents and 87% of Millennial respondents compared to 69% of Baby Boomer respondents).
What’s more, the desire for a clear understanding of healthcare costs has a direct impact on healthcare providers. Forty-seven percent of recent patients chose their healthcare provider based on cost.
Youngest Generations Driving Healthcare Consumerism amid COVID-19 Challenges
*Gen Z (born 1995 or after); Millennials (1980-1994); Gen X (1965-1979); Baby Boomers (1946-1964).
Price transparency is critical for all stakeholders
With healthcare consumerism taking hold within the industry, price transparency is increasingly more critical for healthcare providers as patients shoulder more of the burden of healthcare costs.
TransUnion Healthcare’s survey revealed that 53% of recent patients received clear cost estimates prior to receiving treatment. While this number is a three basis point year-over-year increase, more may need to be done to educate patients on their healthcare costs and payment options. Only 52% of patients fully understood their financial responsibility for their recent medical bill.
With its new price transparency rule, CMS is also placing a greater emphasis on having clear, accessible pricing information for consumers before service which ties back to the increasing trend of healthcare consumerism. Healthcare providers will need to comply with the new rule by the January 1, 2021 deadline, and with this date fast approaching, it’s critical for providers to consider our latest findings when implementing approaches to best meet all aspects of the mandate,” said Wiik.
Further, when patients clearly understand their healthcare costs, they are more likely to pay for their treatment. Sixty percent of the patients surveyed are at least somewhat likely to pay their bill upfront if a cost estimate is offered in advance or at the time of service. When given an estimate at the time of service, nearly two-thirds of recent patients (65%) said they would make at least a partial payment.
In addition to offering patient estimates, further considerations that can help healthcare providers drive patient engagement and deliver a more streamlined and positive patient financial experience include creating customized patient payment models and providing financing options that fit patients’ individual needs.
To learn more about TransUnion Healthcare’s second annual patient survey and other information on patient financial experience, click here . Additional tips and best practices that healthcare leaders can implement to be ready for CMS’s price transparency mandate can be found here .
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®
TransUnion Healthcare, a wholly owned subsidiary of TransUnion, makes mutual trust possible between patients, providers, and payers by helping them navigate payment uncertainty. Our Revenue Protection ® solutions leverage comprehensive data, accurate insights and industry expertise to engage patients early, ensure earned revenue gets paid and optimize payment strategies. TransUnion Healthcare helps over 1,850 hospitals and 550,000 physicians collectively recover more than $1.2 billion annually in revenue.
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.
http://www.transunionhealthcare.com
Read the rest here:
- Bodies of Empowerment Personal Training - December 8th, 2016 [December 8th, 2016]
- Series On Personal Empowerment at Psychology, Philosophy ... - December 8th, 2016 [December 8th, 2016]
- Empowering Women - Self Empowerment, Personal & Spiritual ... - December 8th, 2016 [December 8th, 2016]
- Empowerment and Strengths-Based Perspective: Social Work - January 8th, 2017 [January 8th, 2017]
- Top 100 Womens Empowerment Blogs | Psychology of Eating - January 8th, 2017 [January 8th, 2017]
- Empowerment Theory - Springer - January 8th, 2017 [January 8th, 2017]
- radKIDS.org - The national leader in children's safety - January 8th, 2017 [January 8th, 2017]
- Personal Empowerment Program : World Youth - January 8th, 2017 [January 8th, 2017]
- Personal Empowerment - Life Change 90 - January 12th, 2017 [January 12th, 2017]
- 'This is a phase of empowerment' - The Hindu - February 7th, 2017 [February 7th, 2017]
- 'Pink' actress joins campaign for women empowerment - The New Indian Express - February 7th, 2017 [February 7th, 2017]
- Help yourself, Feb. 8 - Casper Star-Tribune Online - February 7th, 2017 [February 7th, 2017]
- Making Sure Americans' Longer Lives Are Healthy - Next Avenue - Next Avenue - February 7th, 2017 [February 7th, 2017]
- Senator announces legislation to protect seniors from fraud - WSYR - February 7th, 2017 [February 7th, 2017]
- Here's who will share a personal tale of 'Behind the scenes' at Coachella Valley Storytellers Project - The Desert Sun - February 7th, 2017 [February 7th, 2017]
- Another Voice: Land trust will empower Fruit Belt residents - Buffalo News - February 7th, 2017 [February 7th, 2017]
- Tech is empowering women, and it's great for business - GreenBiz - February 8th, 2017 [February 8th, 2017]
- Town Crier: Help Yourself - Casper Star-Tribune Online - February 8th, 2017 [February 8th, 2017]
- WE Are Women's Philanthropy - Jewish Exponent - February 8th, 2017 [February 8th, 2017]
- Boston's Office of Financial Empowerment Wants to Spread the Wealth - Next City - February 9th, 2017 [February 9th, 2017]
- Empowering the Data Subject - Manila Bulletin - February 9th, 2017 [February 9th, 2017]
- The Ripple - Olney Daily Mail - February 10th, 2017 [February 10th, 2017]
- The Problem With A 'Shoppable' Presidency - Forbes - February 10th, 2017 [February 10th, 2017]
- Making Sure Our Longer Lives Are Healthy Ones - Forbes - February 11th, 2017 [February 11th, 2017]
- L'Anse Creuse Community Action Coalition Hosts 16 Annual Dialogue Day - Patch.com - February 11th, 2017 [February 11th, 2017]
- Town Crier: Help Yourself | Town Crier | trib.com - Casper Star-Tribune Online - February 12th, 2017 [February 12th, 2017]
- Springs School News, February 16 - 27east.com - February 13th, 2017 [February 13th, 2017]
- Northwest Credit Union Foundation partners with BALANCE to provide personal finance training to MESA participants - CUinsight.com (press release) - February 13th, 2017 [February 13th, 2017]
- 5 Steps To Validate Your Business Idea Before Getting Started - Forbes - February 13th, 2017 [February 13th, 2017]
- Katy Perry Dances Till the World Ends and MIA Starts a New Wave - New York Times - February 14th, 2017 [February 14th, 2017]
- Fire service receives funding to deliver 'personal development ... - Wiltshire Times - February 14th, 2017 [February 14th, 2017]
- Milk Makeup Is Celebrating Its Anniversary With A New Campaign - NYLON - February 14th, 2017 [February 14th, 2017]
- Bells University, New Horizons sign MoU On ICT empowerment for students - NIGERIAN TRIBUNE (press release) (blog) - February 14th, 2017 [February 14th, 2017]
- Mastering Trump's mastermind: Sebastian Gorka and the struggle between Islam and the West - EUROPP - European Politics and Policy (blog) - February 14th, 2017 [February 14th, 2017]
- Melinda Gates Credits Contraception With Her Personal and Professional Success - Slate Magazine (blog) - February 15th, 2017 [February 15th, 2017]
- 4 Low-Cost Benefits That Majorly Boost Employee Healthiness - Tech.Co - February 16th, 2017 [February 16th, 2017]
- Ajit Pai's digital empowerment agenda is good news for rural America - The Hill (blog) - February 16th, 2017 [February 16th, 2017]
- Humana, JE Dunn among top winners at Healthiest Employers Awards (SLIDESHOW) - Atlanta Business Chronicle - February 16th, 2017 [February 16th, 2017]
- The Vagina Monologues Grabs Back Female Empowerment - The Stanford Daily - February 17th, 2017 [February 17th, 2017]
- The truth about Ivanka's Trumped-up, me-first feminism - Macleans.ca - February 17th, 2017 [February 17th, 2017]
- Fake becomes legit: social media and the rise of disinformation in democracies - Democratic Audit UK - February 20th, 2017 [February 20th, 2017]
- Pink Gloves Boxing: Women's class focuses on empowerment ... - The Missoulian - February 20th, 2017 [February 20th, 2017]
- On Presidents Day, we celebrate the good ones - Daily Astorian - February 20th, 2017 [February 20th, 2017]
- Shaking The Fear Of Breastfeeding In Public - Huffington Post UK - February 20th, 2017 [February 20th, 2017]
- OUR VIEW: On Presidents Day, we celebrate the good ones - East Oregonian (subscription) - February 21st, 2017 [February 21st, 2017]
- Transformation of South Africa needs high sense of consciousness for social justice for success - Thought Leader - February 22nd, 2017 [February 22nd, 2017]
- Middle school girls receive empowering messages at Beautiful U - WOTV4women.com - February 22nd, 2017 [February 22nd, 2017]
- Teaching Our Kids Real from Fake - Huffington Post - February 22nd, 2017 [February 22nd, 2017]
- Weekly Music Roundup: Big Beautiful Day, Cubafonia, & "Carol" - WNYC - February 22nd, 2017 [February 22nd, 2017]
- Impact 100 members tour remodeled STEP Training Center - TCPalm - February 22nd, 2017 [February 22nd, 2017]
- Sri Sri Ravi Shankar conducts DSN Prog online - Daily Excelsior - February 24th, 2017 [February 24th, 2017]
- Bloomfield Company Uses Disney Princesses To Promote Female Empowerment - Patch.com - February 24th, 2017 [February 24th, 2017]
- Viewpoints: The case for expanding Empowerment Scholarship Accounts - AZCentral.com - February 24th, 2017 [February 24th, 2017]
- Apple Music just released an album made on an iPhone ... - Computerworld - February 24th, 2017 [February 24th, 2017]
- "The Farting Sex Tourist" Is Both Deep and Deeply Silly - PopMatters - February 24th, 2017 [February 24th, 2017]
- Personal trainer focuses on client empowerment - Olean Times Herald - February 24th, 2017 [February 24th, 2017]
- Pushing past barriers: Program aims to foster empowering female relationships - West Central Tribune - February 25th, 2017 [February 25th, 2017]
- Town Crier: Sunday's Highlights - Casper Star-Tribune Online - February 25th, 2017 [February 25th, 2017]
- MILCK comes to Portland this week to emPOWer - Oregon Music News - February 27th, 2017 [February 27th, 2017]
- Sippican to Implement 'radKIDS' Defense Program - Wanderer - February 27th, 2017 [February 27th, 2017]
- Personal trainer focuses on client empowerment - Clearfield Progress - February 27th, 2017 [February 27th, 2017]
- Black History Month: Recovering Our Personal Narrative - Muslim Link - February 28th, 2017 [February 28th, 2017]
- Judge Holds NYPD's Feet to Fire on Press Credentials - Courthouse ... - Courthouse News Service - February 28th, 2017 [February 28th, 2017]
- Federal Judge Says NYC's Regulation Of The Press Will Go On Trial - Village Voice - March 2nd, 2017 [March 2nd, 2017]
- The Jamaican Women of Florida, Inc. (JWOF) elected a new Board of Directors - Jamaicans.com - March 2nd, 2017 [March 2nd, 2017]
- This women's sport you've never heard of is taking Israel by storm ... - Jewish Telegraphic Agency - March 2nd, 2017 [March 2nd, 2017]
- Consult a psychic - for empowerment - Philly.com - March 2nd, 2017 [March 2nd, 2017]
- Digital Inclusion Summit: Training, Partnerships Are Key - Rivard Report - March 2nd, 2017 [March 2nd, 2017]
- Electing Caliban: Assessing Civic Health in Post Truth America - Huffington Post - March 4th, 2017 [March 4th, 2017]
- Krejci named 2017 Woman of Achievement - Southernminn.com - March 4th, 2017 [March 4th, 2017]
- Film spotlights human trafficking as Trump promises action - The Republic - March 6th, 2017 [March 6th, 2017]
- COMMENTARY: Empowering the homeless to take the next step ... - Delaware State News - March 6th, 2017 [March 6th, 2017]
- BEP hosts women empowerment conference - The Brown Daily Herald - March 6th, 2017 [March 6th, 2017]
- Family planning key to women empowerment - K24 TV - March 8th, 2017 [March 8th, 2017]
- Jeremiah Program Gives Families Home to Help Rise Out of Poverty - TWC News - March 8th, 2017 [March 8th, 2017]
- What the Health Documentary Shocks, Educates, and Empowers - Clearly Veg (blog) - March 8th, 2017 [March 8th, 2017]
- Westfield HS to Host Female Student Empowerment Symposium - Patch.com - March 8th, 2017 [March 8th, 2017]
- Our view: Sports program for disabled students is welcome - Winston-Salem Journal - March 8th, 2017 [March 8th, 2017]
- Video Of The Week #24: Astroid Boys Foreigners (Feat Sonny Double 1) - God Is In The TV - March 8th, 2017 [March 8th, 2017]
- International Women's Day 2017 Be Bold For Change - St. Lucia Times Online News (press release) - March 8th, 2017 [March 8th, 2017]