Title: Accessing Unutilized Patient Funding in Healthcare: $58 Billion Awaiting Providers’ Attention
Subtitle: Healthcare providers and pharmacies missing out on $58 billion in available patient funding, causing financial burden on American patients.
Healthcare costs continue to soar, forcing many Americans to forgo essential medical care due to financial concerns. A startling statistic reveals that four in 10 Americans have skipped medical treatment due to the rising costs. With high-deductible health plans becoming more prevalent, patients are burdened with higher out-of-pocket expenses, which have surged by 111% since 2010 and are projected to increase by 10% each year until 2026.
Despite the challenging landscape, there is promising news for healthcare providers and patients alike. Extensive research and comprehensive data suggest that around $58 billion in patient funding is currently available, including copay assistance from drug manufacturers, foundation grants, government plans, free drug programs, and living expense support. However, providers, retail pharmacies, and specialty pharmacies are failing to effectively utilize these resources, leading to missed opportunities and increased financial hardships for patients.
The underutilization of patient funding can be attributed to several key reasons. Firstly, many providers’ and pharmacies’ financial assistance programs have a narrow scope, primarily focusing on cancer patients. Consequently, those with other costly conditions miss out on available aid. Additionally, these programs often lack clearly defined business drivers that demonstrate how the program benefits the financial health of the organization as a whole. Lastly, given the current staffing shortages and limited capacities, many programs lack a solid foundation for success.
In light of these challenges, it is crucial for healthcare organizations to enhance access to cost-saving resources while providing the level of engagement and empowerment that today’s patients desire and expect.
Improving Patient Convenience and Financial Experiences
Consumer expectations have driven innovation and convenience in nearly every industry, and healthcare is no exception. Patients now anticipate benefits such as convenience, personalization, quality, and value. For instance, digital banking enables customers to self-serve for financial transactions like mobile deposits and money transfers. Consequently, patients expect a similar level of ease when accessing and paying for healthcare services.
To create positive patient experiences, especially from a financial perspective, providers and pharmacies need to prioritize convenience. In a recent survey, 69% of hospital C-suite executives identified the healthcare consumer experience as their organization’s first or second strategic priority.
By leveraging user-friendly technologies, healthcare organizations can offer more patient-centered experiences. Although many have implemented tools for appointment scheduling and bill payment, there is still room for improvement. According to a new report by Experian Health, providers are not offering a satisfactory digital experience despite patients’ desire for technology that enhances access to care. Raising the bar and providing seamless experiences equivalent to patients’ expectations in other aspects of their lives is critical for providers and pharmacies.
Enhancing Patient Engagement and Sense of Empowerment
In the face of rising costs, patients no longer wish to be passive participants in their healthcare journeys. They desire to be in control. Consumer-facing technology solutions play a vital role in enabling patients to engage more deeply, especially as they seek greater price transparency, personalization, and choices.
These expectations extend to patients’ financial experiences. Robust price transparency technologies have the potential to help patients manage their cost expectations and make informed decisions about their healthcare expenses. Furthermore, mobile solutions that facilitate proactive identification and enrollment in financial assistance programs empower patients to reduce medication costs before facing the price shock at the pharmacy.
By fostering heightened patient engagement throughout the financial journey, healthcare organizations can enhance accessibility to necessary care, thus improving health equity and treatment outcomes.
Consumer-Driven Technology Benefiting Patients and the Healthcare Ecosystem
Prioritizing patient experience, engagement, and empowerment not only benefits consumers but also the entire healthcare ecosystem. A recent study by Deloitte indicates that hospitals perform better financially when patients report positive experiences. Similarly, boosting patient satisfaction can help pharmacies build loyalty and strengthen their bottom line.
Given the critical role that financial experience plays in patients’ overall satisfaction with a provider or pharmacy, technology that aids patients in identifying cost-saving opportunities holds enormous value. When patients can access and utilize financial assistance, they are more likely to adhere to their treatment plans. This leads to fewer abandoned prescriptions and revenue losses for pharmacies, decreased uncompensated care and bad debt for providers, and an increased number of patients continuously receiving necessary therapies.
As more healthcare consumers become empowered to leverage available financial aid, the entire healthcare network benefits collectively.
