Consumers are willing to shop around for a more transparent health care experience

The New Normal: consumers are increasingly shopping around for health care coverage – particularly for plans with affordable payment options, according to the AccessOne Patient Finance Survey, “How healthcare cost information and payment options affect patient behavior.”

Indeed, two in five consumers – including half of households with children — responding to AccessOne’s survey this year say they would switch providers to access to affordable payment arrangements. Last year, 33 percent of individuals and 43 percent of households with children said that.

Related: Both providers and consumers express concern about health costs in new survey

“At a time when family health coverage costs as much as an economy car, consumers need up-front information on out-of-pocket costs and affordable payment options — and they’re willing to switch providers to get it,” the authors write.

As part of this, consumers are also increasingly looking for price transparency. More than half (59 percent) of the survey respondents say providers’ willingness to share price information prior to the point of service is a critical factor in determining where to seek care. For Gen Xers, the new Sandwich Generation managing care for themselves, their parents and their children, that percentage increases to 69 percent.

“The survey results reflect the pressures consumers face in a rising-rate healthcare environment, where the cost of family health insurance is now $20,000 a year, as much as an economy car,” the authors write. “There are also warning signs for providers of the need to heighten transparency if they wish to retain patients in a cost-sensitive environment.”

Still, 31 percent say they feel only somewhat comfortable discussing costs of care with their physician, and 11 percent are uncomfortable initiating these conversations. Moreover, 74 percent of survey respondents say that in the past two years, their providers have not spoken with them regarding patient financing options or the availability of a payment plan.

“Lack of up-front cost information and discussions is putting stress on the consumer-provider relationship, impacting care decisions and patient satisfaction,” the authors write.

One in five consumers don’t understand their options for paying for medical procedures or other health care expenses, and just 27 percent are very satisfied with their options for payment.

“Unless providers can close the gap between the level of price transparency and affordability consumers desire and the degree of openness and options that currently exists, they risk losing patients to providers that offer low-interest or no-interest payment plans; actively initiate conversations around patients’ out-of-pocket responsibility prior to service; demonstrate care in helping patients find affordable solutions; and show flexibility in response to patients’ needs,” the authors write.

Read more: 

• Indiana employer group’s research shines a light on price transparency
• Unraveling the complexity of our health care billing system
• Disciplined consumers focused on health care cost, value