Healthcare Payment Survey

Insights are the key to driving constant improvements at your practice. We recently conducted a survey of 100 practices and more than 600 patients to better understand the medical billing and payments landscape, along with some of the drivers of patient satisfaction and how they tie into payments and debt. Take a quick look below at some of the highlights and get some ideas on how you can start implementing improvements at your practice, then be sure to download the entire whitepaper for an in-depth look.  

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TSYS Annual Healthcare Survey Quick Reference

Sep 9, 2019

Healthcare Payment Survey

Insights are the key to driving constant improvements at your practice. We recently conducted a survey of 100 practices and more than 600 patients to better understand the medical billing and payments landscape, along with some of the drivers of patient satisfaction and how they tie into payments and debt. Take a quick look below at some of the highlights and get some ideas on how you can start implementing improvements at your practice, then be sure to download the entire whitepaper for an in-depth look.

Practice and patient perceptions don’t always align.

61% of medical practices report “pricing or billing issues” as the leading reason patients leave a practice. Just 32% of patients said pricing or billing issues was the reason.

Percentages of billing confusion
  To a Great Extent (44%)
  Somewhat (47%)
  Very Little (7%)
  Not at All (2%)

Bad Debt/Collections

Bad Debt/Collections
  0-3 weeks (9%)
  More than 1 month (14%)
  More than 2 months (21%)
  3+ months (56%)

This lost cash flow could be used for new equipment, technology, education, office improvements, or other needed updates and improvements.

Are you making payments (and payment collection) easy?

62% graphic
of patients say their preferred payment method is credit or debit card.

Online bill pay is a powerful option.

54% graphic
of patients make online payments within just 48 hours of receiving a reminder.

But less than 50% of practices surveyed said they offer online payment options.


Practices that offer online bill pay allow for much quicker and more convenient payments.

A practice in Illinois implemented a card-on-file program and it boosted patient collections and reduced accounts receivable by 28% in just six months.

This shows just how important it is for collections and cash flow to get paid for services as quickly as possible.

Satisfied patients are key.

60% graphic
of practice staff members who say customers are satisfied with payments report only 0 to 2% of accounts going into collections.


Clear, easy-to-understand statements and helpful billing practices are one of the keys to patient satisfaction and retention.

Conclusion:

Delivering excellent quality of care every step of the way is key. In fact, patients will tell others about their experience no matter what, so it’s important to provide the best possible care. This facilitates patient retention and new-patient rate increases without impacting acquisition costs, ultimately improving profitability.

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