New Industry Survey Highlights Transformation Between Providers and Patients During the Financial Experience

Wednesday, October 10, 2018 General News
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Annual Connance Consumer Impact Survey Shows New Data in Better Understanding Consumers During the Billing and Collection Process

BOSTON, Oct. 10, 2018 /PRNewswire-PRWeb/ -- Connance, a healthcare leader in predictive analytics to personalize the

financial experience, today announced the results of the 2018 Connance Consumer Impact Survey. Connance, which is part of Waystar, surveyed 500 consumers about their last hospital encounter and their experience with the hospital Business Office.

This year's survey, launched and completed in July 2018, explored consumer experiences and reactions to billing and financial interactions before and after treatment. The survey analyzed overall satisfaction differences during the billing process and differences in likelihood to recommend and use multiple facilities. It also explored the effect of different engagement strategies, generational differences in the financial experience, and the perception of providers and payors, among other topics. This is the eighth year for the Connance consumer survey.

Some highlights from 2018 include:

  • Improvement in Net Promoter Score (NPS): Patients' NPS for hospitals they had visited in the past year rose to 22.6 percent. This is up markedly from a score of 18.4 percent in 2017, which was roughly flat relative to 2016.
  • Negative billing interactions affect payment: Patients who are very dissatisfied with Business Office interactions are more likely not to pay their bill willingly.
  • Out-of-pocket costs affect provider selection: More than 50 percent of patients indicate that out-of-pocket costs will have significant or highly significant influence on provider choice.
  • Pre-service engagement still limited: Only 35 percent of patients with payment responsibility noted being called by the Business Office prior to treatment to receive an estimate.
  • Digital engagement is not always preferred: Patients prefer self-service technology and one-on-one communication versus receiving digital (email/text) and mailed communications.
  • Patients believe insurance companies over anyone else: 53 percent of patients believe the insurance company is the most capable and believable for their estimate of balance due.

"The unfolding transformation of healthcare is daunting and complex, but as this survey shows, also filled with sizable opportunities to improve and reshape the relationship between providers and consumers. Consumers are expressing strong opinions and preferences," said Steve Levin, EVP of Strategic Alliances at Connance, a Waystar company. "This survey provides some helpful insights into current consumer-provider relationships and where and how providers can take actions that will improve the satisfaction with their most important constituent, the patient. It is our job to listen and act."

To hear more about the Connance Consumer Impact Survey, register for our webinar today at 1 p.m. EDT.

About Connance, a Waystar company Connance is the healthcare industry's leading provider of predictive analytics solutions that personalize the financial and clinical experience for patients. As of September 2018, Connance is a part of Waystar, which offers a cloud-based, single-instance technology platform that simplifies and unifies the healthcare revenue cycle. Transforming the revenue cycle and value-based care delivery, Connance leverages data science, integrated to workflow to drive enhanced performance. Connance delivers Patient Pay Optimization, Reimbursement Optimization and Value-Based Risk solutions that combine Connance data, hospital data and consumer data to stratify patients based on social determinants to predict behavior and provide actionable insights to improve net income and patient outcomes. Together, Waystar and Connance provide the highest-rated client experience to more than 450,000 providers, 22,000 healthcare organizations and 750 health systems and hospitals. For more information, call (781) 577-5000 or visit our website.

 

SOURCE Connance, Inc.



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