U.S. Bank Survey: COVID-19 Accelerated Virtual Care, Healthcare Payments Digitization
June 10 2021 - 9:00AM
Business Wire
The COVID-19 pandemic had a significant impact on how consumers
received and paid for their visits to hospitals, clinics, urgent
care centers and doctor’s offices in 2020, a new survey from U.S.
Bank revealed.
The key findings:
- Virtual care and contactless payment methods ruled:
Almost two-thirds of consumers received care via telehealth or
phone consultations with healthcare providers in 2020, and more
than half said they prefer safer, cleaner ways to pay for their
care – contactless payment methods, mobile wallets and online
portals.
- Digital payment options are gaining traction, but there’s
room for improvement: Many clinics and doctor’s offices now
offer options like online payment portals, mobile apps and
contactless payment via mobile wallets, but just 28% of patients
paid their bills via an online portal, and more than half received
a bill in the mail.
- Patients want more digital options to pay their bills:
37% would like to pay via portal, and 32% would like to pay via a
mobile app. Nearly half wish their healthcare provider allowed them
to pay via contactless credit or debit card, and a third would like
the option to pay via payment apps like PayPal, Zelle or
Venmo.
- Many find paying their bills difficult: Nearly half said
healthcare was the most difficult industry to make a payment,
although nearly 70% said they agree that healthcare is keeping pace
with other industries when it comes to payment innovation and
providing creative ways to pay bills.
- Consumers are worried about the security of their data:
The majority of those surveyed believe providers are trying to
protect their data, but they also rank security as the top reason
healthcare payments need more innovation.
- Affordability of care is a challenge: According to a
recent survey by AccessOne, 66% of Americans say they are concerned
they won’t be able to afford healthcare this year, and 75% surveyed
by U.S. Bank said they would be interested in a discount for paying
a bill via a lump sum or payment plan.
The new data is from a proprietary survey conducted online in
February 2021 among 1,113 women and men across the United States.
The third annual Healthcare Payments Insight Report, which this
year the bank created to better understand the impact the COVID-19
pandemic has had on the healthcare industry, asked key questions
about how those surveyed received care in the past year, how they
paid for it, and how they preferred to pay. Of those surveyed, more
than 95% had some type of health insurance, 100% had made a
healthcare payment in the past 6 months, and all had visited a
hospital, clinic, urgent care or doctor’s office in the past 6
months.
“COVID-19 drove a giant, unanticipated leap forward for virtual
care delivery and healthcare payments digitization,” said Jamie
Walker, CEO of Elavon, a U.S. Bank company. “Digital payment
methods are gaining traction at an unexpected pace, but there’s
still much healthcare providers can do to make it easier for
patients to make payments how, where and when they want.”
Among the findings:
- Virtual care and contactless payment methods rule: 64%
had a telehealth appointment in 2020, and 68% were in favor of
expanding access to telehealth when feasible. Device sanitation
became more important than ever during the pandemic: 76% of
consumers said they were somewhat or extremely concerned about
touching payment devices.
- Digital payment options are gaining traction, but there’s
room for improvement: Within the last 12 months, 44% paid for
their care at the doctor’s office at the appointment, 28% paid via
the provider’s online portal, and 23% paid via mobile app. However,
more than 32% paid by mail, and 21% called in to pay their
bills.
- Patients want more digital options to pay their bills:
Nearly half would like their provider to offer the option to pay
via contactless credit or debit card, and nearly 60% said their
perception of their provider would improve if he/she offered
contactless options. Forty-three percent said they would be more
likely to use a portal if they could pay their balance and view
payment history.
- Many find paying their bills difficult: Nearly a third
(28%) said they wished healthcare was more like the banking
industry when it comes to payment types and payment options. Nearly
a third said their provider’s digital options did not provide
enough information about their payment history or balances
due.
- Consumers are worried about the security of their data:
Consumers continue to worry most about their Social Security
numbers and credit/debit card information being stolen, but
healthcare is perceived more positively now than in the past
relative to other industries.
- Affordability of care is a challenge: 37% consider a
medical bill of $100-$500 too expensive, and nearly half of those
surveyed were surprised by a high medical expense in the last year.
Of those who could not pay for an unexpectedly high expense right
away, 38% chose to make recurring payments, and 26% used a credit
card.
“Consumers are looking to healthcare to keep pace with the
digital options they use in their everyday lives – mobile apps,
contactless payments, pay by text, and online payments,” Walker
said. “By introducing these options, healthcare providers will
build loyalty and awareness as an industry that’s keeping pace with
what consumers want.”
For full results of the survey and to download the report,
please visit our website.
About U.S. Bank U.S. Bancorp, with nearly 70,000
employees and $553 billion in assets as of March 31, 2021, is the
parent company of U.S. Bank National Association. The
Minneapolis-based company serves millions of customers locally,
nationally and globally through a diversified mix of businesses:
Consumer and Business Banking; Payment Services; Corporate &
Commercial Banking; and Wealth Management and Investment Services.
The company has been recognized for its approach to digital
innovation, social responsibility, and customer service, including
being named one of the 2021 World’s Most Ethical Companies. Learn
more at usbank.com/about.
Member FDIC.
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version on businesswire.com: https://www.businesswire.com/news/home/20210610005065/en/
Kristin Kelly, U.S. Bank Public Affairs & Communications
Kristin.kelly@usbank.com | 303.585.4129
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