Research from TransUnion Healthcare indicated that point-of-service collections rose 42% from increased price transparency for patients.
During the start of the ongoing coronavirus disease 2019 (COVID-19) pandemic, daily total patient payments declined 47% between mid-March to mid-May, according to a TransUnion Healthcare analysis.
The data, which will be presented in a webinar Thursday, also found that providers utilizing VisitPay, a Boise-based billing platform, saw patient payments increase 10% over the same period.
Additional research from TransUnion indicated that point-of-service collections rose 42% from increased price transparency for patients.
"Given the rise in unemployment – and the transition between health plans that patients may face due to the loss of employer-sponsored benefits – now more than ever, patients are expecting transparency and personalized experiences, particularly as they re-engage with providers amidst COVID-19," David Wojczynski, president of TransUnion Healthcare, said in a statement. "In turn, providers will need to accommodate patients' unique financial needs and utilize their preferred medium for both payment and communication."
Supplying healthcare consumers with greater price transparency has been a priority for provider organizations in recent years, though there has been another significant push to improve the payment process as well.
A recent TransUnion patient survey also found that while 70% of patients found that knowing the cost before a procedure is helpful for budgeting purposes, only a quarter of respondents are "very satisfied with the payment methods offered by their provider."
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.