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Total Patient Payments Declined 47% Between March and May

Analysis  |  By Jack O'Brien  
   June 22, 2020

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.

Related: 5 Dos and Don'ts of Patient Payment Plans

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."

Related: Mobile Patient Payments up Significantly

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."

Related: Northeast Hospitals Saw Revenue Drop by More Than 25% in Mid-March Due to Coronavirus

Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.

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