A new survey reveals what factors Americans weigh when seeking out healthcare, such as quality and convenience.
Unsurprisingly, patients are more than willing to reach into their pockets if it means receiving higher quality of healthcare, according to a survey by AKASA.
The revenue cycle firm commissioned the survey, which was conducted by YouGov, and fielded responses from 2,026 Americans in March to highlight what factors adults are willing to pay more for when choosing their providers.
Quality of care led the way, with 57% of respondents ranking it first among all factors. The next most important factor was the ability to work with a care team of choice, which was chosen by 47%.
The ability to work with hospitals of choice and location proximity or convenience were each selected by 41% of those surveyed, while 40% said they would pay more for the ability to get an appointment quickly.
The survey also asked how far patients are willing to travel for the best price in healthcare, assuming the quality is the same. Respondents revealed there is a limit, with 51% answering they would travel 10-20 miles for an optimal price, while 31% said they would journey as much as 50 miles. Beyond that, only 13% would travel 100 miles, 2% would go up to 200 miles, and 3% would trek up to 400 miles.
"The findings can help healthcare leaders prioritize what to focus on when thinking about their bottom lines through the lens of what patients are willing to pay for and aligning it with improving the patient experience," Amy Raymond, VP of revenue cycle operations at AKASA, said in a statement. "However, the quality of care is often diminished by the less-than-stellar patient financial experience."
Quality versus quantity has been a longstanding tug of war in healthcare, but the industry is attempting to shift more towards the former.
The transition has been a slow one however, as illustrated in a recent report by the Medical Group Management Association. The findings showed that revenue from value-based contracts in 2021 accounted for 6.74% of revenue in primary care specialties, 5.4% in surgical specialties, and 14.74% in nonsurgical specialties.
As patients prioritize higher quality of care, industry leaders must do the same.
Jay Asser is the contributing editor for strategy at HealthLeaders.