What Patients Want From Hospital Financing Programs: 4 Insights

Based on patient and provider market research, hospitals can make smarter decisions about the patient payment process that will improve both customer satisfaction and the revenue cycle.

During a Becker's Hospital Review webinar held in October sponsored by iVita Financial, two iVita Financial leaders — Chris Cox, senior vice president of product, strategy and operations, and Paul Jaragoski, vice president of healthcare sales — shared 2021 research results as well as how patient financing programs can improve collections.

Four key insights: 

1. Patients want payment options, digital statements and the ability to pay before or at the point of treatment. According to iVita Financial research, 52 percent of patients would appreciate more options to pay their medical bills. "Our survey also indicated that patients desire digital communication such as texting and emails [about payment] over phone calls," Mr. Jaragoski said. Finally, about half of patients said they'd prefer to make a payment before or at the time of service.