Show me the money: transparency builds trust
Many providers still don’t offer the price transparency that 91 percent of healthcare consumers seek. Yet offering cost information upfront does not change most patients’ buying behaviors. Nearly half say they require the information for budget planning purposes. Only 11 percent use such information to shop around for a different provider.
Even so, younger consumers are significantly more likely to price shop than older generations. Furthermore, affordability runs a close second to budget planning as a driver of the quest to understand costs: a key consideration for both insured and uninsured health consumers.
By offering better financial education and support for all types of patients, providers could promote informed choices, encourage responsible budgeting, strengthen health consumer engagement and reinforce the patient/provider relationship, especially among younger demographics.
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