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The Age Of Consumerism: Taking Charge Of Healthcare Spending

Source: Change Healthcare
Healthcare Spending

Payers and providers must adopt new industry models to meet customer needs

Today’s patients are becoming savvier about their healthcare choices and expecting more from providers. Fueled by a number of industry forces, the consumerism movement in healthcare requires payers and providers to take a more intuitive and transparent approach to consumer interactions.

A recent McKinsey and Company study affirms this trend, suggesting consumers view great customer service as equally important for both healthcare and non-healthcare industries. In fact, of the qualities deemed most important, the more  than 11,000 participants ranked three additional areas at the top: delivering on expectations, making life easier and offering great value.i

Dynamic market conditions are bringing about big changes to the way consumers pay for healthcare and providers  bill for their services. The reality is that billing experiences dramatically impact the patient experience and will play an important role in satisfaction going forward. As such, payers and providers must understand how high deductible health plans (HDHPs), greater out-of-pocket consumer expense, transparency into provider performance and competition will impact market share.