Posted by Maria Shayna Tzouvelekis on Mon, Mar 14, 2016 @ 07:00 AM
A recent unique study was conducted for CareCredit about how people purchase healthcare services and related products including dentistry, veterinary services, hearing health, vision care and cosmetic procedures. In an online survey, patients who had made an elective healthcare purchase in the past 12 months (or were likely to do so soon), were asked a series of questions resulting in some interesting findings that could help medical service providers retain more business and potentially grow their current practices.
Fact: The average amount of time taken by consumers before making a decision to purchase was 76 days.
Five Key Steps Taken by Consumers When Making a Purchasing Decision
- Initial Consideration – Research treatment options; first office visit
- General Research – Cost and payment options available through provider; treatment options
- Financial Considerations – Financial viability and options; discuss care/cost with family and friends
- Specific Research – Procedure/surgery details; provider and payment arrangements
- Decision – Pay for purchase
Fact: 50% of people conducted online research about providers, treatment options and costs while 40% reported gathering info from friends and family members.
Fact: 76% of people sought info about treatment and payment options by visiting a provider in person, visiting the office regarding costs, or inquiring directly with the provider about payment options.
With the majority of consumers seeking information in person, nothing can compare to the communication between patients and practitioners. Medical professionals not only console patients during trying times, they also enable them and their family members to live longer, healthier lives by providing expertise, sound advice and affordable payment options.
Fact: A clear trend in the study showed that the higher the cost, the longer it took the patient to make a purchasing decision.
All Signs Point to Payment Options
- More patients overall (73%) researched cost and financing than the procedure or treatment itself (70%).
- 49% of consumers were dissatisfied with payment options available to them.
- In all medical specialties, the likelihood of consumers seeking alternative payment options increased as the cost of the procedure increased.
CrossCheck has been working with healthcare professionals for 30 plus years. Our payment solution Multiple Check allows patients to make two-to-four payments by check to be deposited over a 30-day period. It is not financing, there is no credit check and the patient gets the procedures they need, when they need them. For more information, download our free guide.