Chief Healthcare Executive April 30, 2021
A McKinsey survey shows four in 10 consumers do not believe their finances will return to normal until late 2021 or early 2022.
Americans are more than a year into living with the COVID-19 pandemic, and while relief in sight, the impact of 2020 on consumer economic sentiment lingers. For hospitals, it’s time to rethink the patient financial experience in 2021, starting with financial communications and options for payment.
The start of 2021 brought a reset on patient deductibles—always a tough adjustment for consumers, given that nearly one-third of covered workers are enrolled in high-deductible plans. In 2020, the average deductible for individual coverage totaled $4,364; for family coverage, it’s $8,439.
But the COVID-19 pandemic intensified the financial squeeze consumers...