Over the past several years, there has been a significant shift in the payment for healthcare services through higher co-pays and deductibles. This shift is creating challenges for healthcare providers as the financial burden of consumer debt falls to them, according to a research study funded by Fifth Third Bank and summarized in a white paper.
Fifth Third Bank surveyed providers and thought leaders throughout the country to understand the impact they see on cash flow and operations as the use of consumer-directed health care (CDH) rises. The creation of CDH plans such as health savings accounts (HSAs) and high-deductible health plans (HDHPs) has changed how many consumers pay for health care. The past year has seen rapid growth due to economic conditions, increased employer adoption, and improved HSA/HDHP plan designs. A key stakeholder in this new environment is the provider.
While the research indicates the impact of CDH varies geographically, participants agree the CDH momentum is building. All research participants agree they must adapt their people, processes, and technologies or risk a negative cash flow impact. Other issues cited by research participants include price transparency, lack of consumer HDHP understanding, under-trained frontline staff, outdated legacy systems, public relations sensitivity, inadequate payer communication, and limited front-end payment tools.
