As more of the cost burden for medical care shifts to patients, people are paying special attention to news about the economy and the impact it may have on their families. TransUnion Healthcare surveyed 2,500-plus recent healthcare patients and found that news concerning tariff wars and yield curves, among other economic indicators, may result in more patients visiting their doctors while also re-evaluating their choice of healthcare providers.
40%
of recent patients said the state of the economy affects how often they seek medical care.
25%
of respondents said they may leverage their current health insurance now for procedures they’ve been putting off due to reports of a weakening economy.
75%
of recent patients said they conduct some form of research to determine prices of medical procedures. The research found that younger generations, in particular, are taking a very proactive approach and many are educating themselves on the financial aspects of their care prior to service.
50%
of patients say they choose their healthcare provider based on cost – this percentage grows to 65% and 60%, respectively, for Gen Z and Millennials.
50%
of patients don’t fully understand their bills. Even as consumerism is increasing in the healthcare space, confusion continues to reign.
62%
of patients said knowing out-of-pocket costs in advance impacts likelihood of pursuing care.
65%
of patients are more willing to make a partial payment when given an estimate at time of service.
