There’s almost no downside to providing healthcare cost information upfront. In fact, offering price transparency and financial education could be especially beneficial for younger patients and those with price sensitivity.
Nearly all consumers want healthcare cost information. Almost half of those consumers want it for financial planning purposes; very few use the information to price shop for a different provider.
of consumers would like pricing information from providers in advance of care.
of cost-conscious consumers want healthcare cost information “to plan/budget for my out-of-pocket expenses—but it does not typically affect where or when I choose to receive services.”
Consistent across demographics
Financial planning is the #1 reason that consumers want healthcare cost information (versus for price shopping or calculating affordability). This attitude is consistent across several demographics.
Percentage of cost-conscious consumers who say “I want healthcare cost information to plan/budget for my out-of-pocket expenses—but it does not typically affect where or when I choose to receive services.”
The young drive demand
More Millennials and Gen Z consumers than older consumers indicated financial planning as the top reason for wanting cost transparency.
Gen X and Millennials are significantly more price sensitive. When told in advance how much a medical service would cost, the younger generations decided to delay receiving the service.
Educate to differentiate
Findings suggest that communication and education may play an important part in addressing consumer concerns and buying behaviors.
Consumers with government insurance coverage have higher affordability concerns than those with commercial insurance, despite having the lowest levels of cost sharing responsibility.
Medicaid patients have the lowest cost sharing levels, and yet have the most concern about the affordability of out-of-pocket costs.
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