Enhancing preventive care with accessibility and technology

Photo: Tashi-Delek/Getty Images

Since 2005, the U.S. has experienced the highest rates of avoidable mortality compared to other countries like Canada, Germany and the United Kingdom, which includes deaths for ailments that are preventable, treatable, or could be avoided with timely and effective health care interventions such as routine check-ups, screenings and treatment.¹

These negative health outcomes may be due to the culture of our health system in the U.S., as it's focused on treatment after the onset of disease or illness, rather than prioritizing chronic disease prevention and management, the early diagnosis and treatment of medical problems, or affordable access to health care coverage.¹

Preventive care reduces the risk for diseases, disabilities and death, yet millions of people in the U.S. are not getting preventive healthcare services, with affordability continuing to be a significant barrier to access.²

With the rise of high-deductible healthcare plans, increasing out-of-pocket costs and traditional health plans covering less, consumers are already shouldering much of the financial responsibility of their healthcare.³ This year, fueled by inflation, supply-chain disruption and workforce challenges, healthcare costs are projected to grow much faster than the historical average.⁴

In addition, the Lifetime of Healthcare Costs Study conducted by CareCredit, a Synchrony solution, found that 80% of patients do not have a dedicated savings account for unexpected healthcare costs, and that among the 20% who do, nearly half (49%) say it's not enough. The high cost of healthcare and a general lack of financial preparedness means patients are ultimately left with few options for payment, leading many to delay or forgo recommended care entirely.

Putting off a doctor's visit may seem harmless at the time, but Synchrony's study also shows that delaying medical help can result in more health problems in the future: Of the 45% of patients who delayed or ignored a medical procedure because of its cost, 46% said that doing so caused additional medical issues.

We know that when patients have to delay care, providers are also impacted. Regular visits to the doctor can be daunting, especially coupled with patients' significant cost concerns, so practices may experience challenges like shrinking patient pools and delayed time to payment.

Fortunately, healthcare providers can effectively support their patients' preventive care by emphasizing the importance of routine check-ups and by guiding them through their payment options. Patients may have various options to pay for their out-of-pocket, healthcare-related expenses, including:

• Health Savings Account (HSA): This is available for those with a qualifying high-deductible health plan to save and use pre-tax dollars specifically for healthcare expenses.
• Flexible Spending Account (FSA): This is a pre-tax saving account that can be used for health-related expenses such as copays, deductibles and prescriptions.
• Savings Account: Even a basic savings account can help if patients set aside money for costs not covered by insurance.
• Financing Solutions: Offering an in-house or third-party financing solution can help patients feel more comfortable pursuing care knowing they don't have to pay a lump sum all at once. When patients feel less financial pressure, they're more likely to follow up with the care they need. A financing solution such as the CareCredit health and wellness credit card from Synchrony can give patients the flexibility to pay for their care over time.

For providers looking to make healthcare services even more accessible, integrating technology into the payments process can offer a convenient, digital-friendly experience for your patients.

Results from the 2022 PatientPay Study show that patients are looking for the same level of convenience for their healthcare payments that they have come to expect in other facets of their life, where they can select payment options for purchases or use mobile payment services.

Offering easily navigable online patient portals, instant online credit applications or a simple QR code at point of payment can help fulfill the evolving needs and expectations of patients as well as empower them to pay for the healthcare they need in a way that works for themselves and their families.

As so many Americans struggle with the high cost of healthcare, providers play an important role in getting patients engaged in their preventive care. Starting with the tools discussed in this piece, providers can help patients understand the value of preventive care while also taking the stress out of paying for it. Alternative payment methods and financial tools are just a part of the complex solution to the larger affordability issue, but they can help patients manage the burden in the meantime.

Disclaimer: This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual advisors with respect to any information presented. Synchrony and any of its affiliates, makes no representations or warranties regarding this content and accepts no liability for any loss or harm arising from the use of the information provided.

References

1. The Commonwealth Fund. January 31, 2023. U.S. health care from a global perspective, 2022: Accelerating spending, worsening outcomes. https://www.commonwealthfund.org/publications/issue-briefs/2023/jan/us-health-care-global-perspective-2022.
2. Office of Disease Prevention and Health Promotion. Healthy People 2030: Preventive Care.https://health.gov/healthypeople/objectives-and-data/browse-objectives/preventive-care.
3. The Commonwealth Fund. October 26, 2023. Paying for it: How health care costs and medical debt are making Americans sicker and poorer. https://www.commonwealthfund.org/publications/surveys/2023/oct/paying-for-it-costs-debt-americans-sicker-poorer-2023-affordability-survey.
4. Pifer, R. January 16, 2024. Trends shaping the business of health insurance in 2024. Healthcare Dive. https://www.healthcaredive.com/news/health-insurer-predictions-2024/701800/.