Flywire Survey Uncovers Increasing Demand for Flexible, Patient-Centric Payment Solutions in U.S. Healthcare
Flywire (FLYW) has released a healthcare payment survey revealing significant patient demands for flexible payment solutions. 80% of respondents want installment payment options for medical bills, while 60% cannot afford unexpected medical expenses in one lump sum. The study highlights that 75% find medical bills too complicated, up from 65% in 2021.
Key findings show that 93% want easier ways to pay medical bills over time, and 85% desire buy-now, pay-later options. Security concerns are prevalent, with 67% worried about healthcare payment data breaches. Flywire's solutions have helped healthcare organizations increase revenue by 29% and reduce bad debt from 5.5% to 4%.
Flywire (FLYW) ha pubblicato un'indagine sui pagamenti nel settore sanitario che rivela significative richieste da parte dei pazienti per soluzioni di pagamento flessibili. Il 80% dei partecipanti desidera opzioni di pagamento rateali per le spese mediche, mentre il 60% non può permettersi spese mediche impreviste in un'unica soluzione. Lo studio evidenzia che il 75% considera le fatture mediche troppo complicate, in aumento rispetto al 65% del 2021.
I risultati chiave mostrano che il 93% desidera modi più semplici per pagare le fatture mediche nel tempo, e l'85% desidera opzioni di acquisto ora e pagamento successivo. Le preoccupazioni per la sicurezza sono diffusi, con il 67% preoccupati per le violazioni dei dati sui pagamenti sanitari. Le soluzioni di Flywire hanno aiutato le organizzazioni sanitarie ad aumentare i ricavi del 29% e a ridurre il debito cattivo dal 5,5% al 4%.
Flywire (FLYW) ha publicado una encuesta sobre pagos en el sector salud que revela demandas significativas por parte de los pacientes de soluciones de pago flexibles. El 80% de los encuestados quiere opciones de pago a plazos para facturas médicas, mientras que el 60% no puede permitirse gastos médicos inesperados de una sola vez. El estudio destaca que el 75% considera que las facturas médicas son demasiado complicadas, un aumento con respecto al 65% en 2021.
Los hallazgos clave muestran que el 93% quiere maneras más fáciles de pagar las facturas médicas a lo largo del tiempo, y el 85% desea opciones de compra ahora y pago después. Las preocupaciones de seguridad son comunes, con el 67% preocupado por las violaciones de datos en los pagos de salud. Las soluciones de Flywire han ayudado a las organizaciones de salud a aumentar los ingresos en un 29% y a reducir la deuda incobrable del 5,5% al 4%.
플라이와이어 (FLYW)는 의료 결제에 대한 설문조사를 발표하며 환자들이 유연한 결제 솔루션에 대한 중대한 요구를 보이고 있다고 밝혔습니다. 응답자의 80%가 의료비에 대한 분할 결제 옵션을 원하고, 60%는 예상치 못한 의료비를 한 번에 감당할 수 없다고 합니다. 이 연구는 75%가 의료비 계산서를 너무 복잡하다고 느끼고 있으며, 이는 2021년의 65%에서 증가한 것입니다.
주요 발견 사항으로는 93%가 시간에 따라 의료비를 더 쉽게 지불하는 방법을 원하고, 85%가 지금 구매하고 나중에 결제하는 옵션을 원한다는 것입니다. 보안에 대한 우려가 만연하며, 67%는 의료 결제 데이터 유출에 대해 걱정하고 있습니다. 플라이와이어의 솔루션은 의료 기관이 수익을 29% 증가시키고 나쁜 부채를 5.5%에서 4%로 줄이는 데 도움을 주었습니다.
Flywire (FLYW) a publié une enquête sur les paiements dans le secteur de la santé révélant des demandes significatives de la part des patients concernant des solutions de paiement flexibles. 80% des répondants souhaitent avoir des options de paiement échelonné pour les factures médicales, tandis que 60% ne peuvent pas se permettre des frais médicaux imprévus en un seul versement. L'étude souligne que 75% trouvent les factures médicales trop compliquées, en hausse par rapport à 65% en 2021.
Les principales conclusions montrent que 93% souhaitent des moyens plus simples de payer leurs factures médicales au fil du temps, et 85% désirent des options de paiement différé. Les préoccupations concernant la sécurité sont fréquentes, avec 67% inquiets des violations de données sur les paiements de santé. Les solutions de Flywire ont aidé les organisations de santé à augmenter leurs revenus de 29% et à réduire les créances douteuses de 5,5% à 4%.
Flywire (FLYW) hat eine Umfrage zu Gesundheitszahlungen veröffentlicht, die erheblichen Bedarf der Patienten an flexiblen Zahlungsmöglichkeiten offenbart. 80% der Befragten wünschen sich Ratenzahlungsoptionen für Arztrechnungen, während 60% unerwartete medizinische Ausgaben nicht auf einmal bezahlen können. Die Studie hebt hervor, dass 75% die Arztrechnungen als zu kompliziert empfinden, ein Anstieg von 65% im Jahr 2021.
Wichtige Ergebnisse zeigen, dass 93% einfachere Wege wünschen, um medizinische Rechnungen über die Zeit zu bezahlen, und 85% Kauf-jetzt-zahlen-later-Optionen wünschen. Sicherheitsbedenken sind weit verbreitet, da 67% besorgt über Datenverletzungen im Gesundheitszahlungsbereich sind. Die Lösungen von Flywire haben Gesundheitsorganisationen geholfen, die Einnahmen um 29% zu steigern und die Forderungsausfälle von 5,5% auf 4% zu senken.
- None.
- None.
Additional Flywire research shows improving the patient payment experience can boost a hospital’s bottom line
BOSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW), a global payments enablement and software company, has released its new report, Is Paying for Healthcare Consumer Friendly Yet? examining the topic of healthcare affordability and accessibility among patients in the U.S. The research highlights a significant disconnect between patient expectations and current billing practices in U.S. healthcare, and uncovers opportunities for healthcare providers to both improve the patient payment experience and increase collections.
“Our research found that patients want medical statements that are easier to understand, the ability to pay bills securely online, and they want to pay in installments of longer than 12 months to better manage the high cost of healthcare,” said John Talaga, EVP and GM of Healthcare, Flywire. “By meeting these demands, hospitals and health systems can not only boost patient satisfaction but also protect the financial health of their organization, as we know that patients satisfied with the financial aspect of their care are more likely to pay their bill, return for service and refer their friends. Flywire helps providers engage patients at every stage of the financial journey, with easy to understand, affordable payment options - streamlining the collections process, while helping patients feel more in control of their medical expenses.”
Patients Are Stressed About High and Unexpected Medical Costs
With
Patients also emphasized the need for bills to be clearer, with many expressing a desire for simplified, easy-to-read statements that outline charges and payment options more effectively. In fact, nearly everyone surveyed (
Patients want payment plans and financing options to help them afford medical bills
Patients weigh payment security in healthcare payment decisions
Security remains a top concern for American healthcare patients, with
7 ways Flywire solves patients’ biggest payment concerns and boost health systems’ bottom lines
Flywire’s solutions are designed to optimize the patient financial experience for health systems throughout the U.S., providing patients with a personalized pathway to pay off their balance that’s fully customized to meet every patient’s unique financial needs. And more data suggests that improving the payment experience is core to protecting the financial health of hospitals and health systems. A separate Total Economic Impact analysis showed that by using Flywire’s patient financial engagement platform, healthcare organizations increased revenue by
As one client put it:
“Implementing Flywire has been one of the best decisions we've made as an organization, because we have seen it in the feedback from our patients. We see, ‘Thank you for making the statements easy to understand,’ because patients weren't understanding our statements. And ‘Thank you for having the option to go online and pay and be able to set up payment plans and make arrangements,’” said Sonya Turner, Senior Director Patient Accounting, Centra Healthcare
Additionally, Flywire helps healthcare systems:
1. Deliver more payment plan options with personalized payment plans that are tailored to patient financial capacity.
2. Extend collection terms beyond 12 months with non-recourse, integrated financing.
3. Provide a single platform for in-house and outsourced payment plans.
4. Provide a single portal to make payments by integrating with an EHR strategy for a single-sign on experience
5. Provide a secure way to pay online. Ensure compliance with regulatory and industry standards, such as HIPAA and PCI DSS v 4.0, and more.
6. Increase self-pay collection
7. Reduce time spent dealing with accounts receivable.
To view the complete report, please visit here
About Flywire
Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.
Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.
Flywire supports more than 4,000 clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , LinkedIn and Facebook.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s expectations regarding the benefits of its solutions to healthcare patients, Flywire’s business strategy and plans, market growth and trends. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire's forward-looking statements include, among others, the factors that are described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Flywire's Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC's website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, expected to be filed with the SEC in the fourth quarter of 2024. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Media Contacts
Sarah King
media@flywire.com
Investor Relations Contact:
Masha Kahn
IR@Flywire.com
FAQ
What percentage of Americans want installment payment options for medical bills according to Flywire's 2024 survey?
How much has patient concern about complicated medical bills increased since 2021 according to FLYW's research?
What improvement in revenue did healthcare organizations see using Flywire's platform?
What percentage of survey respondents are concerned about healthcare payment security in Flywire's 2024 report?
