Weave Study Discovers Economic Trends Are Driving Change in Small Healthcare Practices

Rhea-AI Summary

Weave (NYSE: WEAV) released the 2023 Healthcare Business Insights Report, highlighting challenges in patient experience amid inflation and recession fears. Key findings show that 51% of healthcare practices increased prices recently, with 49% planning further hikes in 2023. Patient anxiety before appointments stands at 53%, and 62% feel unheard during visits. Providers recognize rising patient expectations, with 40% citing demanding patients as a major inconvenience. Notably, 46% of offices haven't updated their technology in over two years, despite 98% of providers linking technology to enhanced patient experiences.

Positive

• Weave's report emphasizes the importance of technology in improving patient experience, potentially driving demand for its services.
• The company has been recognized as a leader in multiple software categories, enhancing its brand reputation.

Negative

• A significant portion of healthcare offices (46%) has not updated their technology in over two years, indicating potential stagnation in service delivery.
• Rising healthcare costs (51% of practices increased prices) could alienate patients and negatively impact healthcare providers' relationships.

Patient expectations grew in 2022, as providers worked to address evolving patient demands

LEHI, Utah--(BUSINESS WIRE)-- Weave (NYSE: WEAV), the all-in-one customer communication and engagement platform for small- and medium-sized businesses, today announced new research, the 2023 Healthcare Business Insights Report, which examines how multiple factors, including inflation and recession fears, are driving small healthcare offices to deliver a better patient experience.

(Graphic: Business Wire)

Inflation has had a significant influence on patient experience, with 51% of practices having raised prices in the last 90 days and 49% of practices planning to raise prices in 2023. More than half of patients (53%) report experiencing anxiety before medical appointments, and nearly two in three patients (62%) indicate that they have felt rushed, not heard, or not paid attention to by a healthcare provider over the last 12 months. At the same time, 52% of providers believe patient expectations have increased since the pandemic.

While providers navigate macroeconomic shifts, patients are asking for better in-office experiences and the desire for providers to deliver digital-first solutions. And although 98% of providers say that technology is important to providing a great patient experience and increasing revenue, 46% of offices haven’t updated their office technology in over 2 years. This disconnect is testing an already disrupted patient-provider relationship originally brought on by the COVID-19 pandemic. As the “convenience economy” pushes businesses across industries to adopt modern technology that enhances user experience, consumers now expect the same conveniences from their healthcare providers, such as text communication, text-to-pay, buy now pay later options, online scheduling and more.

“As staffing shortages and increased patient expectations continue to drive modernization, providers are more focused than ever on engaging patients digitally,” said Brett White, CEO of Weave. “Implementing modern communication technology is key to bridging this expectation gap and improving both provider and patient experiences in 2023 and beyond.”

Additional findings include:

• 40% of providers say dealing with demanding patients is the biggest inconvenience for their healthcare office
• 87% of providers think their patients are not completely truthful during appointments, exemplifying lack of trust
• 81% of patients indicated they would prefer healthcare providers have the latest technology

Download the full report here: https://www.getweave.com/ebooks/2023-healthcare-business-insights-report/

About the study

Weave commissioned an independent market research firm to study 360 healthcare providers and 1,040 patients. The margin of error for this study is +/- 3% at the 95% confidence level. Online sampling was conducted in partnership with Qualtrics.

About Weave

Weave is the all-in-one customer communication and engagement platform for small- and medium-sized businesses. From the first phone call to the final invoice and every touchpoint in between, Weave connects the entire customer journey. Weave’s software solutions transform how local businesses attract, communicate with and engage customers to grow their business. Weave has set the bar for Utah startup achievement & work culture. In the past year, Weave has been named a member of the Forbes Cloud 100, a Certified Great Place to Work, and a G2 leader in Patient Engagement, Optometry, Dental Practice Management and Patient Relationship Management software. To learn more, visit getweave.com/newsroom/

View source version on businesswire.com: https://www.businesswire.com/news/home/20230118005296/en/

Kali Geldis

Director of Communications, Weave

pr@getweave.com

Source: Weave

FAQ

What does the 2023 Healthcare Business Insights Report by Weave reveal?

The report indicates challenges in patient experience due to inflation, with many practices raising prices and patients feeling unmet by providers.

How is inflation affecting healthcare providers according to Weave?

51% of providers raised prices recently, with 49% planning further increases in 2023, reflecting the economic pressures on healthcare businesses.

What technology challenges are highlighted in the 2023 report?

The report notes that 46% of healthcare offices haven't updated their technology in over two years, which may hinder their ability to meet patient expectations.

What percentage of patients feel rushed or unheard during appointments?

According to the report, 62% of patients indicated they felt rushed, not heard, or not paid attention to during their healthcare visits.

How has patient anxiety changed in healthcare settings according to Weave?

53% of patients report experiencing anxiety before medical appointments, highlighting an increased demand for better communication and care.