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MONEY
Sarah L. [email protected]
Diana D. [email protected]
Marie-Louise [email protected]
@AccentureHealth
Accenture Health
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METHODOLOGYFOR MORE INFORMATION:
SEE THE RESEARCH
Accenture surveyed 2,000 US consumers, men and women aged 18+, both employed and unemployed, to assess how price transparency and a�ordability impact their behaviors related to medical services. The online survey, which Accenture conducted between August and September 2016, included both insured and uninsured consumers across eight regions: New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain and Far West, based on The Bureau of Economic Analysis definition of regions for comparison of economic data. The analysis provided comparisons by region, gender, age, household, employment and insurance status.
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of younger generationsof older generations
Findings suggest that communication and education may play an important part in addressing consumer concerns and buying behaviors.
For example:
NEARLY ALL CONSUMERS WANT HEALTHCARE COST INFORMATION.
Financial planning is the #1 reason that consumers want healthcare cost information (versus for price shopping or calculating a�ordability). This attitude is consistent across several demographics.
EMPLOYMENT STATUS
INSURANCE COVERAGE TYPE
COST SHARING LEVEL
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 a�ect where or when I choose to receive services.”
More Millennials and Gen Z consumers than older consumers indicated financial planning as the top reason for wanting cost transparency.
Consumers with government insurance coverage have higher a�ordability concerns than those with commercial insurance.
Medicaid patients have the lowest cost sharing levels, and yet have the most concern about the a�ordability of out-of-pocket costs.
Gen X and Millennials are significantly more price sensitive
With the exception of Medicaid, all are the number one reason within each category.
When told in advance how much a medical service would cost…
The young are also more than 3 times as likely to price shop as older generations.
Consumers that have concerns about their ability to pay for medical services.
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 a�ect where or when I choose to receive services.”
of consumers overall chose a lower cost provider
Almost half of those consumers want it for financial planning purposes; very few use the information to price shop for a di�erent provider.
EDUCATE TO DIFFERENTIATE
Employed
THE
SHOW ME
48%
Unemployed44%
Medicare
Employer/DirectPurchase
Other Gov’t
CommercialInsuranceMarketplace
Medicaid55%
53%
53%
46%
17%18%16%
6%
1%
Plan Covers100%
$650 - $1,299
$1,300 -$2,599
$2,600 - $5,199
>$650 >$5,200
BabyBoomers
Silents Millennials Gen ZGen X
Uninsured Insured
ABILITY TO PAY
49% 51%50%
52%
48%
44%
THE TAKE ON TRANSPARENCY IS CONSISTENT ACROSS DEMOGRAPHICS
THE TAKE ON TRANSPARENCY IS CONSISTENT ACROSS DEMOGRAPHICS
THE YOUNGER GENERATION WILL DRIVE DEMANDFOR TRANSPARENCY
THE YOUNG ARE MORE PRICE SENSITIVE
Despite having the lowest levels of cost sharing responsibility (copays, deductibles, coinsurance).
PRICE SHOPPING
Medicare Other Gov’tMedicaid
45%
Employer/DirectPurchase
InsuranceMarketplace
46%91%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 a�ect where or when I choose to receive services.”
5% 17%
12%
61%
42%
38%
34%
59% 33%41% 33%
There’s almost no downside to providing healthcare cost information upfront. In fact, o�ering price transparency and financial education could be especially beneficial for younger patients and those with price sensitivity.
THE DEMOGRAPHICS OF HEALTHCARE PRICE TRANSPARENCY
43%
33%
Gen X 28%
Millennials 26%
Baby Boomers19%
...decided to delay receiving the service.
Gen XMillennialsGen Z
61% 47%
Baby Boomers
45%42%
Government Commercial
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