Enhancing Wellness Services Accessibility: The Role of Second Look and Multi-Source Financing Solutions

Multi-Source Financing Solutions and Second Look Programs Can Help Increase Accessibility to More Wellness Services and Enhance the Consumer Experience 

In the U.S. alone, the wellness market has reached an estimated $480 billion, growing at 5 to 10 percent per year. Consumers are becoming more proactive about their health and seeking comprehensive wellness services that go beyond traditional medical care. This growing demand has led to the rise of “shoppable health and wellness care,” where consumers are electing to compare the price of health and wellness and services before selecting products and treatments, prompting providers to adapt to keep up with their evolving interests and needs. 

Understanding Shoppable Healthcare

Shoppable health and wellness services refer to non-urgent medical procedures and treatments that can be scheduled in advance, allowing consumers the opportunity to compare prices and services. This category includes a broad spectrum of services, such as diagnostic tests, elective surgeries, and even fertility care. The ability to research and compare these services empowers consumers to make informed decisions about their healthcare.

Despite the growing interest in wellness services, financial barriers remain a significant challenge for many consumers. For example, insurance coverage remains limited for fertility care across the board. On average, the cost of one round of IVF treatment can reach well into the tens of thousands per egg-freezing cycle, and most women often need two rounds of treatment.

The cost of care is an important factor in a consumer’s decision. Even with health insurance, out-of-pocket expenses can be substantial, causing 53% of individuals to delay necessary care. However, research indicates that 76% of consumers would seek more medical care if they had better payment options.

Provider Challenges and Financial Burdens

The increasing demand for wellness services has also placed additional strain on healthcare providers, who face rising workloads and financial pressures. Unpaid medical bills in the U.S. amount to roughly $140 billion, impacting providers’ revenue cycles and potentially discouraging consumers from seeking further care.

To alleviate these pressures, multi-source financing solutions have emerged, offering consumers flexible payment options. By partnering with second look financing programs and third-party providers, healthcare services can offer a variety of payment plans, improving accessibility for patients and reducing financial burdens on providers.

Benefits of Multi-Source Financing

Third-party financing solutions help providers by taking over the administrative burden of billing and collections, allowing them to focus on patient care. Additionally, these solutions offer consumers greater payment flexibility, enabling them to access necessary wellness services without financial strain. This approach not only enhances consumer accessibility but also fosters a sense of empowerment, as individuals feel more confident in managing their health expenses.

For consumers who do not qualify for primary financing options, second look financing programs provide an additional pathway to securing funds. These programs work with third-party financing providers, such as Synchrony, which offers the CareCredit financial solution, to provide additional opportunities for consumers to establish payment plans for their wellness services and thus increasing approval rates and expanding access to wellness services. This comprehensive financing approach ensures that more consumers can receive the care they need, improving their overall wellness and experience with providers.

Enhancing the Consumer Experience

Providers that offer multi-source financing distinguish themselves by enhancing the consumer experience. Findings from a study discussed in Medical Economics uncovered that unexpected medical bills can negatively impact patient-provider relationships, with 22% of individuals preferring not to return to the same provider after receiving an unexpected bill. By using third-party billing solutions, providers can mitigate this issue and maintain positive relationships with their patients.

Specifically among younger consumers like millennials, they value digital tools for managing healthcare expenses. A PYMNTS survey found that 35% of bridge millennials and younger consumers are willing to switch providers for better digital management solutions. Offering robust online financing options can attract and retain this tech-savvy demographic, making providers more competitive in the market.

Through adopting multi-source financing solutions, healthcare providers can expand access to care, reduce administrative burdens, and improve patient satisfaction. Flexible payment options, including second look financing programs, enable a wider range of consumers to access essential wellness services, promoting proactive health management. This approach addresses the growing demand for wellness services while supporting both patients and providers.

As the healthcare landscape continues to evolve, providers who embrace innovative financing solutions will not only enhance their competitive edge but also establish themselves as trusted partners in their patients’ wellness journeys. By offering comprehensive payment options, providers can meet the needs of today’s health-conscious consumers and support their long-term wellness goals.