Healing or hurting? The impact of healthcare costs on patient well-being

In a fresh year of economic flux, a persistent question emerges: How do financial ups and downs affect healthcare affordability and access? Tebra surveyed 800 Americans and 200 healthcare professionals to understand the real impact of these tough economic times on the decisions we make about our health. Beyond the struggles and the stress, we’ll also uncover how people are adapting and what they believe could help make healthcare more affordable. We'll explore the impact of 2024’s economy on healthcare costs, and access from the perspectives of both patients and professionals.

Affording healthcare in the U.S. can be challenging when navigating economic hardships and inflation. Below, we explore how the economy impacts patient's medical care and what they think could help ease healthcare costs.

Cost concerns have led more than a third (36%) of individuals this year to either delay or entirely skip medical treatment, underscoring the ongoing U.S. healthcare crisis.

Anxiety over healthcare affordability in 2024 is also high, with nearly three-quarters (73%) of individuals worrying about paying for it this year. Among these respondents, over a quarter (27%) are grappling with extreme anxiety. Compounding these stressors, 40% of Americans report higher healthcare costs, and nearly 1 in 3 feel completely unprepared for an unexpected medical expense.

Due to the economy, over a quarter of people (26%) have tried home remedies or alternative medicines rather than seeking traditional medical care. About 1 in 5 reduced healthcare coverage or opted for telehealth visits, while over 1 in 10 chose a lower-cost provider.

The top 5 changes patients believe would make healthcare more affordable are:

Patients aren’t the only ones concerned about the rising healthcare cost — healthcare professionals also weighed in on how they’re adapting to economic pressures.

Within the healthcare community, economic shifts have raised alarms, with 1 in 4 professionals citing a surge in concerns over the cost of healthcare. Well over half (63%) have observed a rise in the number of patients bypassing or postponing treatments due to these financial hurdles. Healthcare professionals believe these top 5 changes are needed in the United States to make healthcare more affordable:

The economic currents of 2024 have made ripples across the healthcare industry, with patients and professionals alike navigating the waters of rising costs and accessibility challenges. The statistics speak volumes: a significant portion of individuals are delaying care due to expense, professionals are grappling with operational strains, and a collective unease about the future affordability of health services exists. The results are sobering: financial constraints impede the health of both patients and practitioners.

Tebra surveyed 800 Americans and 200 healthcare professionals to explore their perspectives on how the economy impacts healthcare. The survey was conducted on January 24, 2024. 

In 2021, with a combined mission to unlock better healthcare, Kareo and PatientPop joined forces to form Tebra — a complete practice automation solution for independent healthcare providers. With an all-in-one, purpose-built platform to drive practice success and modernize every step of the patient journey, Tebra provides digital tools and support to deliver modern care and operate efficiently. To learn more about how Tebra is committed to improving patients’ and providers’ success and well-being, visit www.tebra.com.

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