Why private healthcare businesses should prioritise choice and flexibility in payments

In private healthcare and wellbeing, we understand that each visit is not just a transaction – it could be a cherished moment of self-care, a well-deserved treat that individuals carve out for themselves, or at the very least, an appointment that needs to be attended swiftly and seamlessly in order to get back to work or leisure.

Often, in the pursuit of these treatments or appointments, there's a factor that goes overlooked – the payment journey. No consumer wants the harmony of their chosen treatment or appointment disrupted by the friction of payment issues.  

Let's look into the significance of smooth payment processes. 

Expecting more…

Consumer loyalty is undergoing a transformation. Our recent survey findings reveal that loyalty is no longer the stronghold it once was, with a considerable percentage of different age groups expressing a willingness to switch providers if offered more flexible payment options elsewhere.

We’ve found from our recent research that 56% of Gen Z are willing to switch healthcare or wellbeing providers if they can find more flexible payment options elsewhere. This demographic represents a growing segment of young adults who prioritise flexibility and choice in their healthcare and wellbeing experiences.

Our statistics also reveal a nuanced landscape of payment preferences among young adults. While 24% of Gen Z prefer online card payments and 14% opt for in-person transactions, there's a notable shift towards digital channels such as mobile apps (19%) and mobile wallets (17%). The ability to spread payments via Direct Debit remains a popular choice at 15%, indicating a preference for automated, hassle-free transactions.

All in all, these findings underscore the importance of offering a diverse array of payment channels to accommodate varying preferences of all ages of consumers.

Convenience over loyalty

Consumer loyalty is undergoing a transformation. Our recent survey findings reveal that loyalty is no longer the stronghold it once was, with a considerable percentage of different age groups expressing a willingness to switch providers if offered more flexible payment options elsewhere.

Whilst consumers across all age groups, from the mature 55+ to the tech-savvy 16-24 demographic, are open to exploring alternative healthcare providers that offer more flexible payment options, the overarching theme that emerges is that those in the younger age brackets prioritise convenience and options to pay through their preferred channels is becoming more important when choosing healthcare and wellbeing services over sheer loyalty to a provider. The data indicates a paradigm shift where the availability of diverse payment options plays a pivotal role in shaping consumer decisions.

Understanding and adapting to this change is crucial. In a sector where customer experience is so critical, embracing flexibility in payment plans, offering a range of payment methods, and ensuring seamless payment journeys can become key differentiators in attracting and retaining clients.