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

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.

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/