As a company operating in the health and benefits space, we keep close tabs on interesting headlines and trends. Paytient is focused on helping people better access and afford the care they need, and a large part of that mission involves education.
To help you stay up to date with big happenings, we round up noteworthy headlines in health and benefits every month. Here’s your recap of some of the most interesting content to come across our desks over the past few weeks.
Survey Shows Growing Appetite for Buy Now, Pay Later Services
A recent study by SurveyMonkey shows that “buy now, pay later” services are gaining popularity with consumers. About 20% of Americans reported using a buy now, pay later (BNPL) service over the past 12 months, with 33% of respondents who have not used the payment setup expressing interest in such a service. BNPL services allow consumers to pay for purchases in smaller installments over time, often with minimal or no interest.
Of consumers who have used BNPL services, 51% said they are more likely to buy from a retailer that offers these payment options in the future. And of those same folks who have used a BNLP option to make a purchase, 44% said they preferred it to using their credit cards. While the service has been particularly popular for technology, furniture, and clothing, consumers expressed interest in using buy now, pay later arrangements for things like healthcare (21%) and groceries (16%).
Read more from SurveyMonkey
WSJ Explores New Benefits That Could Help With Retention
Attracting and retaining employees has been a significant challenge for human resources professionals during the pandemic. The “Great Resignation” has seen record numbers of workers leave their companies in search of greener pastures, which has left companies scrambling to retain in-house talent.
The Wall Street Journal took a deep look at this ongoing problem, working with experts who offered suggestions for companies hoping to keep their employees on board and attract new ones. Those suggestions include everything from better time-off arrangements and an increased focus on workplace culture to altered compensation models and more proactive management.
Read more from the Wall Street Journal
Commerce Bank, Paytient Collaboration Set to Improve Healthcare Affordability
Paytient and Commerce Bank announced a new collaboration earlier this month to serve the needs of enterprise employers and health systems interested in improving how people access and afford healthcare.
Assisted by FS Vector, a strategic advisory firm, Paytient sought out a financial services provider with a shared conviction for its healthcare mission. Commerce Bank also maintains high, principled regulatory practices and has decades of successful relationships with hundreds of well-regarded health systems.
“From my years of working in healthcare, I certainly had a familiarity and healthy respect for Commerce, but its commitment to quality and capacity for innovation were unmatched in the market,” said Paytient founder and CEO Brian Whorley. “It really was all about the talent of the team it fielded to craft a first-of-its-kind collaboration and healthcare payment experience that millions of Paytients will rely on in the coming years to better access and afford care.”
Read more on the Paytient blog
Walmart-Backed Startup Set to Acquire Pair of Fintech Companies
In a move to develop unique and affordable financial products that could help millions of people, a financial technology startup created and backed by Walmart announced the acquisition of two companies: Even and ONE. Walmart retains a majority stake in the startup, which will be called ONE moving forward; the combined companies will have more than 200 employees and more than $250 million in cash on hand, according to CNBC.
The startup aims to create a one-stop shop for consumers to spend, save, and borrow funds. In particular, it plans to capitalize on Walmarts 1.6 million employees and hundreds of millions of weekly shoppers. Even, one of the two acquisitions, offers an app employers can use to help their workers learn more about budgeting and setting aside emergency savings. Prior to this announced acquisition, ONE has offered debit cards, financial accounts, and an app that helps users track their money and budget.
Read more from CNBC
Closing the Financial Knowledge Gap for Employees
A report from Employee Benefit News explores the financial knowledge gap common among workers, noting how the pandemic highlighted a lack of understanding as it relates to financial planning. EBN notes that one study found only half of its respondents were able to correctly answer questions designed to test their financial knowledge.
As workers look to their employers for help with their personal finances, companies have started offering earned wage access, emergency savings funds, and student loan benefits. Still, companies will need to spend resources to provide the support and education necessary to help their team members achieve financial stability.
Read more from Employee Benefit News