A Strategy for Better Patient Financial Engagement
More than ever, patients are taking charge of their healthcare choices. By electing to further educate themselves on self- service options available, patients have become more information aware and choice oriented. Providing more self-service options for patients likely will result in improved outcomes for those who take advantage of these services.
If consumerization can improve a patient’s health engagement and outcomes, why not apply the same strategy to patient financial engagement? The question becomes, can better self-serve options on the financial side of healthcare enhance financial engagement as well?
This demand for more knowledge has given way to a variety of new health-oriented technology resources; from personal health tracking technologies (or “medical wearables”) and smartphone apps, to online diagnostic tools and telehealth allowing consumers to take their health into their own hands. These technologies are proving useful for improving health behaviors but also removing common barriers to care like access and education. Likewise, many of these moves are decreasing costs for both patients and their providers.
With regard to financial engagement, leveraging technology so patients have easier access to view and manage their accounts is paramount. Borrowing from the same strategy as medical wearables, mobile technology including push notifications and text alerts can be utilized to deliver important account communications directly to the patient’s smartphone. Regular payment reminders, receipts and account status alerts are ways to ensure patients stay engaged with their accounts and avoid additional fees.
A recent study by FDIC identified control and convenience as two of the most common demands consumers have when managing their finances. At Professional Credit we provide patients with a variety of tools that facilitate easier account management. Our mobile optimized website and PCS DirectPay portal provides patients with 24-hour access, right from their smart phones. Through these easy access points, patients can do more than just check their balance or make payments; we include a recurring payment option which allows them to experiment with different payment arrangements to see how adjusting their payment options can impact the life of their account. This helps patients make wiser decisions by seeing how long it will take to pay the balance, the impact of making a larger payment up front and, when applicable, the estimated interest which will accrue.
We believe keeping pace with evolving consumerization trends in Healthcare will deliver the best outcomes for the financial health of providers and their patients.