Healthcare organizations are discovering that positive patient engagement impacts more than just their reputation- it improves the revenue cycle. A recent survey connected a positive billing experience to a near 75% propensity to pay in full, compared to only 33% for patients who were not satisfied. At Professional Credit we’ve understood the connection between positive engagement and account resolution for a long time, that’s why we take care to promote a patient-centric approach and put the focus on patients as individuals, rather than account balances. Today we would like to share what we call “the Three E’s” that ensure a positive patient experience.
Empowerment
Patients want to feel empowered to make their own healthcare choices. With the increase of patient financial responsibility and high deductible insurance plans patients are becoming more consumer-oriented. They expect quality service, competitive pricing, and fair treatment- and they aren’t afraid to shop around to find it. This makes billing transparency exceedingly important. 70% of patients are confused by their medical bill. Making charges and interest available and easy to understand can greatly impact the patient experience. Additionally, 83% of patients believe the high cost of care makes treatment unaffordable. Providing patients with flexible payments plans may be the only way to relieve the perceived financial burden of seeking treatment.
Empathy
Seeking medical treatment can be traumatic; a little bit of empathy can go a long way. Taking a patient-centric approach focused on understanding the patient’s situation can both ease the process of account resolution and endear the patient to their provider. We have found that taking the time to truly connect with the patient, provide detailed information for their account and assist them in making the wisest payment choices for their circumstances results in a positive and productive experience. Empathy over the course of care accounts for 65% of patient satisfaction, for billing it can nearly double recovery percentages.
Ease
Patients expect convenient account management. This means easy access and payment options. Unlike other consumer groups, patients run the gambit in terms of demographics. These varying demographics have different preferences for service. For example, younger consumer groups are less likely to respond to direct mail or a phone call, and more likely to make mobile payments. We have taken steps ensure the best experience for everyone. By employing a variety of communication channels, both traditional and digital including text messaging and push notifications. And we also provide an online portal and mobile app so they can access and take action on their accounts when it’s most convenient for them. Ease of payment contributes to a positive experience.
If you’d like to read more about our patient-centric approach visit this page.