Shifts in patient financial responsibility over the last decade have altered the patient-provider relationship. Patients now act as healthcare consumers; seeking the best service for the best value. This has put new emphasis on the patient experience for its ability to impact patient loyalty and financial engagement.
Surprising results of a recent survey stated that patients are more likely to pay in full for services if they feel as though they had a positive financial experience. Likewise, patients who had a negative experience are more likely to avoid paying. For improved patient financial engagement, organizations must take care to avoid the common pain points in the billing process; estimated cost of service, billing transparency, payment options, and ease of payment.
Simplifying the financial experience for patients can have an impact. Making cost and payment expectations clear up front as well as providing easy methods for payment are primary motivating factors for patient loyalty. In fact, 47% of patients would switch providers for these conveniences. To improve the revenue cycle, providers must understand patient expectations for service and rise to meet them.
70% of patients are confused by their medical bill, adding additional stress to the already stressful experience of needing medical care. Easing the financial process by providing personalized services such as flexible payment plans, account access portals, and a variety of payment options can boost patient satisfaction. Additionally, providing a respectful and empathetic approach to account resolution can build patient trust and endear them to their providers.
Average patient satisfaction ratings can fall by more than 30% during the billing process. Healthcare organizations must promote positive personal interactions to maintain patient loyalty and financial engagement. Additionally, collection partners or other third party billing service providers must act in accordance with the organization’s mission and values concerning patient treatment during financial engagement as well. In order to ensure adherence to a healthcare provider’s standards, these third parties should provide adequate visibility of all patient engagement activities such as an online portal with real-time access to data on contacts and payments as well as access to all call recordings.
Examples of technology that Professional uses to provide transparency in patient engagement include our secure Client Tools online portal for full access to account activity and the VoizTrail® Communication and Compliance Suite that records and analyzes all patient calls.