Medical bills are rarely anticipated. That simple reality compounded by the growing rate of patient financial responsibility due to high deductible health plans, higher premiums and the unpredictable nature of healthcare costs often results in delinquent patient accounts. However, there are even more barriers to account resolution to consider. In today’s post, we are going to identify the three primary barriers that patients experience and discuss how to combat them for improved recovery.
1. Ability to Pay
This is likely the most common and simplest explanation for a patient’s failure to resolve their account. A recent survey cites 37% of healthcare consumers say they cannot afford an unanticipated medical bill of over $100. In fact, approximately 68% of patients with bills under $500 fail to pay in full. Offering flexible payment plans may be the only reprieve for patients in this position. Additionally, studies indicate that payment options can increase patient satisfaction. This adds value to the practice outside of just minimizing the risk for vulnerable and self-pay patients.
2. Motivation
Motivation to pay is greatly affected by the patient experience. When a patient has a positive experience with a provider they are encouraged to maintain the relationship and have a desire to return in the future. This can motivate them to resolve their account quickly in order to stay in good standing. Conversely, a bad experience can diminish the patient’s drive to pay. Surveys indicate patient satisfaction is influenced by billing transparency, interpersonal communication, in addition to the quality of care.
3. Forgetfulness
Many things can divert a patient’s attention during the physical recovery process; catching up on work, adjusting to new treatments, and the inability to participate in usual daily activities (like checking the mail) are all common examples. Providing patients with regular payment reminders in a variety of communication channels can help to keep their accounts at the forefront of their minds. 50% of patients use their smartphone for banking and a whopping 61% of Americans regularly avoid calls. Organizations that rely solely upon traditional communication methods may not be effectively reaching everyone.
At Professional Credit we understand that account recovery is important – but so are your patients. We have developed a patient-centric approach that emphasizes a positive patient experience while maximizing account recovery through behavioral science. To learn more about how we are breaking down the barriers to account resolution visit: Easier for Consumers.