Today’s patient has become a healthcare consumer. Rising out of pocket costs, premiums, and deductibles drive patient communities to shop around for the best value for treatment. This makes reputation and patient loyalty increasingly important if a healthcare organization is going to remain competitive- one of the most effective ways to accomplish this is through billing transparency. In this post, we are going to identify three opportunities for providing transparency at different stages in the patient journey.
Pre-service
9 out of 10 patients want to know what their financial responsibility will be upfront. Working to build patients’ trust starts during pre-service. Healthcare organizations should take care to provide patients with a clear and concise breakdown of service charges prior to care. This small effort will serve as the foundation for payment responsibility through the course of the patient journey.
When people fall ill and end up at the hospital with unexpected bills, far too often they have entered into a financial maze.”
– Richard Cordray, former Director of the Consumer Financial Protection Bureau
At the time of Service
Don’t wait weeks to engage patients in the billing cycle, provide them with opportunities for engagement at the time of service. Sign patients up for online portals, explain their self-service options, and help them create a personalized payment plan. This eliminates any temporal discounting that may take place after service and ensure they have a clear understanding of payment expectations at the time of care.
Collections and beyond
When transferring accounts to a collection partner it’s imperative to provide them with the most information possible concerning charges and billing history. This allows them to offer the same degree of transparency that patients received with your organization, creating a consistent experience and seamless transition from medical to financial care. Once accounts have been resolved, encourage patient feedback to stay informed about their experience and how your processes are meeting service expectations.
Studies have shown a direct connection between transparency and patient loyalty; when providers issue unanticipated charges patients aren’t likely to return. With proper communication during each stage of the patient journey, healthcare organizations can work to simultaneously boost their reputation and improve patient loyalty.
Professional Credit works with healthcare organizations to develop recovery strategies that reflect care culture in the billing process. We provide quality financial services and cutting-edge digital technologies to patients that promote transparency and maintain strong relationships with their providers. Discover why our approach is different, follow this link.