Seeking medical treatment can be a stressful event. With health concerns at the forefront of their minds, patients can often move the financial considerations for care to the back. This can impact a patient negatively in a variety of ways; from late payments and increased interest charges to additional stress related to their treatment. In order to ensure the best experience for patients (and their providers), we will make five recommendations in this post for empowering patients and facilitating better management of their financial health.
Online Account Access
Providing patients with easy online access to their accounts offers them a means to track activity on their time. This not only benefits the patient in terms of convenience, but eases the burden on billing departments as well. With a comprehensive self-service option, patients can make payments, review insurance coverage and check account balances without assistance.
Payment Options
Flexible options can mean the difference between gradual balance reduction and no payment at all. For low-income patients, or those who find themselves faced with a large unexpected medical expense, a payment plan can be a lifesaver — offering a little needed leeway to effectively manage the new financial obligation in their time of greatest need.
Education
One of the biggest challenges to patients resolving a financial obligation is their understanding of the billing. While you do not need to formally educate each patient on how interest works, providing a clear breakdown with examples of how different payments will impact the life of their account can help them make better financial decisions.
Mobile Apps
More and more patients rely upon a smartphone to conduct their daily business. Providing patients with a mobile app, simplifies account access by putting it in their pocket. Aside from convenience, the ability to provide patients with push-notifications ensures they are notified of account activity in real-time. Regular mobile communications can keep a patient engaged with their account.
Settlement
Offering a settlement option can motivate a patient to take action on a slow-moving account balance. Providing a negotiation tool that offers a small discount for payment in full empowers patients by offering them an immediate resolution for their debt. Patients that are given settlement options have the ability to prioritize their financial obligations for the fastest resolution.