The patient experience extends beyond discharge. In fact, studies have shown that patient satisfaction can drop up to 30% during the billing process. Considering the impact of the patient experience on patient loyalty, the financial experience is increasingly important. Today we identify 6 key elements for creating a positive patient financial experience.
1. Transparency
70% of patients are confused by their bills, and 90% want to know the projected cost upfront. In fact, nearly half of patients would change providers if it meant they’d know the cost prior to treatment. The growing amount of patient financial responsibility has changed patients’ expectations for service; they want detailed pricing information in order to estimate value.
2. Flexibility
With out-of-pocket costs on the rise and an increase in self-pay, patients’ perception of healthcare costs is pretty bleak. A recent survey found that over 60% of Americans do not have savings for healthcare expenses, and a slightly higher percentage actively avoids care because of cost. Offering flexible payment plans can benefit both patients and providers, and show empathy. Studies indicate that payment options directly impact patient satisfaction.
3. Omnichannel Communication
In the age of the healthcare consumer, it’s more important than ever to meet patients on their terms. That means engaging in omnichannel communications. Patient demographics are diverse. To ensure your financial communications are reaching them through their preferred channels you need to have options. Organizations that only engage in traditional communication channels, such as direct mail or phone calls, may be missing the mark with a huge portion of their patient base; patients under 35.
4. Patient EOB Education
72% of patients do not understand their explanation of benefits. Educating patients about their financial obligations is a critical first step in creating a positive financial experience. Ensuring patients develop a clear understanding of out-of-pocket costs prior to the billing process minimizes the element of surprise which can lead to frustration and negativity.
5. Payment Options
Convenience is a big factor in the patient experience; ensure you meet each patient’s preference by accepting payment through a variety of channels such as; online, mobile, IVR, or chat. 68% of patients prefer electronic methods for payment, and 71% want to pay their bills in one place. Failing to modernize the payment process can result in a longer revenue cycle and frustrated patients.
6. Respect
Financial partners should treat patients according to the providers’ own values; providing service with compassion and respect. Seeking medical treatment is rarely a voluntary act. Patients are subjected to stress and unfortunate circumstances long before they receive their bill. A little care and consideration of their unique experiences and understanding of their hardship can go a long way. Engagements with patients that are non-judgmental and empathetic help to create a winning experience for them, and their providers.
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