Last year hospital revenue from patient responsibility showed an 88% increase over the previous five years illustrating a growth trend for patient out-of-pocket costs. Couple this with the fact that premium costs have seen a steady increase of at least 5% annually for the last six years and it’s not surprising to learn that many patients are avoiding care. In fact, patient surveys are finding that in addition to avoiding care in general, many patients are skipping critical testing and trading essentials (like groceries or electric bills) for medical attention. Today we look at some strategies for minimizing financial obstacles for patients while still retaining the revenue critical to health system operations.
Offsetting the cost of treatment
Understandably, health systems cannot feasibly lower the cost of service or treatment; however, they can help to offset the cost for patients by offering payment plans. Many providers are already experimenting with ways to incorporate payment plans into their revenue cycle, from offering monthly minimums based on patients’ calculated ability to pay to offering discounts for pre-service payments, and seeing positive results. Mosaic Life Care, a Missouri based health system, recently reported an 89.3% increase in recovery after adopting a new payment plan strategy. Trend data shows that patients not only want payment plan options but, when presented with them, are more likely to pay in full and on time.
Remove barriers to access with digital engagement tools
Access is a challenge for patients in all demographics; the issue of transportation alone impacts more that 3.5 million patients nationwide. But there are other forms of access that may impair patients’ ability to seek care, such as convenience or education. A lack of awareness or knowledge concerning care options and office hours which conflict with work schedules are two common obstacles – obstacles that can be compounded by a lack of affordability and insurance coverage. Health systems can ease these burdens by providing patients with a variety of digital engagement tools. A comprehensive user-friendly website can offer patients critical information concerning providers in their area, hours of operation and where to find after-hour care, appointment setting and more. Providing patients with portal technology can go a step beyond this serving as a HIPAA certified secure platform for personalized communications. Through this medium, patients can corroborate care instructions, get information on their insurance coverage, and receive personalized messages without the necessity of person to person contact. Digital engagement tools can bridge many gaps to access by providing critical information to patients through the channel most convenient for them.
Professional Credit understands the challenges faced by modern patient and their providers, that’s why we developed PCS Direct Pay, our dedicated patient portal. With PCS Direct Pay, patients get round-the-clock access for taking action on their accounts. A comprehensive platform, PCS Direct Pay offers patients all the resources they need to make the best financial decisions, from an easy-to-understand breakdown of their bill to a payment estimator tool that illustrates how different payments impact interest and the life of their account. Additionally, our digital initiative provides patients with a wealth of communication options, ensuring they get critical account information through their preferred channel. We have worked to incorporate all of the self-service technologies patients need to manage their healthcare obligations according to their unique circumstances, providing easier more convenient service for them and ensuring the best possible returns for their providers.