Patient financial experience is important for every healthcare provider as a single poor billing experience can negate your patients’ positive, high-quality clinical experiences and you should always remember that the last impression is the lasting impression.
Today, in the wake of COVID-19, providers need to consider financing flexibility, a shift to digital payment methods, and a need for increased bill transparency to the patient to improve customer financial experience. Moreover, pandemics force patients to scrutinize their finances and prioritize which bills to pay, it’s become clear that health systems must offer flexible, tailored payment options to help patients manage medical bills in ways most convenient to them.
In this brief you can have better insights about patient re-engagement with enhanced financial experience as patient’s engagement in healthcare contributes to improved health outcomes.
A shift to digital payment methods
Many medical practices and providers are not ready for digital preparation at pre-pandemic, but the pandemic highlighted the lack of digital engagement tools that healthcare providers were utilizing, even though many of these solutions have been around for years.
Digital payment methods help providers in many ways like reduction in elongated AR days and protecting patients’ private healthcare data, especially when digital payments are added to the mix. Simply put, every time providers get payment security.
With the help of digital payment methods providers are taking their payment experience to next level and allowing patients to pay anywhere, anytime, and anyway resulted in re-engagement of the patient with enhanced financial experience through the digital method.
You can take help from advanced technologies like the ongoing development in various technologies such as artificial intelligence and machine learning to ensure ways to improve the patient financial experience. Providers can implement AI technology to speed up collection rates and identify patterns in data that allow providers to pinpoint personalized financial plans for patients.
Need for increased bill transparency
If you want to enhance patient re-engagement, then you should be transparent about the price. Patients are more likely to pay if they understand how much they will owe out of pocket upfront, reducing the uncompensated amount.
Today US healthcare spending is rising to grow above the general rate of inflation and patients burdened by rising deductibles demand the information needed to shop for healthcare services. These factors put pressure on providers, insurers, and drug makers to offer price and quality data.
Moreover, alternative payment models that require providers to take on financial risk for populations of patients are forcing doctors to ask questions about the cost of ordering this test or that, referring a patient to a specific skilled nursing facility, or ordering home care.
Every citizen carries mobile phones in the US Therefore, Apple Pay, Samsung Pay, PayPal, and other financial mobile apps have been successful in reducing the friction of financial transactions. Contactless payments via mobile pay can ensure harmonious financial relationships reflective of the patient-centered clinical care delivered by providers. That’s increasingly important, given the rise in reimbursement models that tie hospital and health system reimbursement to overall patient satisfaction.
Finally, a research study it is found that the lack of digital payment options and other issues, such as unconsolidated medical bills and inadequate customer support are often the reasons for outstanding payment of medical bills from patients. Hence nowadays patients are switching to a different provider who offered an improved, digital patient billing and collections experience.
If you are worried about your medical billing, then you can outsource your medical billing to us, and rest assured. We are a team of HIPAA-compliant professionals to handle all your medical billing queries.