Patients, a major player in healthcare payments want the answer to two major questions when managing their medical treatment from providers:
“What do I owe?” and “How am I going to pay?”
Providers who can build revenue cycle programs that address these questions will win every day with patients. In this article, we’ll explore why patients require transparency and how you can build a revenue cycle program that addresses these two critical questions.
As patients struggle to understand and afford their bills, it’s now apparent that they are looking to their healthcare providers to offer transparency in their payment obligations and related information.
In fact, 9 in 10 consumers want to understand their patient responsibility upfront and 94% of patients expect price transparency tools to be available from their providers.
Regulators are also pushing for more understandable healthcare billing. A new CMS rule requires publication of charges for services. And recently, Pres. Trump mandated publication of healthcare prices in an understandable, consumer-friendly format. More requirements and expectations are sure to follow.
“90% of patients do not feel obligated to stay with a healthcare provider who doesn’t deliver an overall satisfactory digital experience.”
These trends are leading healthcare leaders to rethink the way they send bills and engage with their patients. Hospitals are turning to the best of online and retail payment experiences like those offered by Amazon and others to help shape their new approach by offering easy-to-use, self-service platforms.
AdventHealth experienced record returns by providing a consumer-oriented, self-service experience that started at pre-service. The hospital communicated with patients ahead of their appointment with a personalized cost estimate that delivered pricing transparency and enabled convenient pre-service payments. The provider was able to increase collections by capturing revenue earlier and minimize future outstanding accounts receivable.
Patient engagement rates rose, with 35% clicking through emails from the hospital and the patient net promoter score reached 45, twice the healthcare average. Per-patient pay was about $450, four times the average post-service payment.