The time for an overhaul of patient payment systems is now. There are — literally — billions of dollars at stake for hospitals across the country. In 2019, $515 billion in patient payments are expected. The way to secure that revenue: a healthcare payment platform that meets patients (consumer) demand.
Insurance companies are constantly looking to cut costs, which places a heavier burden on patients. To encourage patients to pay, the overall quality of care — from preservice to post-service — needs to evolve. For example, companies like Simplee have created cloud-based platforms that engage patients throughout their healthcare journey and address affordability with personalized paths to payment using a consumer-centric approach.
The growing trend is that patients are more willing to pay if they receive digestible information. The relationship between providers and patients requires transparency in order to be successful. Companies like Simplee strategically work with hospitals to ensure patients understand what services they are paying for out of pocket and offer pathways to payment they can afford (even prior to the appointment.) A whopping 77% of patients say it is very important to know the costs of their treatment — before the treatment.
What payment companies like Simplee are doing are offering both hospitals and patients a win-win solution. By personalizing payment plans and breaking down service information, patients are far more likely to pay their medical bills. In turn, hospitals increase their revenue stream. This kind of best-in-class software engages patients through the revenue cycle and beyond.
Hospitals that have partnered with Simplee have let the results speak for themselves:
The big takeaway: consumers (aka patients) balance transparency with accountability. The more educated they are about their medical services, the more willing they are to take on the accountability to pay for those services. By combining personalization and efficiency, payment companies are substantially aiding hospitals in both growth and revenue collection.
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