Personalized Payment Plans Create a Better Patient Experience
By Marcia Leighton, Executive Director, Client Services
In today’s ever changing healthcare landscape, patients are finding the lack of transparency to the financial side of their care to be challenging both before and after they have received services from their provider. From pre-registration to receiving an explanation of benefits and then finally after receiving a final bill for care, patients are often left in the dark regarding their financial responsibility. This creates an overall confusing experience for patients compounding the stress that they are already experiencing by needing a healthcare procedure.
Results from a recent financial experience survey revealed that negative interactions with a provider’s billing department before and after treatment have a significant impact on patient satisfaction. Further, it went on to demonstrate the negative impact of the likelihood of a patient to pay his/her bill. According to the survey results, only 35 percent of patients with payment responsibilities reported being contacted with a pricing estimate prior to treatment. This lack of transparency can cause issues in the long run, such as surprise medical bills. Patient financial obligations represent the fastest growing share of hospital receivables today, and while revenue performance and patient satisfaction scores are top priorities, many hospitals are not properly equipped to help patients manage their personal financial responsibilities.
Personalized payment plans, such as those generated by PatientMatters’ IntelliPass® PaySelect solution, can solve these problems by ensuring a positive financial experience for patients, increasing overall satisfaction and resulting in improved point-of-service (POS) collections. Our clients have experienced at least 125 percent increase in as little as six months while others have experienced increases well in excess of that benchmark. Recognizing that each patient or guarantor has a unique financial situation is the first step to improve the financial experience. By offering each patient a unique payment plan based on his/her ability to pay, there is a financial transparency that drives positive communication between the patient and provider across the continuum of care.
It is no secret that the financial side of healthcare can be the most confusing, frustrating and stressful aspect for patients. However, when hospital registrar staff are equipped with patient-specific conversation guides, they are enabled to promptly and accurately explain personalized payment options to each patient, opening up the lines of communication.
By creating transparency throughout the entire patient billing process, the relationship and communication between providers and patients can be strengthened and a positive financial experience can be gained. Get in touch with our team to learn how our PaySelect solution can support your hospital or health system and improve patient satisfaction through financial transparency of care while increasing POS collections.