Inflexible healthcare billing practices that put patients through arduous payment processes are causing providers to respond with tech innovations to recapture patient loyalty and increase payments.
It’s clear that patients are dissatisfied with complex payment systems and are looking for improved, personalized services:
- 92% say improving customer experience should be a top strategic priority for medical providers.
- 90% no longer feel obligated to stay with providers that don’t deliver an overall satisfactory digital experience.
- 88% under age 40 state they will choose their next medical provider based on a strong online presence.
In response, hospital leaders are recognizing that personalized payment services can engage patients and improve income. These providers are looking to new developments in revenue cycle management to ensure the payment experience meets patient needs with personalized, self-service that can, in turn, lower costs.
Here are four revenue cycle management trends you need to know:
1. Engage Earlier
Take the surprise out of medical bills. Providers can start by engaging patients at the start of their healthcare journey. This shifts the patient financial conversation from post-service to pre-service and makes patients aware of their financial responsibility, which empowers them to make informed decisions about their healthcare.
Enhance your technology stack. With predictive analytics, providers can clarify patient financial responsibility with personalized estimates that reflect insurance coverage. Automated email appointment reminders can allow patients to view out-of-pocket estimates and make an initial payment. More than 85% of CFOs and other senior finance leaders who digitized more than 25% of their financial process said ROI was substantial.
3. Increase collections with personalized payment options
Offer patients budget-friendly payment options. To meet patient needs, providers need a consumer-centric platform that engages the patient at pre and post service to provide effective, clear, and actionable information about their medical services.
4. Self-service to decrease costs
Embrace self-service engagement to reach more patients and save staff time. A proactive approach to patient billing can help hospitals (like Kettering Health Network) reap financial benefits while also enhancing the patient’s experience and overall satisfaction.
These trends are tethered to the concept that a digital-first, self-service revenue cycle can transform your payment conversation with patients to better engage them throughout their healthcare journey for incredible revenue results.