Creating Practice-Patient Loyalty
With the new mandates imposed by CMS, healthcare organizations will be required to post their negotiated rates in an easily identified, consumer friendly format. Is your practice prepared for the change?
What Drives Patient Loyalty?
“The cost of care for medical services can vary significantly across health care providers,” Tom Meier, vice president of Market Solutions at BCBS of Illinois, Montana, New Mexico, Oklahoma & Texas, told HealthPayerIntelligence.com in a written statement. “It’s important for members to have access to transparency tools that provide meaningful, actionable information, such as comparing quality and cost metrics to make informed decisions to get the best health care value.”
Nearly 25% of practice revenue comes directly from the patient. With the rise in high deductible health care plans many patients are finding this burden too heavy to bear, which is leading to bad debt increases for healthcare organizations nationwide. By understanding the new financial challenges and opportunities your patients are facing, you can create a patient focused financial experience to aid in collections and bill remediation.
Once a patient leaves the office, the ability to collect payment for services decreases by as much as 50%, and providers anticipate collections taking up to a month. The ability to help your patients understand their charges as well as giving them flexible options to pay help drive both patient and provider satisfaction.
Currently only 20% of providers have implemented tools to help give their patients full price transparency. The ability to exceed your patients’ expectations by sharing the cost of their care upfront allows them the ability to plan for their treatment. This, coupled with the ability to adopt a payment plan, will ensure the bad debt for organizations decreases as their patient satisfaction increases.
The Impact of HDHP's on Consumers:
Healthcare is entering a new landscape in which the patient has become a consumer of services, rather than just a recipient. Maintaining and growing a successful practice is now a balancing act of ensuring patients are content with both their care and financial experience. When patients are given their financial responsibility up front it decreases the cost-to-collect, risk of bad debt, and customer service calls due to higher than expected bills. It also improves patient satisfaction and loyalty. Authentic pricing transparency is a game-changer for providers.
Building Patient Loyalty
ImagineDiscoveryTM coupled with HonorCare® gives ImagineBilling clients the ability to show their patients exactly what they will owe and give them options to pay their bill in a way that best meets their needs. Providers need to view their patient with a holistic lens – their income, life circumstances and outstanding debts – which can help the patient be more than just a number. Practices that provide flexibility in their offerings will not only reduce their bad debt but create loyal customers that not only pay their bills but refer their friends.