Improving the Patient Financial Journey
In the new landscape of value-based healthcare, the patient is quickly becoming a consumer of healthcare services rather than just a recipient. As the popularity of high deductible health care plans rise patient pay responsibilities increase, along with the bad debt for medical practices.
“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.”
In a recent survey conducted by HealthLeaders Media Buzz, the findings indicate that while healthcare providers say patient financial engagement is an integral part of the overall care experience, they can’t or won’t do anything to improve it. “Such thinking puts organizations at a competitive disadvantage, both operationally and financially,” says Kevin Fleming, CEO Loyale. When patients are dissatisfied with the financial engagement process, it is a red flag that will often drive them to other healthcare providers who offer a better and more holistic financial experience.
Providers that deliver financial transparency are aiming to attract, acquire and retain the loyalty of these patients by providing a seamless financial experience. Without a smooth financial journey, patients are overwhelmed by multiple bills and statements, and are left feeling unclear regarding their financial responsibility.
“Organizations that commit to improving the patient’s journey across the financial care continuum will strengthen the overall patient experience, reduce exposure to patient bad debt, improve collections and cash flow, and ultimately grow market share” says Flemming.
However, growing inertia prevails with many healthcare organizations, who believe the existing payer-centered revenue cycle systems are equipped to handle the new financial landscape which is filled with unique challenges related to patient financial engagement.
By partnering with a strong and innovative financial partner, healthcare organizations can deliver a world class patient experience that provides transparency, flexibility and understanding. Through ImagineSoftware’s ImagineDiscovery solution, healthcare practices can provide patients with up to date insurance information which helps them make well-informed decisions. Coupled with our HonorCare payment plan option, patients will move from being consumers to loyal customers.