Healthcare facilities are challenged with collecting from more individuals with high deductible plans. This rise in patient payment responsibility increases pressure on health organizations to collect from thousands of individuals, rather than just dozens of insurance payers. Increasing patient financial engagement is one key to meeting these challenges. Following are three approaches to enriching financial interactions with patients for an end result of improved payment outcomes:
- Improve patient interactions: Encourage more payments at the front-end of the patient revenue cycle by providing reception staff with the tools and training to collect more than a co-pay. Additionally, establish patient identify verification process for accuracy and security throughout the revenue cycle, ensuring the right bill reaches the right patient, which not only results in stronger financial results but reduces compliance risks.
- Personalize financial communications: Implement customized communications strategies that present information that fits the patient. Meet patients where they are, delivering the right message at the right place at the right time.
- Provide ‘omnichannel payment’ options: Provide both traditional payment options (i.e., check and credit card processing) as well as new digital payment opportunities (i.e., online and mobile options). This approach increases collection results by allowing patients to quickly and easily pay their medical bills in a way that is convenient and comfortable for them.