Just as marketers use proven tactics to engage potential consumers, healthcare financial leaders may use these same strategies to improve results in the patient-pay revenue cycle. In an article published by Healthcare Information and Management Systems (HIMSS), Apex Director of Marketing Kristen Jacobsen discusses the value of tailored communications based on popular marketing considerations, including: demographics, personas, channels, messaging, and conversion rates.
This marketing based model to statement design, messaging and distribution can prove effective for patient financial engagement, lead to better experiences for patients, and improve financial results for the provider.
Consider segmenting your audience, optimizing your messaging, and measuring conversions and results. These marketing techniques allow healthcare revenue cycle leaders to:
- Understand common needs and behaviors for a given patient population and build a more effective financial communication framework.
- Vary messages to patients to achieve the best results. Delivering the right message through the right channel allows patients to pay how, where and when they want.
- Track, test and analyze success to identify ways to drive the highest conversion rates. Similarly, healthcare revenue cycle leaders can focus on key “conversion points” to understand what mix of messages, timing, billing and payment channels work best for each patient segment.
The following metrics show one providers results applying this type of approach. By targeting messaging, testing the results and fine-tuning for improvements the provider recognized the patient population’s inclination to pay online and realized a significant increase in dollars collected – nearly quadrupling during the course of the analysis.
Note: The colored dots indicate messaging changes over time.
Successful implementation of these marketing tactics provides great insight into how each patient population pays and what messaging strategies drive the best results; thereby increasing overall collections and reducing print costs.