Is Your Health System Getting By with Patient Payments, or Getting Ahead?
In the days when patient medical debt was a small fraction of overall health system revenue, a tactical, one-size-fits all-collections strategy was an adequate solution.
Times have changed.
Today, patients shoulder a significantly larger share of their own healthcare costs. With more “skin in the game,” patients expect an empathetic, personalized financial experience tailored to their individual circumstances.
A one-size-fits-all approach to patient payments will always fall short of this goal. Today’s consumer experience challenges require data-driven innovations that help everyday people understand and manage their medical bills over time and provide health systems with dynamic capabilities to measurably boost patient satisfaction and yield.
It’s the difference between getting by and getting ahead.
VisitPay is working with some of the largest and most innovative health systems in the nation to map new horizons in the patient financial journey. What we have found with many of our health systems clients is the first step in “getting ahead” begins not with technology, but perspective.
Healthcare consumers are complex. Medical conditions and disease burdens are as diverse as patients’ approach to treatment, engagement with the health system and ability to manage the cost of care.
The nuances and unique contours of the individual experience can’t be baked into a one-size-fits-all model of collections. Yet, by failing to account for individual clinical and financial circumstances, health systems are left to “get by” with an arsenal of abrasive collections tactics that frustrate patients and slowly starve the health system’s bottomline.
Fortunately, there is a better way. The use of data-driven analytics to surface the unique characteristics of patient populations is helping health systems across the country better understand who their patients are and when, where, and how to engage with them. And engage at scale, and consistently.
Aligning those insights with intelligent and intuitive tools that patients can use to manage their financial obligations with dignity, confidence, and a real sense of control creates a dynamic environment for personalized financial management across any touchpoint in the care continuum–even beyond the four walls of the hospital.
The numbers speak for themselves. Based on in-app surveys, VisitPay’s personalized payment approach increases patient billing satisfaction by 70%. It also empowers patients with convenience and flexibility while driving a 75% reduction in cost-to-collect.
That’s not getting by. That’s getting ahead.
Patient Financial Health Summit
We are excited to announce the 2019 Patient Financial Health Summit, Oct. 21-23, in Scottsdale, AZ.
This two-day event will feature:
- Dynamic keynote speakers
- Executive panels featuring leaders from some of the nation’s largest health systems
- Hands-on exercises for patient engagement, revenue cycle and consumerism
- Real-world patient financial experience use-cases
- An assessment of healthcare financial trends and patient priorities surfaced by the 2020 edition of the landmark VisitPay Report
The challenges that have emerged in the wake of the patient-as-payer era are enormous—but so are the opportunities! If you feel your health system is just getting by with patient billing, attend the Patient Financial Health Summit to learn applicable strategies for getting ahead of the curve!