Meaningfully Engage Patients to Better Their Financial Health
Patients increasingly bear the burden of healthcare costs, in large part due to rising insurance deductibles and higher out-of-pocket (OOP) medical expenses. As patient balances increase and median wages remain relatively flat, it’s estimated that 2 million US adults declare bankruptcy from medical debt each year. Engaging patients throughout the bill pay process and using those insights to better each patient’s financial experience is critical to address these alarming trends.
In a world of consumerism, patients are eager to provide feedback and it’s the responsibility of the health system to collect these insights and develop solutions that better meet patients’ needs. VisitPay is the ideal platform to automate this feedback loop and drive real innovation. This comes alive through three key VisitPay capabilities:
Health systems have numerous options for collecting feedback through VisitPay’s in-app surveys. Surveys can be configured to present to patients after they complete an action in VisitPay or based on a characteristic of that patient. For example, suppose a health system is struggling with bad debt from emergency room patients. VisitPay can be configured to ask patients who have an emergency room visit if the payment options given to them were sufficient to meet their needs. A health system can also A/B test different payment options for these patients and see which produces the best overall payment rates.
In the same way that a physician prescribes treatment and later follows up with the patient to see if their condition has improved, a health system can leverage VisitPay’s surveying capabilities to understand if their financial policies are meeting the needs of their patients.
Consumer Effort Scores
Customer Effort Score (CES) is a type of customer satisfaction metric that measures the ease of an experience with a company by asking customers, on a five-point scale of “Very Difficult” to “Very Easy,” how much effort was required on the part of the customer to use the product or service to evaluate how likely they are to continue using and paying for it. VisitPay’s platform can be used to test different patient engagement strategies to determine which create the lowest consumer effort to complete a specific task.
Suppose a health system wanted to make it easier for uninsured patients with high balances to request financial assistance. VisitPay can be configured to send an email with the financial assistance application to one group of high balance, uninsured patients while making the financial assistance application more prominent in the VisitPay application for a second group of these patients. The actions from each group are tracked to inform the system which method was more effective in engaging with their patients and thereby optimize their efforts to better meet their patients’ needs.
Opportunities to Further Self-Service
Each of the patient support requests submitted to the health system through VisitPay is categorized based on their content. Health systems can view the more common categories and work with the VisitPay team to implement solutions that promote patient self-service around these requests.
For example, a health system may see a trend of patient confusion around insurance payments on their bills. This insight provides an opportunity to improve patient communication within VisitPay by presenting more meaningful information from the patient’s explanation of benefits alongside their bill.
Meaningful engagement throughout the bill pay process is critical to improving patient financial health. VisitPay automates the patient feedback loop, provides aggregated insights and helps each health system efficiently deploy financial strategies to better meet their patients’ needs.