Raising the Bar in Healthcare Consumer Financing
For years, the healthcare industry has measured consumer satisfaction with clinical encounters through tried and trusted mechanisms like HCAHPS scores. However, there is a lack of data and experience when it comes to understanding what patients expect from their financial experience. Without data, providers lack insight into how to improve the consumer-facing financial process.
To understand gaps in the patient experience, VisitPay conducted surveys and focus groups and identified over 80 pain points with the traditional EMR-driven consumer billing experience.
Top five things consumers expect from the patient billing process
So, what are the top five things consumers expect from their healthcare financial experience?
1. One comprehensive statement
In the world of consumer finance, having a single monthly statement that functions as a roll-up of all fees, charges, and transactions is a given. In the healthcare sector – where receiving multiple statements for different services across physician practitioners and hospital expenses is the norm, having a single monthly statement is considered nirvana. A consolidated statement across acute and ambulatory encounters delivered once a month minimizes disruption while ensuring patient continuity and loyalty.
2. Flexible, tailored financing options
Consumers want payment plans that meet their needs. Customized payment options allow financing to manage larger balances, comfortably. VisitPay’s proprietary patient segmentation and advanced analytics are helping health systems like Inova offer sustainable financing options relevant to each patient’s financial situation while remaining fully compliant with credit risk policies and national regulations.
Inova implemented the VisitPay online portal and guest pay – which allows patients to make a one-time payment. After becoming registered VisitPay users, patients can set their own finance and payment arrangements that comply with health system terms and policy, and make payments – all without having to speak with a customer service representative.
3. Easy and immediate access to support
Consumers want to access support in ways they prefer. Making it as easy as possible for the patient to engage with the health system on terms that make sense for them can transform a negative experience into a favorable exchange. Some people love to use online chat, for example, but having a variety of secure and transparent ways to communicate is key.
4. Customized communication
Patients want to choose where and how they see billing information. VisitPay gives patients the flexibility to opt into the types of interactions they prefer. For example, patients can choose to receive emails and texts prompting them when a new statement arrives, and when another payment is due.
Right offer at the right time
Offering the same payment plans to everybody using a buckshot method can hurt a health system’s revenue cycle. VisitPay’s data-driven technology platform improves the situation – giving payment options to patients that need it, which helps to reduce the number of accounts going to bad debt while refining payment options for those patients with ability and propensity to pay.
5. Clarity, transparency, and accuracy
Consumers expect their bills to be accurate. With the amount of paperwork involved in the multiparty billing model that includes insurance companies, providers, practitioners, and specialty services – there are a lot of moving parts to a patient’s billing statement. VisitPay gives consumers the transparency needed to resolve billing issues quickly.
Explanation of benefits (EOB) integration
Using the portal, VisitPay users can quickly view charges and the detail behind those charges alongside a digital version of their EOB. With all the information they need in one place, patients can spot errors and contact the health system immediately.
VisitPay is different by design
Patients want to engage in the financial process – no matter what the size of the bill. The ability to affordably manage a more substantial obligation reflects on the whole health system. With VisitPay, patients can access a comprehensive accounting of their financial responsibilities. The platform helps patients understand what they owe and provides the tools they need to make payments that fit their budgets.
Watch the webinar replay to find out how St Luke’s and Inova are putting the VisitPay platform to work.