Two Industry Experts Discuss a Patient-First Financial Approach
As the entire healthcare industry experiences a period of rapid change, the financial side is no exception. It’s crucial for health systems to reexamine the financial relationship between provider and patient. Evan Goad, Vice President, Business Operations at TransUnion Healthcare, spoke with Vincent Martino, Chief Product Officer and Co-Founder of VisitPay, about this very subject. They dove into how the patient financial experience is changing—and what health systems must do to not fall behind.
Goad and Martino agree: the traditional healthcare financial model is outdated and no longer fits the needs of the patient. With more high deductible healthcare plans, patients are shouldering more of the financial burden—meaning customized payment plans are more necessary than ever before. The way in which patients prefer to receive messages has changed, too, with more people expecting digital solutions. In addition, consumers look for flexibility, choice, and transparency.
All of this leads to one truth: health systems must take a patient-first approach across the patient’s journey, including the financial one. Putting the patient at the top of the priority list leads to higher rates of patient satisfaction—which leads to higher payment rates. It’s a true win-win.
So, how can a health system build a more patient-first system? Goad and Martino discuss this in-depth, and you can read their full question-and-answer in our exclusive executive report. (Download it here.)
Goad and Martino cover a variety of topics that are imperative to today’s health systems and offer forward-thinking solutions and ideals. They address questions such as:
- How can health systems improve revenue recovery while being empathetic to financial challenges?
- How can health systems benefit from consumer segmentation and tailored payment solutions?
- How can price transparency improve the patient financial experience—and ultimately patient payment rates?
- What is the true value of patient loyalty, and how is it earned?
- How can health systems start immediately addressing the COVID economy?
To Goad and Martino, it’s clear that health systems need to evolve their patient financial experience. Healthcare is a business that takes care of people, and taking care of the financial side of that relationship can no longer be neglected.