What Interoperability Really Means to Your Patient Financial Experience
Typically, multiple, often disparate, systems drive payment transactions on the backend. But multiple systems on the front end are sure to turn users away. Digital payment experiences should be simple, convenient, and frictionless. That’s what interoperability really means.
No Tolerance for Bad Experiences
Take e-commerce. The shopping cart abandonment rate is anywhere from 60% to 90%, according to various studies. Make it mobile, and the stats are higher — 94% of mobile phone orders in Q1 2021 were abandoned. Aside from unexpected fees or long shipping times, one of the top reasons consumers leave products behind is a cumbersome purchasing process.
If people are willing to give up on buying something they really want, how much faster will they abandon payment during frustrating patient financial experiences? Especially when they’re worried in the first place — 60% of Americans rank medical bills as a top source of stress.
So stressed, in fact, 35% of people say they would consider putting off getting medical care to avoid medical bills, and 39% are more concerned about dealing with the financial burdens of the sickness than contracting it in the first place.
In retail, leaving a pair of shoes behind certainly isn’t a matter of life and death. But healthcare organizations must realize that, on top of impacting their bottom line, payment experiences can actually affect patients’ wellbeing.
The anxiety stems from traditional financial journeys, which sent patients down numerous disconnected paths, with too many steps along the way and no overall view of their obligations or options. Although frustrating, healthcare systems could get away with this type of process when patients paid less.
Now, they’re faced with higher balances that can equate to upwards of 30% of your net patient revenue. A complicated and impersonal financial process will reduce the propensity to pay and negatively affect the perception of your healthcare organization resulting in leakage.
Leading healthcare providers today are overcoming these issues by implementing digital-first, patient-centric digital front doors. That’s what interoperability really means. It’s not about implementing a monolithic closed-in system but the right combination of technologies to create a seamless experience that engages patients at every touchpoint in their healthcare journey, in the right way, to deliver the right patient outcomes.
How VisitPay Helps Achieve Interoperability
Success often depends on enhancing existing systems with a solution that’s ready for today’s healthcare demands, and it’s easier than you might think. An open, modular financial platform can facilitate new, integrated payer-provider approaches, customizing digital engagement around the patient.
VisitPay’s ecosystem is open by design to achieve this Interoperability with a contemporary API-first approach versus a closed legacy central platform. What does this mean for the patient experience? Consolidation, flexibility and transparency.
Patients can see clear information about their financial status in one place, including insurance activity, explanations of benefits and a single bill. They can also connect their health savings accounts, choose payment options and remit from a single digital access point, at any time, from any place, using any device.
How? Because VisitPay integrates with virtually any billing system while enabling the digital consumer experience being designed by leading health systems. For healthcare providers, this interoperability means they can transform their financial experience without losing their brand. Meanwhile, patients receive the tailored, compassionate billing experience they deserve.
Read our white paper to see four more important reasons why you’ll get more with VisitPay.