The VisitPay Blog | Building Better Financial Relationships

Why the Patient Financial Experience Is the Key to Patient Loyalty

with Tammie Jackson

The Patient Financial Journey Reimagined

Listen now: Why the Patient Financial Experience Is the Key to Patient Loyalty

The Patient Financial Journey Reimagined Podcast
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Today’s guest, Tammie Jackson, is the new HFMA National Chair and Vice President at TransUnion Healthcare.

In this episode, Tammie shares how health systems are challenging the status quo. She also talks about how a satisfied, loyal patient is more likely to be involved in their medical care and pay their medical bills. And Tammie shares tips on how to ensure patients are satisfied with their financial experience.

TransUnion Healthcare announced a partnership with VisitPay which redefines the revenue cycle category by bringing together technologies from two market leaders to create a comprehensive solution for healthcare providers.

We hope you give this episode a listen.

SHOW NOTES:

  • Tammie’s background [0:35]
  • Tammie’s perspective on the patient financial journey [3:37]
  • How the patient financial journey affects loyalty [5:58]
  • The shift to digital-first patient financial engagement [8:56]
  • How price transparency enables trust [11:36]
  • What transparency is [13:45]
  • Strategies for creating a better patient financial experience [16:47]
  • Consumerism and price transparency initiatives of the government [19:59]
  • Tammie’s most significant takeaway from 2020 [24:22]

RESOURCES:

Tammie Jackson’s LinkedIn
TransUnion Healthcare
Keeping Score: Why Net Promoter Score Matters to Healthcare ebook

QUOTES:

Engage patients early, because the patient financial journey begins well before the patient assumes any financial responsibility.”

“It’s about meeting the patient where they are and with full transparency on both sides.”

“Our clients are very clear that their financial experience plays heavily into brand loyalty.”

“Price transparency is critical for engaging patients.”

“Patients should have the ability to pay online upfront or to customize their payment options.”

“Trust is the basis for any relationship, and price transparency enables trust between health providers and the patient.”

“Providers want to empower their patients and staff with timely, upfront, and meaningful pricing information. This boosts the likelihood of payment but is also the right thing to do.”

“Price transparency upfront helps create the forum to have open conversations about costs. This helps reduce bad debt, better classify patients, and create a healthy revenue cycle.”

Will is the CMO at VisitPay. A former marketing VP at IBM, he’s now turning his twenty years marketing and consulting experience to help push the envelope of financial health for both health systems and patients. Will hails from Banbury, Oxfordshire and never shies from an opportunity to use his British slang.

See all posts by Will