Against the headwinds of high deductibles and confusing billing statements, it feels intuitive for health systems to collect what they can, write-off what they can’t and move on.
However, health systems can increase revenue by focusing on the consumer experience, rather than collections. Joining key components of an ideal billing experience—identifying the right offer, tailored to the consumer at the right time—can greatly increase satisfaction and corresponding yield.
The technological infrastructure and strategic intelligence necessary to help patients anticipate, plan and pay for medical expenses is not tomorrow’s aspiration, but today’s reality. VisitPay has spent years helping our health system clients flourish in the patient-as-payer era—and the results are encouraging. Our clients typically report a 70% increase in patient satisfaction and a 30% increase in payment yield which would have represented bad debt.
Today, we are proud to announce that Henry Ford Health System, one of the country’s largest non-profit integrated healthcare organizations, is the latest health system to join the VisitPay family.
“As we move to enhance our transparency and patient experience, this platform will allow us to offer our patients the convenience and flexibility to manage their out-of-pocket medical costs,” said Kevin O’Neill, Vice President of Revenue Cycle for Henry Ford.
Consumers don’t view healthcare as a mutually exclusive experience—a financial side and a clinical side. Rather, these elements are bound together as a single, unbroken experience. As a result, a poor financial experience can negatively impact an otherwise positive clinical experience.
Like many of our clients, Henry Ford recognizes that the central challenge with healthcare billing is not the consumer’s refusal to meet their financial obligations, but an inability to enable them to do so. That’s a problem designed for an experience-focused strategy.
A holistic consumer financial experience is more than tinkering around the margins with a slightly better propensity-to-pay score or adding another payment option. It’s reimagining of healthcare financing, with patients’ needs and preferences taking center stage.
A comprehensive approach to payments helps patients understand what they owe and provides the tools they need to make incremental and manageable payments. This not only improves a health system’s yield and cash flow, but also positively impacts non-economic metrics, including patient satisfaction and Net Promoter scores. In addition, the right approach reduces the risk of patients avoiding necessary care simply because they’re worried about cost or how they can pay.
By adopting new delivery strategies that prioritize consumer-friendly payment options, health systems can help empower the healthcare consumer to manage their healthcare obligations with confidence.
Henry Ford Health System is bringing to life a comprehensive vision for holistic consumer engagement, one that binds clinical, financial and consumer elements into a unified healthcare journey.
The VisitPay team is honored to embark on this journey with one of the country’s most innovative health systems.