Consumerism is one of the top agenda items for the US healthcare industry. And you don’t have to look far for an article encouraging healthcare providers to take a leaf out of the Amazon or Uber playbook and be “disruptive.”
But disruption doesn’t necessarily feel like a natural or comfortable state for an industry that is invariably not-for-profit and is working with people at some of the most vulnerable and important moments of their lives.
And there’s evidence that although consumers want a better healthcare experience built around their needs, some healthcare consumerism initiatives can be hard to get off the ground, as this CNBC report on Telehealth adoption suggests.
One way healthcare can quickly move the needle on consumerism efforts is by changing the billing process. And it doesn’t have to be considered disruptive. Instead, it’s about improving an existing and unavoidable operational process in a way that gives consumers exactly what they are looking for.
We’ve written extensively about why healthcare providers should take on the consumer billing experience in other blog posts. And with platforms like VisitPay health systems can be up and running with a new experience quickly and efficiently.
But while the clinical side of healthcare has tried and trusted measurement systems for understanding patient satisfaction, like HCAHPS scores, the finance side has no such heritage or experience to fall back on.
A common way of measuring satisfaction and loyalty used in both B2C and B2B settings is Net Promoter Score (NPS). NPS is a way for organizations to understand overall satisfaction and loyalty to their brand by classifying users of the solution or service into either detractors, passives or promoters.
When our product team started tracking NPS in the VisitPay platform, we found impressive results. Our NPS scores typically trend over 50, which is about the same score as some of the most respected consumer brands in the country — like Mercedes, Target and UPS. Of course, the logical question is, “What is a good NPS?” The answer is that it depends on the industry and the setting, but some studies put average NPS for health systems at a lowly 16.
Couple these high scores with very high levels of adoption and use — after all, most patients who access healthcare interact with the revenue cycle at some point in their experience — and improving patient billing truly becomes a quick win for health systems looking to improve the experience and get a jump-start on high-value consumerism initiatives.
It doesn’t require reinvention or disruption, just reach out to us and get started.