The VisitPay Blog | Building Better Financial Relationships

Why a Patient’s Financial Experience Matters

with Michael Rawdan

The Patient Financial Journey Reimagined

Listen now: Why a Patient’s Financial Experience Matters

The Patient Financial Journey Reimagined Podcast
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My guest today is Michael Rawdan, senior director of revenue cycle at St. Luke’s Health System in Boise, Idaho. St. Luke’s applies interest in a compassionate way to payment plans created in VisitPay and still sees the highest Net Promoter Scores of any of our clients. 

In this interview, Michael talks about why the patient’s financial experience matters, and how it plays a key role in establishing patient loyalty. We also discuss how payment flexibility can help drive payments and satisfaction.

Since implementation with VisitPay, St. Luke’s has seen top-two box patient satisfaction with the billing experience increase by more than 100%, and payment yield improve by 29%. It also has the highest Net Promoter Scores of any of our clients. 

We hope you give a listen.

Show Notes:

    • Michael’s background [0:38]
    • A patient’s financial journey [2:50]
    • Seeing a financial journey as more than a transaction [4:39]
    • The financial experience’s role in overall customer loyalty [6:11]
    • What patients need when it comes to financial flexibility [7:39]
    • The importance of financial plans [10:01]
    • St. Luke’s response to COVID-19 [13:22]
    • The positive results of St. Luke’s financial plans [16:23]
    • Michael’s biggest takeaway from 2020 [18:27]

Resources:

St. Luke’s Health System case study

Keeping Score: Why Net Promoter Score Matters to Healthcare ebook

Michael’s LinkedIn

St. Luke’s Health System website

Quotes:

“We think allowing patients to manage their obligations in a self-service way gives them a lot of flexibility to meet their own needs.”

“We keep our keep rates in terms of payment plans in the mid to upper 90s. And I think almost any hospital in the US would take a 95% keep rate on their payment plans.”

“We gave payment holidays and halted any kind of movement towards bad debt. Patient’s accounts were suspended for a little while until their lives could come back together.”

“St. Luke’s does a good job at framing up a financial experience journey, measuring it, and aligning priorities and tools like VisitPay, to enhance the patient’s healthcare experience.”

“Patients want the best care at the best overall cost. St. Luke’s vision is better care at lower costs.”

“We don’t treat patients the same clinically, so why treat them the same financially? The reality is we have begun to meet patients where they are with the circumstances they bring.”

Will is the VP of Consumer and Client Marketing 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