A lot has changed in healthcare over the years. One of the biggest changes the industry has had to grapple with has been the increase in costs and who’s responsible for footing the bill. Just look at how much deductibles have risen. In the last decade, annual deductibles for health insurance have doubled. The average deductible is now $1,655 according to Kaiser Family Foundation. Meanwhile, Health Systems report that revenue from patient payments after insurance increased 88% from 2012 to 2017. However, many Health Systems still use legacy payment technology that was built for accepting payments from health plans. That was fine then, but these tools make it hard to keep patients satisfied after the billing and payment process.
Satisfied Patients are Loyal Patients
Now that patient payments make up a larger share of Health System revenue, it’s time for an update. Instead, satisfy patient expectations with technology that supports personalized billing communication and payment offers. Not every patient has the same financial needs. In addition, stop sending confusing billing statements and start sending easy-to-understand charge explanations. Patients don’t speak medical jargon. Lastly, leverage technology that helps patients afford their care through options like self-service payment plans or financing.
Given rising out-of-pocket costs, it’s more important than ever for Health Systems to deliver superior patient financial care. Doing so not only means patients are more likely to pay, it also means patients are more satisfied with their Health System. Satisfied patients are more likely to return to their Health System the next time they need care because they trust that they will be cared for clinically AND financially. Satisfied patients are loyal patients.
What Satisfied Patients are Saying
Patientco is proud that our healthcare payment technology ensures Health Systems are left with satisfied patients after an episode of care. While we don’t expect anyone to enjoy paying a healthcare bill, we believe we make that process as seamless as possible. Just look at what patients are saying about their experiences:
- “I appreciate the flexibility in paying this invoice. The website is very easy to use and understand!”
- “This is simple and easy. Congratulatory shout out to Piedmont because I love this experience!”
- “Much better handing bills this way than having to remember every month!”
- “Easy to use/understand site. Would use this instead of my bank’s bill pay service. Well done!”
- “A real blessing, especially when you are retired and living on a fixed income.”
- “Super, I love it! Thank you for providing a nice experience for paying bills.”
- “This really is the easiest online payment portal for patient payments. Keep up the good work.”
- “I had an awful scare at the ER but the payment experience has been a breeze. I appreciate the easy online payments and the interest-free monthly option.”
- “Website very easy to navigate and several options for setting up payment plans.”
- “Super quick and easy! This was very user friendly. I will definitely use this as my payment system from now on for any and all hospital bills.”
We’ll end with my personal favorite from one particularly satisfied patient!
- “I’ve paid many bills online and this one was one of the easiest and user-friendly, if not the best I’ve ever used. I could view the bill, change credit card with which to pay it, etc – and then I had the chance to look at all my inputs to see if it all looked okay!!! Impressive and almost fun….if paying bills is ever fun.”
Clearly, Health Systems that use Patientco have satisfied patients, who are more likely to refer their friends and family to their provider. We even use Net Promoter Scores (NPS) to measure this. In fact, our patient NPS is 4X higher than the NPS industry standard for health systems, which is +16. Shifting your revenue cycle strategy to meet the expectations and financial needs of patients pays off. By investing in the right payment technology, you invest in patient loyalty.
For details on the capabilities your patient payment technology should support, review this checklist in our recent white paper.