When it comes to healthcare payment transactions, one size does not fit all.
Many view the healthcare industry’s increasing focus on retail strategy as a way for patients to shop for healthcare providers like they would shop for, say, groceries. But here’s the problem: patient payment transactions are a bit more complicated than checking out at the supermarket.
To enhance the patient financial experience and maximize payments, healthcare organizations should take a cue from online retailers and adopt a modern, personalized billing and payment approach.
Alan Nalle, our chief strategy officer, recently talked to the Healthcare Financial Management Association (HFMA) about using a “cookie” mentality to generate more patient payments. “Marketers get to know consumers through each online purchase and behavior, dropping a trail of ‘cookies’ that helps them learn more,” he said. They then leverage that consumer data to customize and improve the overall shopping experience.
Similarly, healthcare organizations can use behavior-based data and predictive modeling to gain insight from past transactions and deliver personalized financial interactions to each patient, which could increase operating margins by 50 basis points or more.
Read the full article on HFMA.org to find out more ways to predict and improve future revenue.