At this year’s HFMA ANI conference in Orlando, the patient financial experience was the clear focus and rightly so, as the patient is the fastest growing payer. Patientco exhibited again this year driving the conversation by releasing a new whitepaper, Accelerating Patient Revenue Capture with Probabilistic Modeling and announcing Enhanced Epic Integration for Patient Payments. Our new Chief Strategy Officer, Alan Nalle, gave an interview to Health Exec magazine on how predictive modeling can improve patient billing.
For healthcare finance leaders who were unable to attend the show, here are 3 patient-focused trends we noticed in both the educational sessions and the exhibit hall:
Improving the Patient Financial Experience
Patient experience is now a central focus for provider CEOs and that focus extends to the patient’s financial journey. The shift in the payer mix has required providers to update each step of the patient revenue cycle process from scheduling to depositing and posting the final payment. Emphasis was on educating the patient up front about potential costs that would not be covered by a payer such as copays and deductibles as well as requesting an initial payment upfront for certain circumstances and the tools to facilitate these payments.
Better Consumer Tools
The other side of improving the patient revenue cycle process is giving patients better consumer tools to manage, track, and pay their bills on time. This includes easy-to-read patient statements, self-service payment plans, multiple payment and financing options, and simplified communication tools specifically for patient/provider financial communication. Both providers and vendors testified at ANI that better consumer tools boosted patient payments and patient satisfaction.
Leveraging Data to Improve the Revenue Cycle
High performing provider organizations continuously optimize their revenue cycle based on data-driven insights and patient feedback. Aspiring financial leaders should proactively and systematically gather patient feedback and payments data and make improvements based on their findings.
2018 Outlook for Patient Payments
Despite uncertainties about future healthcare policy changes, the industry consensus is that high deductible health plans will continue to proliferate over the next couple years, creating an urgent need to optimize the patient revenue cycle. Contact Patientco to learn more about combining data, technology, and process to maximize your organization’s patient payments.