This article originally appeared in HFM Magazine. To view the full article, click here.
Alongside the government’s push toward value-based payments, patients’ changing expectations of how to pay for health care are presenting the industry with another set of financial challenges. By some estimates, health care lags 10 years or more behind other business sectors in responding to consumer concerns about how costs are defined, delivered, and processed, and patient expectations for change are growing.
With public access to hospital survey results and word-of-mouth assessments via social media platforms, patients are beginning to demand that the healthcare industry meet their expectations. They want more than just a diagnosis: As they become increasingly responsible for a greater share of their medical costs, they want to know their options and to have a say in decision making, and they want their care providers to take into account their financial status and social and family situations in addition to considering their medical conditions. To effectively meet these growing demands, hospitals and health systems must be prepared and equipped to compete—with tools that deliver both clinical and financial satisfaction and promote patient loyalty.