Healthcare providers are now being held to a higher standard when it comes to billing patients due to the No Surprises Billing Act which went into effect at the beginning of 2022.
As a result, healthcare providers are required to provide their patients with a comprehensive overview of what services will be rendered and how much they will owe pre-service. This allows patients to make informed decisions about their care and can avoid being hit with unexpected bills after treatment. Not only that, but it will also help reduce the number of outstanding bills and ensure that both the patient and the healthcare provider are satisfied with the payment process.
Ultimately, patients want complete transparency into their medical treatment and costs. So, how can healthcare providers foster this demand while maintaining loyalty and satisfaction?
The Impact of Pre-Service Estimates
While the No Surprise Billing Act puts emphasis on pre-service patient engagement, it’s not enough to simply provide estimates to patients ahead of their services. Patients demand a streamlined process throughout all touchpoints in their care journey. Combining estimates along with robust healthcare payment technology will help to positively influence patient satisfaction while improving revenue streams.
Since many Americans face economic uncertainty, it’s imperative that healthcare organizations utilize technology to assist with payments. Therefore, technology that includes multiple options to pay, including alternative financing options, is even better.
Read more: Infographic: The Financial Impact of Ignoring Pre-Service Patient Engagement Strategies
The Direct Correlation Between a Positive Patient Financial Experience and Timely Payments
Improved communications around financial responsibility earlier in the care journey is a great way to build trust and loyalty with patients. This also provides them with peace of mind so they can plan for their upcoming expenses.
Once patients are at a point of trust and understanding, they are more likely to pay their bill. That’s why it’s crucial to engage with patients as early as possible about their financial responsibility to positively influence patient satisfaction and loyalty. In fact, a study revealed that nearly half of patients would consider changing providers if another one made it easier to understand their financial responsibility.
Patients are more likely to pay earlier in their care journey because they understand their financial obligations from the start.
Read more: Shopping for Healthcare: The Importance of Quality Price Transparency
Implementing Pre-Service Engagement Strategies with the Help of Payment Technology
As price transparency and peace of mind for patients continue to take priority, a shift toward pre-service payment solutions is going to be critical to maintaining revenue streams. If you haven’t taken advantage of pre-service payment options, now is the time to get started.
HealthPay24’s payment technology prioritizes the consumer experience by offering an easy way to pay for healthcare. Our payment solution provides healthcare organizations with the financial billing software needed to meet every consumer’s needs while increasing revenue and lowering costs. Give patients a better financial experience and allow them to choose the payment method that works for their financial situation.
To learn more about how you can transform the patient financial experience as soon as pre-service, get in touch with one of our experts today!