The hard truth is that once a patient leaves your healthcare facility, the chances that they will pay for their portion of the bill drops considerably. How can you improve those odds, especially at a time of pronounced economic uncertainty, and maintain a healthy self-pay revenue stream?
Getting to the Bottom of Patient Payment Delays
Before developing a strategy, it’s important to first understand why patients are delaying payment. More often than not, it isn’t because they don’t want to pay. Rather, they feel clear communication about their bill is lacking or their bill is in error and they don’t know how to appeal it. By getting to the bottom of this, you can uncover crucial information about patient behaviors that will allow you to address their needs more appropriately.
The Power of Pre-Service Estimates
A strong patient engagement strategy goes a long way to encourage payment as soon as pre-service. It’s no surprise that patients want to know what their responsibility will be prior to their service. Communicating an estimate along with a robust healthcare payment technology that includes alternative financing options will help to positively influence patient satisfaction while improving your stream of revenue.
With economic uncertainty affecting the financial security of many Americans, there are ways for healthcare organizations to utilize technology to assist with patient payments while still improving their bottom line. Our infographic examines how engaging patients about alternative payment options earlier in their journey, can lead to more pre-service payments.Ignoring-Patient-Engagement-Strategies-Infographic