Posted by Wayne Brown on 01 Feb 2017
Due to the many complexities of the industry, it is often particularly challenging for healthcare providers to make the transition into an increasingly digital world. Healthcare costs continue to soar for reasons ranging from federal legislation to the higher equipment and service expenses. Furthermore, outdated technology infrastructures tend to be a source of frustration for practitioners and patients alike. Mounting expenses, outdated technology, and a lack of convenient service options can all negatively impact patient satisfaction and ultimately hurt a healthcare provider’s bottom line.
Healthcare is turning into much more of a business than ever before, leading patients to behave more like consumers as well. Many insurance plans push increased costs from providers to patients. Expensive advertising for pharmaceuticals and specialized care also contribute to higher medical costs, which are also passed onto patients. As a result, it is common for patients to shop around for health insurance plans and options that best align with their needs, making the industry more competitive as a whole. Patients also expect more value from healthcare providers as their personal financial responsibility for medical care increases.
It is important for providers to make a concerted effort to retain patients amid the soaring costs and increased competition. Technology gives providers struggling with administrative excess and decreased patient satisfaction the opportunity to level the playing field. For example, an electronic bill presentment and payment (EBPP) solution can help providers offer patients a modern bill payment experience.
Once a patient leaves a provider, payments become a challenge. An EBPP solution allows for better electronic communication with patients after the point of service while consolidating all payments activity into a single platform. This not only creates greater stickiness between patients and providers but also helps increase patient satisfaction. Modern conveniences like flexible payment options, the ability to enroll in AutoPay, and text alerts can also increase a provider’s likelihood of receiving payments on time, thereby improving cash flow.
Patients are likely to continue to face higher out-of-pocket medical expenses as healthcare costs increase. In today’s economic climate, there are many factors outside a provider’s control that impact the overall patient experience. The payments process, however, is one area where healthcare providers can make cost-effective improvements that significantly increase patient engagement and satisfaction. Visit www.alacriti.com/PatientCollect learn more.
27 Jun 2018 Blog Power to the Patient: The Consumerization of Healthcare in the U.S. Competition in healthcare is increasing as new players enter the market. This gives more power to the patient to choose providers that offer convenience, flexibility, and digital self-service options.