When you take your broken car in for service, you want your mechanic to explain how much it’ll cost to fix it BEFORE he gets to work. That’s standard practice. It’s common sense.
Do you know your patients expect the same up-front details on what they’re paying for and why?
Before you deliver services, today’s patients want full visibility into what your services will cost, why, and their payment options.
Think about your own expenses, health-related or not.
- You start by having a conversation about what you need from your service provider
- Next, you get a cost estimate and some direction on whether additional services are recommended, what will be covered (or not), and why
- Last, you reach an understanding about cost and payment options. Are balances due up-front? Are payments accepted in monthly installments? What forms of payment does the vendor accept?
The healthcare industry is still struggling to create a similar financial experience for patients – one that places an emphasis on information and convenience. An increasing number of patients are now paying out-of-pocket for medical treatments as a result of higher-deductible health insurance plans – this creates escalating levels of uncertainty and stress.
No one wants to be surprised with a huge bill, particularly one they weren’t anticipating, weeks after a doctor’s visit.
Patients want to know up-front what insurance is covering and what portion is their responsibility. Like getting your car fixed, a detailed estimate of services up-front, during check-in (or even before point-of-service), and education about ways to pay will create a happier, better informed, and well-prepared patient. (One who is more likely to pay you in full and on time.)
5 ways you can improve the patient financial experience.
Do you know what patients want regarding their financial options – and how you can deliver on these expectations faster, better, and easier?
You can improve your collections and increase overall patient satisfaction and loyalty today using specialized financial tools and approaches.
Watch our Webinar: 5 Ways to Improve the Patient Financial Experience to learn more.