Medical Payments and Billing are also an aspect of Patient care. A negative payment experience could impact a patient’s overall impression of a healthcare organization. Improving patient satisfaction can benefit in patient retention, accelerating revenue flow and improving patient health.
A complex billing process is a significant hurdle in the collection. Complicated billing is a major source of frustration for 70% of Patients as per the survey. And this percentage could grow as more patients face high financial responsibility for their healthcare.
Hence, healthcare organizations should make payments easier to attract patients. 65% of patients would consider switching to a new provider whose payment experience they feel easier. Organizations should break down the medical bills in a simpler language which is easier for patients to understand. And explanations of benefits from healthcare payers should be simplified so patients understand what exactly covered by health insurance.
DESIGN PATIENT-CENTERED PAYMENT SYSTEM:
The Center for Healthcare Quality & Payment Reform says patient-centered payment systems should replace value-based care models. The Fee-for-Service system and current value-based payment system focused on how to pay providers for services or how to reduce spending for insurers,
They are not focusing on how to achieve good healthcare outcomes for patients at the most affordable cost. Here, this Patient-Centered Payment System model is distinct from regular value-based care models; it allows clinicians to create their own requirements. The care team selects the quality outcomes by which they want to be measured and selects the payment they need for the services included in the encounter.
OFFER PATIENTS MULTIPLE WAYS TO PAY:
There were also differences in bill payment preferences. Most patients ages 27 to 39 said they want to pay their bills using an online portal. The majority of patients over age 65 said they would prefer a mailed bill or providing credit card details over the phone.
Healthcare organizations must provide patients with a streamlined billing and payment process. One way to improve the payment process is by offering patients multiple ways to pay a bill. Create more payment options, designing patient-centered and simplified medical bills, and providing access to patient self-service payment portals
PROACTIVE PATIENT COMMUNICATION AND EDUCATION:
Notifying your patients about their financial responsibility prior to a scheduled hospital service or encounter helps in improving the patient experience. Younger patients were much more likely to be impacted by interaction with a hospital billing department.
Medical professionals can improve the patient billing process by driving better patient education about complicated medical bills and insurance benefits design.
Combining patient payment plans, better price transparency, and easy-to-understand billing can make all of the difference in the billing department. By putting patients at the center of the payment process, organizations can ensure patients have a positive experience and are able to access healthcare. You can Simplify Your Billing Process with Healthcare Administrative Partners.