Reimagining the Patient Journey with 5 Pre-service Collection Tools
By Kris Brumley, Senior Vice President, Chief Operations Officer, Revenue Enterprises
TABLE OF CONTENTS
- The patient financial journey
- What do you need?
- Why pre-service?
- Walking with your patients
THE PATIENT FINANCIAL JOURNEY
The healthcare industry has changed a lot over the last 20 years, significantly impacting financial responsibility. For example, high-deductible health plans, unheard of before 2004, have grown considerably, forcing patients to pay more out of pocket than they ever have.
In 2000, after insurance, patients paid 5% of a provider’s revenue. Today, it’s 35%1. The more they pay, the more aware of how much they spend on their care. Now, their expectations of healthcare are more aligned with traditional consumer behavior. This shift includes shopping for the best price on some services and choosing where to take their money. Plus, they want new, convenient ways to pay for care they haven’t had before. Consumers expect healthcare to be more like a retail experience. These expectations include digital reminders, self-service options, and flexible payment methods, such as Apple Pay. You’re also seeing more variability in patient behavior. For example, think about how you feel about getting a text or email from someone you’ve done business with. You might be okay with it, but others may not. Some people happily pay with Venmo, but others may want to write a check. This variability means providers must drop their “business as usual” mindset. Instead, they should find other ways to engage patients.
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Reprinted with permission from Revenue Enterprises®.