Now that patients are responsible for more of their healthcare bills, their financial experience plays an increasing role in patient satisfaction. In many cases, a poor financial experience can completely negate a positive care experience. It can also impact account resolution as satisfied patients are more likely to pay their bills in full and on time.听
Below are three opportunities to improve patient financial experiences for optimal account resolution.
Create timely billing processes
When it comes to billing, timeliness is particularly important. Close to a fourth of said they are 鈥渇rustrated鈥 when they don鈥檛 get a bill until weeks after their service. When so much time passes, patients can forget what the bill was for.
A best practice for bill timing is to send the patient statement within five days of knowing what the insurance company will pay. In addition, the recommends that statements be mailed daily, not in batches at the end of the week or month.听
Design better statements
Another frustration for patients is understanding their billing statements when they finally arrive. When asked, patients said they find their medical bills confusing, especially when trying to understand what they were being billed for. Billing statements are often confusing, using medical acronyms or billing codes that are hard to understand. It鈥檚 no wonder that providers have to send multiple statements before they are paid. 听
A better approach is to create billing statements that are easy to understand and include the date of the service, the type of service provided, the name of the provider, and what amount the insurance company paid. The amount due should be clearly visible and in bold. Next to the amount due should be a list of easy pay options, such as a URL to a payment portal or a phone number for automated phone payments. Some providers are now adding a QR code that directs the patient to a payment portal as a way to make it more convenient for patients to pay.
Billing statements should also inform patients about signing up for electronic statements, phone or text appointment reminders, news about new services or office hour changes, or mobile payments. Providers may also want to offer billing statements in multiple languages. This should be offered during the patient financial responsibility conversation.
93% of said 鈥渢heir billing experience is an important factor in whether they鈥檒l return to the provider.鈥
Offer customized payment options
Research shows that patients want digital options when paying their medical bills. In , 62% said they prefer to pay through a patient portal. Other options providers should consider include mobile payments via text, automated phone payments, U.S. mail, and customized payment plans based on a patient鈥檚 financial situation. When patients receive additional medical services, they should be allowed to add those new charges to their existing plans. More options make it easier for patients to pay and more likely that providers will be paid.听
The time to act is now
Better financial encounters can increase patient satisfaction and make it easier for them to pay. Improving the timeliness of billing, simplifying billing statements, and offering more options for paying are three opportunities that can have lasting impacts on patients as well as on the provider鈥檚 bottom line.
