Chris Seib, Chief Technology Officer and Co-Founder of InstaMed discusses the four critical trends for an effective patient engagement strategy.
Read the full article, 4 Critical Trends for an Effective Patient Engagement Strategy, in RCM Advisor. Below is an excerpt from the article.
Though healthcare is fundamentally different from most other industries, patients are not making that differentiation, especially when they receive a paper statement for a bill they already paid. The culmination of a poor experience, confusion, and frustration equals customer attrition, brand damage, and ultimately lost revenue. In fact, 65 percent of patients would consider switching providers for a better healthcare payments experience.
For providers, there is a direct connection to patient collections and their bottom line as payers cover less of the amount due for services rendered. As payment responsibility and frustrations increase, that connection and the impact becomes more prevalent. This could be why 58 percent of providers report their top revenue cycle concern is related to patient collections. RCM companies are perfectly positioned to eliminate the stress of patient collections for their clients by engaging patients with a better healthcare payments experience. Fortunately, recent trends in healthcare payments outline the roadmap for billing services to follow in optimizing the patient experience.