The role of patients in the healthcare industry has grown substantially as ever-increasing payment responsibility forces them to be key stakeholders in the industry. In this recent article for MGMA Insights, InstaMed CTO and Co-Founder Chris Seib outlines four ways that group practices are making patients unhappy with their payment processes and communications, and how to change those trends for a better patient experience.
Read the full article, Four ways group practices can create a better patient experience, in MGMA Insights. Below is an excerpt from the article.
For provider organizations, the connection between patient collections and their organization’s financial stability has become difficult to ignore as payers cover less of the amount due for services rendered. This may help explain why 58 percent of providers report their top revenue cycle concern is related to patient collections, according to data collected by a 2017 Provider Healthcare Payments Survey.
Despite these trends, consideration of the patient experience is often an afterthought throughout almost all provider communications and processes surrounding payment responsibility. The consequences when providers do not prioritize the payment experience come in the form of unhappy patients, which then equate to customer attrition and lower revenue margins. In fact, a 2017 Consumers Healthcare Payments Survey found that 65 percent of consumers would consider switching providers for a better healthcare payments experience.