Increasing patient responsibility is becoming more prominent in healthcare than ever before. More patients are enrolling in high deductible health plans (HDHPs), which require patients to pay a minimum deductible amount before their health plans cover any portion of the cost. In 2010, 10 million consumers were enrolled in HDHPs. Less than a decade later, 75 million consumers are enrolled in HDHPs, a more than seven-fold increase.
The trend of increasing patient responsibility requires providers to rely on patients for a
As students and parents get ready for a new school year, it’s a good time to regroup and set up new goals for the upcoming fall and winter months. While students go back to school shopping, healthcare should consider picking up some new tools and best practices for healthcare payments.
Here are five “back-to-school” lessons healthcare organizations can learn before taking on the new year ahead:
Utilize Omnichannel Payment Options
Crayons, markers or colored pencils… Which is your preference for coloring? Students all
No one likes rejection; but, providers who can’t deliver the consumer-friendly experiences their patients expect are more likely to see their patient recruitment and retention suffer. According to a recent study from West, 74% of patients put off seeing their providers when they are not completely satisfied with their experience, and 88% of patients said they would switch providers if dissatisfied.
Why are patients dissatisfied with their healthcare experience? A lack of convenience and confidence in the healthcare payments process can
Earlier this month, many students brushed off their textbooks and headed back into the classroom for a new school year. Healthcare providers can take a cue from the academic calendar and use September to review their healthcare payments processes. This month, let’s focus more on the revenue cycle and talk about some terms that should be a part of your everyday patient payments vocabulary.
Def: A multichannel approach to payments that offers consumers a seamless experience whether they
In a previous blog post, we talked about the various benefits healthcare providers see when they integrate payment with their existing practice management system, including greater efficiency, increased security and more opportunities to collect patient payments.
These benefits are highlighted in our most recent case study with Cornerstone Pediatrics. Cornerstone Pediatrics wanted to establish a new billing policy that would help them tackle the challenge of increasing patient payment responsibility. They knew the parents of their patients had many financial responsibilities
Offering patients multiple ways to pay is the best way to engage patients in the payment process and maximize your patient payment collections. However, new payment options can lead to increased security risks if providers do not take the proper precautions. With data breaches threatening serious financial and reputational repercussions, providers should look for ways to enhance security and protect sensitive payment information.
Here are three opportunities to enhance payment security at your practice:
Many providers accept credit cards in the office
Smart Big Data has the capability to transform the collection process in healthcare. By using Smart Big Data to trigger automated processes and real-time decisions at the staff level in daily operations, providers can collect patient payments efficiently, navigate the changes facing the healthcare industry – and ultimately, to thrive.
Finding Payment Assurance in the Healthcare Industry
When you stay at a hotel, are you able to check in without giving your payment card? Of course not. However, patients receive access to