This is an excerpt from our webinar “Delivering an Upfront Patient Cost Experience”, part of Rivet’s Revenue Cycle Webinar Series. Watch the webinar on demand here.
Healthcare is unique in many ways, but it’s most glaring oddity might be that it is one of the only remaining industries where you may receive thousands of dollars worth of procedures without knowing what they will cost, but still be expected to pay for them. And while this way of doing business may still be the norm in many practices, it’s a good idea to work toward transparency if your goal is greater patient satisfaction and better collections.
For many patients, receiving healthcare services can be very stressful. Patients have to deal with scheduling, travel logistics, missed work, recovery concerns and more, and that’s before even considering the financial component. As a result, it’s in the provider’s best interest to create policies that will help the patient feel supported and informed.
The following are our tips for thoughtfully conveying patient costs:
Improved collections at your practice will come as a result of better, not more, financial touchpoints. This process starts early in the patient relationship and requires having a transparent conversation about the cost ahead of time. If done effectively, these conversations will establish upfront collection requirements that will engender trust. They will also prepare the patient for what to expect when they receive a bill, making them more likely to pay early.
During this financial conversation, take the time to close the loop on residual patient questions, making sure you are empathetic to what they are experiencing. Offer to help if they seem unsettled. In addition, be sure to ask the right type of questions while discussing payment. For instance, instead of asking a patient if they would like to pay, ask them how they would like to pay.
Investing a large amount of time, money, and effort is often essential when implementing new strategies within your practice. However, in order to determine whether a process is working overall, you must have the proper metrics in place. These might include:
By instituting a few new policies and procedures to create best practices around your financial touchpoints it’s possible to feel more comfortable discussing patient payments in your revenue cycle.
For more tips on the ways added transparency can result in greater patient satisfaction:
Watch the full webinar here
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