Improve the healthcare payment experience for providers and patients

In today’s competitive healthcare marketplace, what steps can providers take to improve the healthcare payment experience? By understanding patient pain points and adapting payment technology to alleviate them, providers can build stronger relationships with consumers; improve secure, timely payment collection; and streamline workflows. Here are a few strategies that can make a positive impact.

Confronting payment obstacles

Providers and patients want a payment platform that offers secure, simple, human-focused interactions. However, creating the right payment solution that produces a better healthcare payment experience while meeting provider operational goals can be tricky. Our recent Healthcare Insights Report looks at patient sentiment and provider capabilities regarding healthcare payments. Here are three ways providers can address common pain points.

1. Help consumers by closing communication gaps
   Of the patients surveyed, 58% aren’t satisfied with the communication they receive about costs. Including more upfront information — lab fees, insurance deductibles, medical billing codes and itemized breakdowns — can help consumers understand their bills and plan how to pay. Transparency also builds trust. When consumers trust their provider, they’re more likely to seek ongoing care, follow up on treatment plans and pay medical bills.
2. Offer solutions that address financial limitations
   Increasingly, providers recognize that healthcare is expensive. The average U.S. household medical debt is $15,570 and out-of-pocket costs continue to rise. Just 18% of patients surveyed have used credit cards to pay medical bills, and 30% have delayed medical treatment. Financing options and payment plans can reduce patient stress, improve health outcomes through consistent care, and stabilize provider cash flow.
3. Educate patients about flexible payment options
   Among study respondents, 78% of providers provide flexible payment options, but 45% of patients say they were never offered a choice. Recurring payment plans, provider-sponsored financing and lump sum discounts are ways providers can help consumers budget and pay for healthcare expenses. Sharing these options across patient portals, bill presentment, and before and at the point of care, can build awareness and adoption, increasing revenue collection and consumer satisfaction.

Choosing the right payment solution

The right patient payment solution can improve provider operations and the healthcare payment experience. While increasing cash flow through better payment collection is the end goal, modern payment solutions offer healthcare providers benefits that go beyond just revenue. Here are three advantages of an integrated payment solution.

1. A streamlined workflow improves operations
   A payments platform can optimize receivables and improve day-to-day operations. Less manual reconciliation helps reduce human error and speed up payments. Automated billing, reminders and account updates simplify workflow so provider staff can focus on patient support.
2. Security protocols protect sensitive patient data
   Cyberattacks on healthcare providers are increasingly common and can have a huge impact on a provider’s reputation and bottom line. In addition to sensitive medical information, 77% of providers store patients’ preferred payment method data electronically as a business process, making them even more attractive targets. An integrated solution uses advanced encryption, tokenization and other strategies to minimize threats.
3. Interoperability enhances the consumer experience
   Across all industries, consumers’ preferred bill-paying method is through the biller’s website or portal. Younger healthcare consumers (millennials and Gen Z) prefer digital interactions, and providers can boost portal usage and bill payment with frequent engagement. Giving patients the ability to schedule appointments, pay bills, refill prescriptions and access health records from one centralized location empowers them to manage their healthcare. Offering more accessible information and options can increase consumer satisfaction and encourage timely payments.

Understanding consumer pain points about payments can help providers make strategic improvements that increase payment collection and produce a better healthcare payment experience in a competitive landscape.

Our dedicated healthcare industry team understands your unique challenges. Partner with us to find ways we can improve patient experience, consolidate payments and sustain organizational revenue. Learn more about our Healthcare Payment Solutions or contact us to speak with a healthcare payments consultant.