3 statistics your patients wish you knew about patient payments
Your patients are always your first priority. That said, to best serve them, you need to maintain a financially successful organization. And, with increasing patient responsibility across healthcare sectors, this means that you need to capture more patient payments without compromising the patient experience.
How can you do that? Let’s take a look at three statistics about healthcare payment systems and financial responsibility that can help you capture more revenue while improving patient satisfaction.
80% of patients would consider switching providers for more convenience1
Historically, patients didn’t do much shopping around for healthcare providers, but that’s changed a great deal over the past few years. With increasing healthcare costs and other factors, today’s patients are weighing their options.
When most people consider convenience factors, they think about proximity to the patient’s home or workplace, hours of operation, and other aspects that improve or reduce convenience for the patient. But these aren’t the only convenience factors in a patient’s life. Offering convenient patient payment options can help more than you might think.
61% of patients would consider switching providers for a better payment experience2
Nearly two-thirds of patients would consider changing healthcare providers to achieve a better payment experience. Consider what this could mean for your organization if you offered flexible, convenient options such as automated payment plans and 24/7 online payments. Breaking down patient payment barriers may help you improve patient satisfaction and capture more revenue at the same time.
70% of patients are confused by their medical bills3
Finally, a significant majority of patients find their medical bills confusing. When patients don’t understand their bills, they’re more likely to set them aside, unpaid. On the other hand, when patients have a clear understanding of their patient statements they are more likely to pay what they owe.
And, when you offer online patient statements with email notifications, you can make it even easier for them to pay with direct links to your patient payment platform.
Want to discover how ABILITY SECUREPAY® and ABILITY Patient Statements can help you provide the convenience and flexibility your patients want? Request a demo today.
Sources:
1. Effortless care experiences, NRC Health, accessed April 21, 2020, https://nrchealth.com/resource/effortless-care-experiences/
2. 3 ways to empower patients and improve collections, Physician’s Practice, accessed April 21, 2020, https://www.physicianspractice.com/medical-billing-collections/3-ways-empower-patients-and-improve-collections
3. 14% of consumers struggle with patient financial responsibility, Patient Responsibility News, accessed April 21, 2020, https://patientengagementhit.com/news/14-of-consumers-struggle-with-patient-financial-responsibility
Inovalon and design®, Inovalon® and ABILITY SECUREPAY® are trademarks of Inovalon, Inc.
