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How value-based care is impacting standard patient pay practices

How value-based care is impacting standard patient pay practices

Value-based care is all about doing what’s best for the patient and promoting better outcomes. This method of care uses patient well-being as a guide for payment, rather than the number of procedures or drugs prescribed. It represents a shift from a fee-for-service to a fee-for-performance model.

It’s already impacting how providers create at-home care plans, conduct treatment follow-ups and manage their quality care levels. Additionally, this industry shift is affecting the admissions process and patient pay procedures, emphasizing the need to best serve patients during the entire treatment cycle.

Here are three ways value-based care is causing providers to rethink standard payment practices.

Providers can (and should) make patient pay easy

When was the last time you visited an establishment that didn’t take credit cards? Or, as is the case with airlines, a place that refused to take cash? Offering limited payment options is inconvenient and often stressful for consumers. The same is true for patients, who increasingly are adopting a consumer-like mindset about their healthcare.

Part of caring for your patients means making the payment process easier to navigate. Not only should you strive to offer several options at the point of service, but also make off-site options available, including online payment portals and automated, recurring payment plans. Allow them to conduct business their way, on their schedule, even if it’s in the middle of the night. Life isn’t limited to business hours; patient pay options shouldn’t be either.

How the payment process affects patient care

It’s a safe assumption that when your attention is pulled in multiple directions, you’re not approaching every task with peak efficiency. Though patient care is always a top priority, billing and other administrative tasks still need to be done to keep things running smoothly.

That is where automation, like that offered by ABILITY SECUREPAY®, can transform how your organization operates.

Automation tools offer business office features to help you post, refund, manage and track payments, saving everyone time and frustration. With the administrative burden lifted, your staff is able to be present, focused and provide better patient care.

Patient experience and outcomes matter

The overall patient experience extends far beyond in-person interaction. No matter how attentive and responsive you are to patients when they receive care, their journey is only beginning. They are left to wonder if their treatment is going to work and how long it might take, as well as how much it’s going to cost.

Anxiety caused by rising co-pays can also cause patients to delay seeking treatment in the first place, possibly allowing their condition to worsen.

Providers who make any part of a patient’s experience easier, faster or less stressful are going to provide better outcomes and encourage patient loyalty.

Providing excellent patient care means more than just scheduling check-ups and following a treatment plan. It also includes things like not making them wait and wonder if their payment will post on time, or when their refund will arrive. Automated patient pay tools can save you time that would be better spent helping patients understand all of the available payment options, so they can select the method they are most comfortable with.

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