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In this blog, we explore why you should focus on patient financial care and provide some steps that providers can take right now to elevate the patient experience and improve ROIs.
According to a survey by the Kaiser Family Foundation, 67% of adults in the United States worry about unexpected medical bills, and 45% are concerned about affording healthcare services, even with insurance coverage.
Not a bombshell piece of information. We've all had sticker shock after seeing the doctor. But as financial pressures mount and those costs continue to climb, being proactive about patient frustrations and billing concerns can help increase the likelihood that your facility is paid accurately and on time.
The world of medical billing is astoundingly chaotic. Whether it's complex billing systems, outdated technology, payor issues, communication breakdowns, or a lack of public insight into the industry—most patients are left dumbfounded about their cost of care.
A study published in JAMA Internal Medicine found that more than half of insured adults in the United States received an unexpected medical bill, and 69% reported difficulties understanding the explanation of benefits.
It's natural to want to stick with what we know and keep things in-house. But outdated billing processes, such as paper and manual transactions, are becoming costly and time-consuming in a world of digital-first expectations.
According to the 2021 Trends in Healthcare Payments Annual Report, 75% of providers still use paper and manual processes for collections, despite the fact that most patients prefer online bill payments.
Many regulatory mandates are geared toward promoting interoperability, improving transparency, and empowering patients to access their financial health information. By engaging a partner with regulatory expertise or developing a consistent process for staying up-to-date, providers can meet patient expectations and avoid fees related to compliance issues.
Maintaining compliance can help:
MEDHOST Cures 2023 Interoperability Solution facilitates smooth and secure access, exchange, and use of electronic health information while helping you maximize reimbursements and avoid penalties for non-compliance. It also alleviates the effort of addressing EHI requests and meeting information blocking requirements.
Transitioning to electronic billing and payment systems can streamline revenue cycle management and reduce costs associated with paper and manual processes. It can also improve the patient experience by offering online bill payment options, which most patients prefer.
Simplifying medical billing can improve patient understanding and trust and enhance the financial experience. When working with a partner to improve your payment options, look for solutions that:
MEDHOST online bill payment allows patients to manage their healthcare financial obligations in one integrated, responsive portal. Our Quick Pay feature allows users to make pay bills without entering a username and password, while self-service payment plans will enable them to select recurring payments or set up a customized plan within the boundaries set by their provider.
For over 35 years, MEDHOST has provided products and services to healthcare facilities of all types and sizes. Today, healthcare facilities nationwide partner with MEDHOST to enhance patient care and operational excellence with our clinical and financial solutions, including an integrated EHR solution. MEDHOST also offers a comprehensive emergency department information system with business and reporting tools. Through unparalleled support and cloud platform solutions, we make it easy for healthcare facilities to focus on what's important: their patients and business.
To learn more, contact us at inquiries@medhost.com or dial 1.800.383.6278.
