Giving patients what they want: A patient-centric financial experience

Not so long ago, discussions about improving revenue cycle performance rarely took the patient into account. After all, patients’ share of financial responsibility was relatively small, their satisfaction had little to do with payer reimbursement, and patients chose providers based on payer networks rather than cost or reputation.

Patient consumerism has changed all that. The best performing healthcare organizations are often the most patient-centric, and billing and payment practices are, in part, driving patient satisfaction. Making it easier for patients to understand and pay their healthcare bills can yield higher payer and patient reimbursement rates and higher collections, and in turn improve providers’ financial health.

Not all healthcare organizations understand where to begin making these consumer-focused changes to their organization’s revenue cycle. A good start is by understanding patient expectations. HIMSS Analytics and Waystar recently fielded their second annual Patient Payment Check-Up survey, which polled more than 1,000 patients and 900 healthcare financial leaders about their cost-of-care and payment perceptions. Key takeaways from the survey point to some clear strategies for meeting patient expectations and driving revenue.

Patients are willing to pay

According to the survey, 85% of patients feel the same obligation to pay their healthcare bills as they do other professional services such as lawyers and accountants.

Just because patients are willing to pay doesn’t mean they pay at the time of service. Patients may delay until they receive a bill if they don’t clearly understand what they owe or have a convenient and secure way to pay. Even then, if it is cumbersome or confusing to pay—requiring patients to mail a check or call on the phone—they may delay the task or never pay at all.

Upfront cost estimates can prompt payment

Delivering estimates at the time of service is an easy way to reap big benefits. The Waystar survey shows that patients who receive a cost estimate are more likely to pay on the spot. They are also more likely to return for future healthcare needs and recommend providers.

The irony is that more than 80% of organizations are able to provide cost estimates, yet only 18% of patients receive one without asking for it, according to the survey. By leveraging technology that simplifies cost estimates and includes them in routine patient encounters, organizations can improve patient satisfaction and collections at the same time.

Patients want handy payment methods

Patients are used to paying for virtually all products and services using their credit or debit cards so why wouldn’t they also expect this same convenience in paying their healthcare bills? According to the Waystar survey, over 75% of patients would be willing to leave their credit card number with the healthcare organization and authorize it to charge up to $200 after adjudication. This type of credit card-on-file solution ensures a secure, speedy patient payment while eliminating patient confusion with their bills.

In addition to having upfront payment options, organizations should have user-friendly tools for paying later. This includes offering electronic statements and online payment portals. Healthcare organizations frequently struggle in this area. The vast majority of providers surveyed still send statements via paper despite almost half of patient respondents preferring electronic versions. One-third of patients also revealed frustration with making online payments. Third-party vendors who specialize in simplifying healthcare payments often offer the simplest, most secure online payment solutions. Why struggle with something that is not a core competency and risk not getting paid in the process?

Delivering a better financial experience

Using technology such as cost estimation tools, credit card-on-file solutions, electronic statements, and online payment options can speed patient collections while boosting satisfaction. Patient health and financial health should go hand-in-hand!

Waystar is the combination of Navicure and ZirMed, two providers of revenue cycle technologies, that offers cloud-based, end-to-end revenue cycle technology to its more than 440,000 providers, 21,000 healthcare organizations, and 550 hospitals and health system clients. Led by CEO Matt Hawkins, Waystar operates out of locations in Atlanta, Louisville, KY, and Chicago. The organization currently maintains the Navicure and ZirMed brands during the transition process to make for a smooth client, partner, and technology integration.

By merging the two organizations, Waystar’s goal is to simplify and unify the revenue cycle to allow clients to easily and more quickly maximize revenue and optimize operational results. The company’s offerings address various elements of the revenue cycle, including claim and denial management, eligibility verification, patient cost estimates and payment solutions, coding and charge capture, reporting and analytics, and more. Learn more about Waystar at Waystar.com.