Before YouTube and DVR, every kid had a favorite TV show they’d only get to watch when they were home sick from school. For example, many watched The Price is Right, which had a seemingly endless roster of games devoted to knowing how much stuff costs. The most successful contestants were a special breed of super-shoppers who talked fast and evaluated each item quickly and thoroughly. Their enthusiasm was contagious, and you’d root for them to win.
Fast-forward a couple of decades to the webinar, Improve Your Patient Collections Vital Signs, where I asked attendees to estimate their organizations’ total cost to generate and send one paper patient statement, and the top two responses were $3 or less (38%) and $4-7 (35%). A mere four percent estimated the cost as higher than $15.
Looking at these responses, I wondered if these attendees were like The Price Is Right super shoppers who could calculate prices to the penny. Consider this:
- At $3 per piece, 1,000 statements cost $3,000.
- At $7 per piece, 1,000 statements cost $7,000.
- At $15 per piece, 1,000 statements cost $15,000.
The lesson learned? The price of generating and printing statements is higher than you might think and adds up quickly, especially when you consider that you have to send two, three or more to the same patient for one visit. And whether the cost is $3, $7, $15 or somewhere in between (research points to $7 per statement), this is not an insignificant number for organizations trying to improve efficiency and reduce cost to collect. Further healthcare organizations have many other compelling reasons besides cost to send e-statements. E-statements can accelerate patient payment, increase patient satisfaction and reduce cost to collect.
Click here to view an infographic that compares the time and cost savings between electronic patient statements vs. paper statements.