The month of May brings with it new opportunities. Consider this: May 19 is National Bike to Work Day. May 22 is Buy a Musical Instrument Day and May 25 is both National Wine Day and Tap Dance Day. It’s important to take full advantage of new opportunities as they can lead to personal and/or professional growth, a new skill set or experience or even new friends!
But did you know there are hidden opportunities when it comes to patient payments? Let’s take a look. In January 2017, Navicure® commissioned HIMSS Analytics to conduct a national survey of 1,000 patients and more than 500 providers around differing perceptions regarding patient billing. Part one of our blog series highlighted three key points from our survey findings, and below is a little more insight into where organizations can find opportunity to progress the patient payment process.
1. Improve patient satisfaction by offering patient estimates. Right now, ambulatory organizations lead the way in providing patient estimates – 79 percent of them have the ability to do so, but fewer acute organizations (68 percent) currently can also provide this service. That’s opportunity just waiting for your organization to take advantage of!
2. Implement digital bill payment options to save significant costs and eliminate confusion around billing. Our survey uncovered that everybody loves email and electronic billing. However, patients and healthcare organizations differ on how long they think it takes for the patient to pay their balance in full. If organizations introduce electronic patient statements, it can reduce costs and improve billing clarity for big wins on both sides.
3. Keep patient credit card on file to reduce the cost of billing and make it convenient for patients to pay their balances. Patients approve of providing a credit card on file (CCOF) for payment and providers think CCOF is the best way to improve patient payments. However, while 78 percent of patients would provide their debit or credit card to pay balances less than $200, only 20 percent of providers offer CCOF options.
Bottom line, organizations that embrace technology and work to make billing more convenient will have competitive advantage. For more insight, read the infographic, Patient Payment Check-Up™: 3X3 Insights from our 2017 Survey.