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What Today’s Patients Are Borrowing From the World of Money Management

show-me-the-moneyLessons learned from PwC’s’ “Top Health Industry Issues” report

When you hear the term “money manager,” images of pie charts that show the breakdown of fund assets probably come to mind. You envision interminable meetings to review quarterly financial performance, or you see your plans for retirement. Sounds like pretty boring stuff, right? (Well, maybe not that last one―especially if your plans include a beach or a European country-side.) Most people are happy to leave money management to an expert; otherwise, it’s easy to become frustrated when you don’t get the results you want.

Similarly, patients have recently grown frustrated with medical billing and payment systems according to PwC’s recent report, Top Health Industry Issues of 2016: Thriving in the New Health Economy. As patients shoulder a larger portion of their care costs, they have more questions about how much they’ll owe and why.

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Often, they must develop a plan to set aside the money they need for care costs. As a result, today’s patients want price transparency from their providers, and they also may turn to newer or less traditional services to help them cope with rising care costs. For instance, just like money managers help us plan for retirement and our kids’ college tuition, they’re now helping consumers plan for healthcare costs. More than half of 18 to 34 year olds indicate they’d use this type of service, which evolved from 401(k) retirement planning services.

While healthcare providers have always helped their patients stay physically healthy, they can now go a step further and help patients stay financially healthy, too. As patients cope with the rising cost care, they’ll be extra appreciative of any help you can provide. Upfront cost estimates, payment plans and other consumer-friendly patient payment options can all make a difference, helping your organization increase revenue while also helping your patients become their own healthcare money managers.

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