Creating Positive Financial
Creating Positive Financial Experiences in the World of Value-based Care
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Creating Positive Financial Experiences in the World of Value-based Care
Care providers need to design new financial experience strategies to keep them engaged, deliver value, and drive revenues.
TThe entire gamut of healthcare delivery revolves around patients. However, the financial end of the healthcare scenario has not been the same. Healthcare organizations depend on government and private payors to make their revenues and improve cash flow, thus making billing an afterthought. But the changing business landscape and the evolving consumerism have placed immense focus on patient financial experience and patient payment collection—placing automation, customization and personalization at the forefront of Patient Experiences (PX).
Research by the Kaiser Family Foundation indicates that Premium coverages are increasing steadily—fostering a rise in out-of-pocket expenses to meet the growing health insurance costs. Consider the fact that a whopping 82% of employees covered in 2020 could avail the annual deductible. This percentage marks a 36% increase in the last five years and an overall 100% increase compared to the last decade.
Patients face challenges with high-deductible health insurance plans and the increased instances of cost-sharing and out-of-pocket expenses, but so is the case for healthcare organizations. Patient financial responsibility has spiked from 8% of patient billing in 2012 to 13.5% in 2019 as reported by a Transunion healthcare analysis.
To succeed in this changing healthcare landscape, organizations cannot solely rely on conventional business models. Care providers need to design new financial experience strategies to keep them engaged, deliver value, and drive revenues.
However, the reality is otherwise. Hospitals and Practices do not consider Financial Experience as a significant factor. Patients still face negative experiences with care providers—including compromised price transparencies and supportive billing models.
Patients’ out-of-pocket expenses continue to rise and healthcare organizations that take a proactive approach to deliver personalized and superior patient financial experiences will be the ones to thrive in this changing healthcare scenario.
Patient engagement solutions are key to enhancing patient experiences and driving success in population health management. However, providers need to take steps to provide hyper-personalized and high-touch consumer experiences. Engaging patients through Revenue Cycle Management Services has most often been overlooked by healthcare organizations. Hospitals and Practices have developed new strategies and implemented next-gen technologies to streamline copayments and collections. However, they need to increasingly focus on broadening insurance opportunities, and providing better billing support.
Preventive care is a significant component in the era of value-based care that directly impacts patient outcomes. Successful patient outreach models are designed to deliver superior patient care by combining artificial intelligence and analytics capabilities—that provide intelligent predictions and actionable insights that help providers make timely interventions and offer better patient care.
75% of patients learn about the expected billing and out-of-pocket expenses before stepping into their Doctor’s office. However, research indicates that only half of them is provided with the transparent pricing information upfront. With evolving consumerism, rising patient expectations, and increasing out-of-pocket expenses, it is critical that healthcare organizations provide a clearer pricing information to the patients and the frontline staff. Also, Providers need to innovate new strategies to make these pricing details more accessible to patients in a simple and easy format.
Personalization is the key to delivering superior Patient Experiences (PX). Providing personalized financial experiences and customizing their health plans to meet their unique and specific needs go a long way in building brand-loyal consumers. According to a Healthcare Finance Management Association (HFMA) report, leveraging Artificial Intelligence (AI) and analytics to predict likelihood of bill payments is one of the key ways of personalizing the patient financial experience. This allows for tailor-made communications and also lets providers connect with patients with their billing history and information.
SolvEdge is a leading Medical Billing company, offering end-to-end revenue cycle management services to our broad spectrum of clients around the globe. Our digital transformation and Revenue Cycle strategies are designed with one goal: Simplifying Healthcare financial experiences.
Reimagining healthcare delivery for our clients worldwide, our history of simplifying healthcare goes way back to 2004. Today, SolvEdge is trusted by our diverse set of clients including 450+ Hospitals, 3500+ Physician Practices and millions of Patients—by solving their most complex challenges and helping them deliver consistent, cohesive and collaborative care.
SolvEdge is headquartered in Chicago, U.S with its R&D and delivery centers in Chennai, India. We are a passionate and dedicated team of Doctors, PhDs, SMEs, technologists, analysts and others who work together to offer outcome-driven solutions that are best-in-class. To learn more about our tailor-made revenue cycle solutions, talk to our team.
From our humble beginnings as a healthcare start-up—to becoming a full-blown healthcare-exclusive digital transformation provider, our journey has been quite a remarkable one. Today, SolvEdge is a leading-edge Healthcare services and solutions provider—trusted by 450+ Hospitals, 3500+ Physicians and millions of patients across the globe.