April 21, 2020

Help Reduce Financial Uncertainty in Uncertain Times

As our country works to battle major health threats—and healthcare providers put themselves on the front lines for the benefit of patients—we want to once again thank providers for all they are doing. We know that many hospitals also are facing financial challenges as elective surgeries are postponed. Patients are under health and financial stress too, as millions have lost their jobs in the past few weeks.

As you and your patients navigate in an unpredictable and rapidly changing environment, providing flexible options and clear direction based on your clients’ ability to pay is critical.

In the chaos of patient intake, you may not be able to talk with them about prices and billing in a way that shows your understanding of each patient’s unique situation. But there’s insight in your data that can demonstrate compassion in other communications. Based on what you know about patients, the messages you use in your financial conversations can be precisely tailored to the financial challenges they may be facing. Through analytics, as patients’ situations change on the fly and across all touch points, your financial communications will better match their needs.

Patient empathy is critical at this time, but so is your financial health. Providing flexible payment options or financial assistance well before accounts reach collections status will improve your collections and cash flow, as well as reduce bad debt. Communicating these options in a sensitive, targeted way will help patients resolve their financial obligations in a way they can handle, and show them that you do care. Our prediction is that patients will reward you with loyalty in hard times and better times down the road.