October 9, 2018
If you’ve never seen a “perspective sculpture” in person, you’ve probably run across a few online. One of the most famous is dedicated to Nelson Mandela — from one angle, it looks like a random gathering of misshapen steel columns. If you move just a few feet around, an image of one of the most famous figures in modern history emerges.
Perspective is also key in the healthcare revenue cycle.
From one angle, you’ll see a mass of disjointed payments, frustrated patients, and mounting bad debt. With a small shift toward a perspective that centers on patients, an entirely different picture emerges — one that shows simplified payments and a new level of financial engagement.
You might not feel like you have deep insight into your patients’ payment behaviors right now, but you have more to work with than you think. Each of your patients has a payment history that is rich in information around how likely they are to pay, how they prefer making payments, and how consistently they settle their bills.
Predictive models can help you evaluate their propensity to pay, assign a score, and establish a starting point for any communications and discussions you have from that point forward.
It might seem like the entire world relies on their smartphones in every aspect of their lives, but if you take a few steps to shift your perspective on your patients, you’ll find something interesting.
Some of your patients are highly responsive to receiving paper bills, others are moved by electronic statements via email, while a few might be more likely to act on text message reminders. These traits can vary by age, location, and even education level.
Notice that we aren’t talking about what methods of communication they prefer. Truly aligning with your patients’ perspectives means paying attention to their behavior. Predictive analytics algorithms can be especially useful in optimizing medium, message, and overall communication strategies for each patient.
Your patients live in a world where, if they wanted to book a flight to see that sculpture of Nelson Mandela at 2 a.m., there would be little stopping them from rolling over in bed and doing just that.
If they wanted to pay their latest statement for the knee replacement they had last year at your facility, would they have the same flexibility?
Hospitals have seen hundreds of thousands in returns just by expanding payment options to include mobile and online payment portal methods, and that’s on top of a boost to patient satisfaction. This is because convenience matters. Shift your viewpoint on patient payment to focus on convenience and you’ll be looking at a new world of revenue cycle results.
We’ve mentioned technology already, and mostly on the patient-facing side. But, there are also back-end solutions that help keep payment experiences centered on the patient. One of the most effective tools are merchant services agreements.
Merchant services are more of a collection of technologies than a stand-alone solution — a comprehensive merchant services strategy includes card readers, patient portals, check processing, and cloud-based reconciliation. When these elements play together, hospitals see higher cost transparency, streamlined reconciliation, a broader scope of reconciliation, and a payment experience patients prefer.
The age of healthcare consumerization has arrived, and heightened patient expectations have come right along with it. If you haven’t started shifting your perspective on patient payments yet, now is a great time to start.
The best way to increase payments received is to remove barriers. Why make paying bills harder than it has to be? Our payment processing solutions coupled with multiple online patient-facing payment options empower your patients to make self-service payments quickly and securely from any location.
We optimize your bill pay capabilities and streamline bill-to-payment reconciliation, making payment fast and easy for your patients and making your cash flow actually flow. If you’d like to learn more about our comprehensive patient engagement and billing solutions, we’d love to help you. Request a demo to see how we can help your organization meet its goals.