Each year InstaMed releases their Trends in Healthcare Payments Ninth Annual Report.
In this tip we would like to discuss 2018 and 2019 report, in which they state:
This year’s report is designed to examine the most impactful healthcare payment trends from the unique perspectives of the key industry stakeholders: consumers, providers, and payers.
Here are a few of their findings:
First, we must stop, listen, and shift our mindset.
When you review these results, the keywords that stick out to us are: “confused,” “surprised,” “can’t pay,” “want a payment plan.”
Patients are directly telling us that they need help with navigating the payment system so that they can pay you on time.
Therefore, it’s time for healthcare entities to stop doing what they think is working and revamp their payment systems.
So, how can you make this easier?
Here are our thoughts on how to handle the internal and external part of the payment experience, such as:
Again, the primary goal is to help the patient navigate and understand the payment experience.
If you continue the process above, this will build a connection with your patient and keep them from finding review sites or dialing the insurance company with complaints, which red-flags your practice and affects your reputation.
**The opinions and observations from the group/author are not a promise to exempt your practice from fines and penalties. Research, modify, and tailor the advice to fit your specialty.