Is the Patient Experience Hurting Your Revenue Cycle?
Today, patients are paying more out-of-pocket for their care than in years past. Helping patients understand their financial responsibilities in regards to their care is the first step in reducing your financial risk.
According to PhysiciansPractice.com, “You can have the best, written financial policy, patients can sign the document, but if you do not spend the time upfront explaining what your payment policy is, none of that will matter.”
Recently Litmos Healthcare hosted a webinar that examined the importance of the patient experience, presented by Casey Williams of RevSpring. With over a decade of experience in the industry, Casey has had a firsthand look of the ever changing patient landscape. The patient experience is becoming a strategic and competitive advantage for entities who have recognized and embraced patient satisfaction. With more healthcare options than ever before, patients are “shopping” for options making them healthcare consumers before they become patients.
Patient satisfaction is also becoming an integral part of government reimbursement formulas. More and more studies are showing that patients will pay more for better service and that close to 90% will leave and go to a competitor after a negative experience. With a per person lifetime hospital expenditure of close to $200,000, each patient visit has the potential to positively or negatively affect your revenue. It starts at intake and doesn’t end until a payment in full is received.
Does your staff understand best practices in communicating with patients? Staff education is the first step in eliminating roadblocks towards reducing your financial risks.