If you were to look at a list of the top causes of stress in life, health and finances are always near the top. While making patients healthier has always been a priority in the healthcare industry, ensuring clarity when it comes to patient payments has not. However, in today's value-based world, the patient's financial responsibility for services has increased, and that portion of payment is key to the profitability of your outpatient facility. So if you want to achieve a healthy revenue cycle, you should strive to provide a positive patient experience when it comes to both their care and their cash.
How? It's all about communication and timing. Most patients are familiar with having a co-pay for healthcare services, but it is becoming more common that they will be responsible for additional payment. How and when that information is communicated can have a significant impact on the patient experience – and on your revenue cycle.
Far too often, the first time patients see how much they owe is when they receive a statement from the provider upon completion of services. The stress of not knowing what is due – or worse, a surprise charge – lends itself to a poor experience, even if their care and outcome were optimal. Communicate financial expectations up front as often as possible. Take the time to speak with patients about their benefits, what is and isn't covered, and what they can expect to be responsible for financially. By providing a range of what their bill is likely to be, you can help to mitigate anxiety and a negative impact on their overall care experience.
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[Editor's Note: This article originally appeared on SourceMed's blog.]