As patients assume greater monetary responsibility for their healthcare, hospitals should focus on improving the financial experience they offer and implement customized payment plans to help those who are struggling to afford high out-of-pocket costs, advised David Shelton, CEO of PatientMatters, a revenue cycle management vendor.
"Insurance alone is not enough to protect patients from the high costs of healthcare, with 53 percent of insured patients struggling to pay their medical bills," he said. "To ensure the financial health of the hospital, providers must find new ways of engaging with patients to determine the depth of their financial responsibility and provide alternative payment methods."
Mr. Shelton recommended a personalized approach.
He said such an approach, where the specific financial makeup of each patient is considered, allows hospitals to offer payment options that fit a patient's ability to pay and maximize upfront payments.
More information from Mr. Shelton about customized payments is available here.
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