For years, price transparency has been lacking in healthcare, but this is rapidly changing, as consumers increasingly want price information to make care decisions.
At a session sponsored by CareCredit at the Becker's 10th Annual CEO + CFO Roundtable, Shannon Burke, Senior Vice President and General Manager of Synchrony's Health & Wellness Platform, facilitated a discussion about price transparency in healthcare.
Three key takeaways were:
- Financial transparency is driving a shift in patients from consumer to customer. Transparency has been an ongoing trend in healthcare, driven to some degree by the government regulation and by patients themselves.
The cost of healthcare continues to rise, with an increase of more than 12 percent over the past four years. As costs rise, consumers continue to assume more financial responsibility for healthcare costs. About 70 percent of patients — even those with insurance — have out-of-pocket costs and deductibles. As individuals' financial stake in their healthcare increases, patients have shifted from healthcare consumers to healthcare customers with high expectations, including price transparency and flexible payment options.
- Financial education and transparency can result in higher patient satisfaction and loyalty. The financial experience is important to overall clinical satisfaction, with 60 percent of patients changing providers based on poor financial
More than information about the financing itself, financing education needs to close the gap between how much patients believe they will pay for their care and the actual cost of their care. Integrating care options and cost conversations early in the patient journey empowers patients with information and enhances their overall experience, which can lead to greater satisfaction and loyalty while helping ensure financial stability for the healthcare system.
"Good financial acumen early on [and] throughout the journey results in growing in a way that feels good — growing in a way that your health system . . . matches your community needs. Part of that is [explaining difference between patient financing and financial assistance programs . . . Making sure your patients understand the difference between those two functions and what they do in your organization . . . ultimately helps drive increased patient satisfaction and …improved financial wellness," Ms. Burke said.
- Software solutions can increase efficiency and satisfaction at every level. Driving adoption of a patient engagement portal for digital check-in and online payments contributes to increased patient satisfaction. In some locations, this might require transitioning to more user-friendly EMR/EHR systems or offering complementary services such as scheduling assistance.
Automation also supports administrative staff by automating as many workflows as possible. This helps teams be more prepared and empowered to initially clear patients and to provide opportunities for payment. Using estimating tools for pre-care and adding automated self-service financial education and planning can further enhance patient satisfaction.
As organizations expand or enhance their digital solutions, CareCredit places priority on being able to work with any technology, across the entire ecosystem. "An organization that you partner with . . . should integrate seamlessly with your technology," Ms. Burke said. "That's the bottom line. It should be a multi-channel experience that becomes omni-channel, meaning that you offer it the same way to all patients fairly and allow patients to make the decision on how they want to pay their bill. That's really where [CareCredit] is dedicated and very clear."
CareCredit offers financing options with the CareCredit credit card. In addition to its focus on transparency, CareCredit takes pride in being a responsible lender.
To learn more about CareCredit, please visit carecredit.com/beckers