Patient Financial Experience
Personalized estimates, payment plans, and financial assistance help address cost uncertainty, which is a barrier to care for many patients. A patient-friendly financial experience also contributes to well-being and equitable access to care. Deliver the convenient, transparent financial experience patients expect, strengthening brand loyalty in competitive markets and reducing your administrative effort to collect payments.
Reduced Cost Uncertainty
Support patients’ financial decision-making with pre-service estimates for their out-of-pocket costs. Proactively share patient estimates for any scheduled services and allow patients to create “shopper” estimates for unscheduled services. Give patients greater certainty by guaranteeing estimates for specific services.
Reduced Cost Uncertainty
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Pre-Visit Engagement
Accelerate cash flow by securing pre-service payment arrangements. Patients using eCheck-in to complete registration can see expected out-of-pocket amounts and settle them right away. Alternatively, they can consent to being automatically charged up to a defined amount or sign up for a payment plan.
Pre-Visit Engagement
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Digital Payments
Give patients the convenience of digital wallet payments, with options including credit cards, e-checks, and Apple or Google Pay. With a saved payment method, patients can pay via two-way text message.
Digital Payments
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Personalized Payment Options
Automatically propose payment options tailored to a patient’s circumstances based on data such as current balance and payment score. Include suggested payment plan terms or an invitation to apply for financial assistance in digital notifications.
Personalized Payment Options
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Omnichannel Communication
Support personalized, meaningful patient interactions that respect each person’s preferences. Patients can indicate whether they want to receive statements and other billing-related letters electronically—via MyChart, email, or SMS—or by mail.
Omnichannel Communication
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Consolidated Balances
Include expected hospital and professional charges on pre-service estimates to increase financial transparency. Statements and notifications also reflect a combined self-pay balance. Patients can settle outstanding amounts with a single payment or payment plan and have a single point of contact for questions.
Consolidated Balances
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Even before the No Surprises Act came out, we decided that patients should be able to get an estimate for their services and that they should have access to a tool that would help them make decisions about where they wanted to go for care and what services they were going to have.
Read the full article from HFMA
—Heather Dunn, CHFP, CRCR, former Chief Revenue Cycle Officer for Vanderbilt University Medical Center
Improve Patients’ Financial Experience with Convenient Digital Payment Options
Atrium Health uses text messages, email, and MyChart messages to let patients know when they have a balance due and that they can pay by text. Using real-time balance notifications also helps financially: early results suggest Atrium will receive $19 million in digital self-payments and save $182,000 in labor and paper costs per year.
Read the full article on EpicShare →
Automated Estimates Take the Surprise out of Medical Bills
UCHealth, based in Colorado, automatically generates price estimates for patients before they receive care, increasing transparency and understanding of what they will owe. The organization automatically sends over 35,000 patient estimates each month, supporting a lean and nimble billing office.
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An Easier Way to Pay: Using MyChart to Make Billing Transparent and Convenient
Henry Ford Health made online payments more convenient and increased cost transparency for patients by using MyChart billing features. After switching to MyChart from a third-party billing app, Henry Ford Health received 20% more online payments and saves $1 million annually.
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Roadmaps
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