Tag: patient financial advisor
Products referenced in this article: Social Determinants of Health Patient Schedule Member Match Coverage Discovery Patient Financial Advisor Patient Payment Solutions With just a few clicks, patients can book appointments, speak to their doctor, access billing information and pay for care, all without leaving their homes. Online health services have been a lifesaver for many during the pandemic, and the reliance on digital tools has sky-rocketed over the last few months. But for some older consumers who may be less comfortable using digital devices, this shift towards “healthcare from home” feels daunting and isolating. Many seniors are not immersed in the digital culture and navigate life just fine without a touchscreen. The sudden shift in healthcare delivery channels has demanded many to venture into unfamiliar technology in a rushed and urgent manner. Others face barriers related to things like dementia, hearing loss and vision loss. Closing the digital divide Whatever their age, those left out of the digital loop face a higher risk of missed appointments, delayed care and anxiety about how to get tests and treatment. Providers will want to ensure that all of their digital offerings are designed to help patients of every age access care in a way that works for them. That means creating a consumer experience with pathways and channels to suit different patient needs and expectations, including “analog” options for those who aren’t inclined to learn new technologies. 4 ways to make digital health technology more senior-friendly 1. Use data to determine what’s working and what’s not The starting point for providers who want to improve seniors’ digital engagement is to understand how they’re actually using it (or not) right now. Non-clinical data can give insights on technology engagement, lifestyle and socioeconomic circumstances across all ages in a patient population. When providers know what patients are looking for, and where the gaps are, they can tailor their services to meet their patients’ needs. For example, let’s say a proportion of an organization’s older members have smartphones or tablets, but aren’t using them to access their patient portals. It’s likely they have the skills so but may not be aware of the service. This can be solved with a simple omnichannel outreach campaign to provide step-by-step instructions explaining how to get started. One way for providers to capture useful data is with “Z codes” -- the ICD-10-CM codes included in categories Z55-Z65. These identify non-medical factors that may influence a patient’s health status. Utilizing Z codes will enable better tracking of seniors’ needs and identify solutions to improve their health and wellbeing. Providers can also leverage data to better understand seniors’ activity in the continuum of care. Are older patients continually presenting for care at a facility that is out of network? A tool like MemberMatch can deliver these insights in real time, alerting care teams as early as possible so that they can rally around active episodes of care proactively and efficiently. This helps risk-bearing organizations optimize the quality and cost of member activity in the continuum of care, leading to better outcomes for patients and a better bottom line for organizations responsible for their health. 2. Give patients choices about how they access services Adoption of healthcare technology is increasing among older adults: 76% of over 50 say they welcome services to help them “age in place”, or live in one's own home and community safely, independently, and comfortably, regardless of age, income, or ability level. At CareMount Medical, 27% of primary care appointments made using Experian Health’s online scheduling tool are initiated by those aged 60 and over. The demand is there; support should follow. That said, an omnichannel approach is still important. Given a choice, more than half of people aged 50 and over prefer their health be managed by a mix of medical professionals and technology. This means giving patients the option to easily schedule appointments by phone. Automated outreach and integration, combined with practice management systems, will ultimately make patient scheduling easier. 3. Make virtual care easier to use More than half of seniors cancelled or delayed appointments due to COVID-19. Despite the promise of safety measures, many are hesitant to return. Virtual care may be the answer. Providers are quick to learn that telehealth is not a panacea, in particular for the senior population. As some patients may not have the technology and skills to access telehealth, providers may want to consider a hybrid “facilitated telehealth” model where medical professionals visit patients’ homes to help them get set up for telehealth visits. 4. Create a smoother patient financial experience As older patients become newly eligible for Medicare, many are unclear about their coverage status. To take the burden off the patient, providers should consider a tool such as Coverage Discovery, which allows staff to find MBI numbers quickly. This often proves helpful, particularly for new Medicare beneficiaries who may not have received their MBI card yet. A way to ease the stress of payments is to offer more transparent pricing so patients know what to expect as they start their healthcare journey. Experian Health’s Patient Financial Advisor gives a breakdown of their bill and payment options, helping them feel financially confident and more in control of their ability to pay – resulting in fewer collections issues. As older patients become more accustomed to paying for other everyday items through their smartphones or laptops, online patient payment solutions will become less foreign and more convenient, allowing them to manage medical payments in a time and place that suits them. It’s never been more important to help older patients stay connected, access care and feel supported during their healthcare journey. Contact us to explore how Experian Health’s solutions can help you close the digital divide.
Few of us would buy a new car or TV without checking the price tag first. Why should our healthcare be any different? Yet this is exactly what many patients are forced to do when they need medical tests or treatment. Following the breadcrumbs on a provider’s website is a time-consuming and confusing way for patients to piece together a price estimate. Even with a rough idea of the cost of care, variations in health plan pricing often bump up the final bill. The lack of transparency is stressful for patients and costly for providers, who end up chasing slow payments and losing revenue to bad debt. But could things be about to change? Many providers have been proactive in offering transparent pricing, and thanks to recent regulatory changes, this could soon be an industry-wide requirement. The CMS Price Transparency Final Rule mandates that by 1 January 2021, hospitals should publish consumer-friendly pricing information on certain ‘shoppable’ services, to help patients understand and plan their bills ahead of time. The proposed Health PRICE Transparency Act would similarly compel providers to publish real cash prices alongside rates negotiated with insurers. As households, businesses and public bodies grapple with the economic impact of COVID-19, any additional clarity around pricing that could help make a dent in healthcare-related debt is to be welcomed. Liz Serie, Director of Product Management and Patient Experience at Experian Health, says that regardless of changes to the regulatory landscape, pricing transparency is here to stay: “It’s great for the patient because they have visibility, transparency and clarity about what they owe. They can prepare financially before their visit, so they can focus on what matters most – healing. Providers are excited about price transparency tools because they let patients pick and plan payment options, reducing the total cost to collect. And with more reliable billing data, it’s a win from a decision-making perspective too.” Transparency is becoming the norm in other aspects of healthcare consumer experience, and billing should be no different. 4 steps to fast and simple patient-friendly pricing 1. Remove the guesswork with accurate, upfront pricing estimates No one wants to play detective with their deductibles. Giving patients pricing information upfront puts them in control of their payments, improving their engagement and increasing the likelihood of faster collections – a top priority for providers today as they continue to feel the effects of COVID-19 on the bottom line. A Patient Estimates tool can generate accurate, easy-to-understand estimates based on known treatment costs, payer rates and real-time benefits data. Estimates and secure payment options can be sent straight to the patient’s mobile device, improving the patient financial experience with a single text message. 2. Give patients 24/7 control through their online portal With COVID-19 pushing even more of our lives online, a 24/7 patient portal is a must for providers that want to stay competitive. Yale New Haven Health (YNHH) used PatientSimple to give patients a mobile-friendly, self-service portal through which they can generate price estimates, choose payment plans, and monitor payment information. Sharlene Seidman, Executive Director Corporate Business Services at YNHH says patients have welcomed online access: “ROI is not just tangible dollars in additional revenue, it’s patient satisfaction and improving the financial experience.” 3. Minimize delayed payments with quicker insurance checks Millions of Americans have experienced sudden job losses or changes to their insurance status in the wake of the pandemic, causing confusion about their current coverage. Payment delays and denied claims are an inevitable side-effect. Providers can help by offering fast, automated insurance eligibility verification, so patients can confirm coverage at the point of service and take the next steps with confidence. 4. Move to mobile for a more convenient patient experience Imagine if your patients could have all the information they need about their healthcare account, right there in their pocket. Patient Payment Solutions offer real-time pricing estimates based on provider pricing, payer rates and benefit information, so patients can review their bill at a time and place that suits them. There’s also the option to offer secure and contactless payment methods, so they can settle their bill at the click of a button. Estimates suggest that the average family of four could save up to $11,000 a year if they had the option to choose care on the basis of more transparent pricing. Savings on this scale mean that demand for clear information about out-of-pocket expenses is going to soar, whatever happens with price transparency regulations. Learn how Experian Health can help your organization support patients and improve collections through more transparent pricing.
For many patients, unanticipated healthcare bills are up there with car breakdowns and untimely home repairs. No one likes a surprise bill. But when your washing machine is on its last legs, you probably do a bit of shopping around to find the best price for a replacement. Are patients doing the same when it comes to their healthcare provider? This is the idea behind recent industry and legislative moves to improve price transparency in healthcare. Recognizing that surprise billing leaves patients feeling stressed out and anxious, lawmakers are working to find a solution that would end ‘balance billing’, where patients are billed the difference between what providers charge and what insurers will pay. These bills often come as a shock, firstly, because the patient didn’t expect the bill in the first place and secondly, because the complexities associated with healthcare expenses create opacity around the actual cost of care. How transparent pricing builds a better patient experience In theory, an end to balance billing in favor of more transparent pricing should improve the patient financial experience. The hope is it leads to more competition and therefore better choice and quality overall. CMS Administrator, Seema Varma, says: "We want to empower consumers and patients to shop around for their health care and pick the provider that works best for them." However, some believe patients don’t yet think of healthcare providers in the same way as other consumer goods. Larry Levitt, Executive Vice President of Health Policy at the Kaiser Family Foundation says: “Most patients don’t think of healthcare as something you can shop around for, and there’s not much incentive when you don’t foot most of the bill directly.” Still, many healthcare organizations are on board. Giving patients greater clarity through more accurate pricing estimates and proactive communication about who pays what should reduce sticker shock, creating a better patient experience. Patient collections are likely to be a smoother and more cost-effective process, while consumer loyalty will be reinforced. All in, transparent pricing is an increasingly useful strategy to improve revenue alongside patient satisfaction. So, how should providers be using transparent pricing to improve the patient experience? How to use transparent pricing to build a better patient experience 1. Provide proactive pricing info to patients Don’t leave your patients to be surprised. Let them know upfront what the cost of treatment is going to be, including their coverage status, so they can plan ahead with confidence instead of heading into treatment with no clue as to what their final bill will be. Digital platforms can help you make this a seamless experience. A text-to-mobile solution such as Patient Financial Advisor gives patients a personalized and simple-to-read cost estimate prior to their healthcare visit and secure links to their bills so they don’t have to chase your collections team for updates. 2. Create a personalized payment experience Transparent pricing isn’t just about providing accurate estimates pre-service. It’s about seeing each patient as an individual with different circumstances, needs and preferences. A price transparency tool can reveal valuable insights about a patient’s specific situation and propensity to pay. With that, you can tailor the information you give them, the way you communicate and any payment plans you might want to recommend. For example, let’s say a patient is due to have an MRI, which will cost $650 with their high deductible health plan. For many, that’s a lot of money. Imagine how much less stressful the experience could be if you’re able to text them in advance to let them know what they owe and give them flexible payment options to manage the cost. 3. Make it easy for patients to pay One simple way to improve collections is to make the payment process as accessible and frictionless as possible. Patients have come to expect a similar consumer experience to what they’d get with online banking, booking travel or online grocery shopping. With the data-driven technology available today, it’s entirely possible for providers to deliver this. Self-service dashboards and tools are a way for patients to see what various procedures might cost and pay their bills whenever is most convenient. These can let patients apply for charity care, update their insurance details and even schedule appointments, giving them greater financial confidence and control over the process. At St Joseph’s/Candler, Patient Financial Advisor was used to provide patients with estimates before their visit, which they could pay 24/7 from their mobile devices and choose to pay in installments. Vanessa Carter, Pre-Service Center Manager, says: “It gives the patient the opportunity to make those decisions without having to talk to somebody or feel embarrassed that they can’t pay this high dollar amount. And when they come in, they’re cleared and they’re happy. It’s a win-win for us. We’re collecting, and the patient feels empowered and in control.” Find out more about how to set up personalized and compassionate pricing estimates and payment options.
