How a Digital Patient Experience Can Increase Timely Collections

by | Apr 29, 2021

Increase Patient Engagement And Cooperation With Patient-centric Billing And Get Results

With margins eroded, expenses up, and revenue down, healthcare providers across the United States are feeling the pinch from the COVID-19 pandemic. And unfortunately, the pandemic burden adds further pressure to the collections process for healthcare providers, who were already contending with a challenging shift in healthcare billing.

Trend data on healthcare payments consistently shows that, over the last several years, there has been a notable shift towards the patient in terms of covering costs. This trend is driven by higher deductibles and an increase in out-of-pocket expenses. With the shift to consumers owing more, comes a new challenge for healthcare providers, since it can be much more difficult to collect from patients than corporate payers.

These changes in patient liability are further complicated by patients’ ever-increasing expectations of their healthcare providers. Today’s patients are fully immersed in their digital world, and they expect the same convenience from their healthcare providers. But providers are often still dependent on inconvenient manual and paper-based processes for payments. The consequences of this disconnect include missed payments and erosion of the customer experience.

To respond to the challenges of smaller margins, more difficult collections, and increased patient expectations, healthcare providers need to focus on improving the digital patient experience. They can start by taking a hard look at how patient-friendly their billing, payment, and collections processes are.

By optimizing their billing to increase patient engagement and cooperation, medical practices can access the funds they need to provide essential services for their patients and communities.

Improving the Digital Patient Experience Through Patient-Centric Billing Gets Results

Traditionally, healthcare networks send bills, followed by several past-due bill reminders, and finally, the delinquent patient account goes to a collection agency. But the truth is, this approach does not recoup revenue in a timely fashion, is costly for the provider and more likely to increase patient churn.

A more successful approach to healthcare payment is to improve the digital patient experience and build a stronger relationship that incorporates a payment element into it. From providing price transparency up front, to developing a collections process that respects patient circumstances and preferences.

By creating a frictionless patient experience, from a trusted brand, that includes payment options, you can collect more payments, sooner, while retaining your patients.

Here are a few practical ways to approach patient-centric billing:

  • Provide payment notifications/reminders customized to each patient’s preferences, whether they be digital or physical channels.
  • Design statements for simplicity and comprehension, clearly communicating what patients owe, and providing supplemental data (links) explaining the services covered by various codes.
  • Provide a variety of flexible and convenient payment options, , with details and links on the statement.
  • Offer flexible payment plans and information about financial assistance and charity care, based on patient requirements.

How a Customer Communication Management Partner Can Assist

To accelerate time-to-pay and boost their revenue collection, many healthcare providers are opting to work with firms that specialize in patient communications.

Working with a strategic partner means organizations do not have to reinvent the wheel. Instead, they can draw on outside expertise and proven best practices to ensure that business revenue is collected from patients in a timely, efficient, and frictionless manner.

If you are considering such an approach, look for a vendor partner with both healthcare expertise with multi-channel communication capability.

By leveraging such a solution, you can optimize all aspects of the billing process, from statement delivery to personalized payment reminders with access to a variety of ways to pay, including a secure portal for frictionless payment.

Managing patient communications through a branded and patient-focused experience builds trust, comfort, and engagement while reducing your collections burden. That’s a win-win for both you and your patients! TALK TO A HEALTHCARE BILLING EXPERT

3. Expansion of digital products

As banking customer behavior shifts, banks must move with the times, or risk getting left behind. Many banks today are exploring the power and potential of open banking, which can allow them to offer more innovative products and services to their customers, as well as to better compete with fintech companies and other non-traditional financial service providers.

As you shift your banking business model to reach new segments or provide an enhanced array of services, communication becomes even more pivotal to your success. After all, if your customers don’t know which new services they qualify for, or how those services will help them meet their goals, then they are unlikely to explore them further. CCM technology can be leveraged here to provide personalized on-statement messaging that directs customers to the right products and services, as well as 1:1 personalized “explainer” videos to help them get started.

Adjusting your bank’s priorities to thrive in 2023

In an era of constant change, the key to successfully transforming your bank’s business model will be to stay attuned to the changing needs and preferences of customers, and to be open to exploring new opportunities and technologies that can help your FI stay competitive and relevant. But these new opportunities are doomed to fail if you do not clearly communicate their benefits and make it simple for customers to access them.

That is why transforming your customer communication strategy is the best first step to broader digital transformation. By updating your approach to communications to meet omnichannel customer needs, you also position your bank to communicate the benefits of changes in your broader organization, like new or enhanced products and services. The pace of change in banking has never been brisker – but with the right strategic approach to these changes, the future is bright.

Investing in a modern customer communication management and engagement platform is an essential part modernizing your banking strategy, as it can provide the personalized digital experiences that will keep your bank or credit union ahead of the competition. It helps provide a great customer experience, and builds rich relationships, which in turn results in customers for life and a competitive advantage in the rapidly evolving financial marketplace.

How Doxim can address the banking customer communications trends identified and help future-proof your digital banking strategy

banking customer communications trends

Doxim’s experienced consultants and omnichannel platform can help transform your customer experience in many ways, including:

  • Gathering and utilizing customer data to continually improve the personalization of communications.
  • Building trust with customers via communication (via print, PDF, HTML, email, text, and online interactive experiences).
  • Leveraging interactive video to drive personalized digital customer experiences, such as interactive statements, bills, or reports, that offer visual engagement and real-time interactivity
  • Putting customer data, including customer statements, at the fingertips of your service representatives for immediate and personal service.
  • Making a meaningful connection with value-added content, like information about philanthropic activities, on customer statements.

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