Improve Patient Experience and Accelerate Your Time-To-Pay

by | Jun 2, 2021

A High-quality Digital Patient Experience Can Improve And Accelerate The Revenue Cycle, Time-to-pay And Collections

The healthcare industry took a big hit in 2020 and continues to battle the long-tail effects of the pandemic into 2021. A new analysis released by the American Hospital Association in February 2021, found that hospitals and health systems could lose between $53 billion and $122 billion in revenue this year should there be an uptick in COVID-19 cases, or if the industry players continue to experience a slow recovery.

Compounding the poor state of the healthcare sector, is the fact that patients have also had a rough year, and are still recovering both health-wise and financially from the effects of the pandemic.

Now is the time to improve patient experience

Hospitals, revenue cycle management companies and clearinghouses are all dealing with the financial fallout from 2020. It would be understandable if something like patient experience was put on the backburner until better times. However, the future of the entire supply chain relies on one thing – patients. And while consumers do not choose to become ill, they can choose their healthcare provider, based on whether or not they provide a great experience.

Today’s patients expect the same high standard of communication from healthcare providers as they get from any other sector. They are also increasingly open to digital alternatives.

In fact, more than 70% of patients today prefer digital communication and over half expect it (Accenture 2019)

A survey performed by Guidehouse Center for Health Insights found that healthcare providers must “develop winning consumer experience strategies to overcome a slow recovery in patient volumes and an uptick in self-pay.” The same study found that digital technologies are a critical part of this strategy to achieve “long-term performance improvement opportunities.”

One thing patients definitely want is information from their healthcare providers that is clear and easy to understand. That means healthcare providers need to design a better patient communication experience, including easily accessible information, intuitive processes and simple ways to self-serve via the channel of their choice.

Improving patient experience can improve key business metrics, like time-to-pay

With the shift to self-pay, patient payments are a large and growing portion of hospital revenue. As procedure volumes decrease, expenses rise, and margins are squeezed, healthcare providers must look at ways to improve their own business metrics. For example, accelerating patient collections can go a long way to providing some financial relief.

A high-quality digital patient experience can improve and accelerate the revenue cycle, time-to-pay and collections. Studies have suggested that patients have a preference for digital communication and engagement with their healthcare systems, not only for communications, but for paying medical bills via mobile payment systems and usage of online patient portals.

When you improve patient experience, you achieve higher engagement, which in turn can result in accelerated payments and collections. This is an enormous opportunity for healthcare providers to adopt sophisticated, flexible digital communications systems designed to personalize and streamline patient engagement.

Doxim’s Customer Communications Management Platform enables the composition and delivery of consistent communications from any data source to any output channel for seamless patient experience in the patients preferred channel including print and mail and digital communications such as pdf, html, text, and email. GET IN TOUCH WITH A DOXIM CCM 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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