Improve Patient Statements to Achieve Faster Payment of Healthcare Bills

by | Feb 15, 2021

Informative and clear patient statements enable faster payment

With so many job losses and business closures in 2020, many households found it difficult to pay their bills. But is it possible that in the healthcare sector, financial problems are not the only reason why patients don’t pay their bills? And how could your healthcare organization speed up the payment process? Enhance the patient experience – improve patient statements!

An article published on Health Leaders argues that the bill itself can stand in the way of getting payment on time. This is attributed to the patient not understanding the bill or not knowing how to raise queries.

According to the referenced study, common reasons for patient non-payment include:

  • Assumed their insurance would pay
  • Unclear how much is owed
  • Not sure when payment is due
  • Felt the bill is incorrect

In all of the above, a payment delay could have been avoided by providing the right information to the patient.

Healthcare statement

Healthcare statement design & clear presentation of data can reduce payment delays 

Reduce payment delays  by improving the presentation of  billing information, as well as by including clear instructions on the steps required to settle the account.  

Patient bills and statements should include the following information in a prominent position:  

  • Who is responsible for paying the account?  Indicate clearly which amounts are due to be paid by the patient and which amounts are covered by the insurance provider
  • What is the amount due ? Clearly state the exact amount due
  • When is the payment due date? Indicate the final date on which the account must be settled
  • How to submit a query – provide contact details and advice on how to raise a query relating to the bill
  • How to arrange a payment plan – in these economically challenging times, it would also help to include a section guiding patients that are having financial difficulties on how to request a payment plan.

Reduce the stress associated with paying bills through communication 

With all the added stress and anxiety brought on by COVID-19, the one problem patients don’t need is a statement that’s difficult to interpret. A well-designed patient statement that provides information in a clear manner, will avoid payment delays due to lack of understanding, and result in a better patient experience.   

However, concerns about the complexity of managing data and statement composition are valid, especially considering the regulatory requirements within the healthcare industry.  This is where outsourcing to a vendor with data, security and healthcare experience is a great option. Let the outsource partner worry about data management, compliance audits and security certification. 

Doxim’s patient statement solution helps healthcare providers improve time to payment while delivering a great patient experience. SPEAK TO A CCM HEALTHCARE EXPERT TODAY

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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