Expanding into Patient Communication Services Is a Golden Opportunity

by | Nov 30, 2020

Are You Considering Expanding Into Patient Communication Services?

For healthcare suppliers such as RCM companies and clearinghouses, shrinking margins from traditional services has created the need to expand services elsewhere. One such opportunity is the addition of print and digital patient communication services. 

Not only could a new service offering in patient communications make up the earnings shortfall, it is also a great opportunity to be positioned as an innovator, providing valuable business services and tangible benefits, such as reduced revenue cycle times.

The healthcare industry as a whole is suffering from increased complexity and performance challenges driven by “shifts in payment responsibility and bad debt, changes in payment requirements and heightened administrative burdens (McKinsey, 2019).”

So, why aren’t all RCM companies and clearing houses expanding into patient communication services?

There are several legitimate reasons for caution when it comes to expanding into patient communications. What’s most likely to be holding providers back, is the complexity of managing data and document composition in line with strict regulatory and security requirements, as well as concern around their inability to achieve this at scale.

Let’s take patient statements as an example. The distribution of statements is a critical touchpoint. Without a statement, patients are often unsure of the exact amounts due, especially taking into account the complexity of co-payments, fund approvals, claim rejections, etc.

Although it’s a vital touchpoint in the bill-to-payment journey, the ability to produce patient statements at scale is both complex and risky, especially considering the consequences of non-compliance.

Outsourcing means speed to market and less risk

Outsourcing is a great option for RCM companies and clearinghouses that are keen to add more value to their existing client base, and want to offer a quick win to clients, through the addition of a communication service.

An outsource partnership means speed to market and less risk in that the partner takes care of integration issues, compliance audits and certification. Opting for a proven SaaS solution also results in a lower capital outlay.

The right outsource partner is one that keeps pace with leading technology, ensuring that digitization and automation are prioritized to reduce inefficiency and manage resources optimally.

Outsourcing to the experts means leveraging years of expertise in design & development, ensuring a great patient experience and compliance with regulations.

In addition, an outsource partner should offer services across the full range of communication channels, allowing patients to choose how they want to receive their statements.

While more than 70% of patients today say they prefer digital communication (Accenture 2019), the ideal partner will offer efficient print and digital services, and be able to share a roadmap towards achieving a fully omnichannel communication capability.

Partnering with Doxim enables you to deliver a modern patient experience, within a secure and compliant patient communication framework. TALK TO US

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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