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Financial Strategies for Healthcare Providers

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Managing the cost of healthcare continues to be a top concern for consumers and healthcare providers alike. Here are three strategies providers should use to improve self-pay receivables and increase patient satisfaction

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Financial Strategies for Healthcare Providers

  1. 1. 3 Strategies For Healthcare Providers HOW TO IMPROVE FINANCIAL PERFORMANCE WHILE INCREASING PATIENT SATISFACTION
  2. 2. In a time of unprecedented change, managing the cost of healthcare continues to be a top concern for consumers and providers alike. 2
  3. 3. 3 Premiums and deductibles for both employer-sponsored and ACA health plans have continued to rise. 3
  4. 4. Last year, the cost of healthcare for a typical family of four, covered by an average employer- sponsored health plan, was more than $25,000… 4
  5. 5. …and deductibles for the most popular ACA plans have soared 5Source: Health Pocket, HFMA “Leveraging Technology in the Patient Payment Experience” Increase in Deductibles (Individual Coverage) Bronze Silver Gold $11,601 $6,480 $2,535 Average 2016 Deductibles (Family Coverage)
  6. 6. 6 55% of all Americans are worried they will be overwhelmed by medical debt 25% of people surveyed say they now owe more in medical debt than they currently have saved in an emergency fund Medical debt is the #1 cause of personal bankruptcy Source: Bankrate.com, Harvard University As a result, out-of-pocket costs for consumers have sky rocketed, making medical debt a serious and growing problem
  7. 7. 7 It’s no surprise that lowering out-of-pocket costs is the top priority for a majority of Americans
  8. 8. 8 Net Revenue Bad Debt For healthcare providers, when patients can’t pay or payment is delayed, financial health suffers Days in AR
  9. 9. 9 Self-pay receivables have taken on a growing level of importance for providers… Source: MGMA, instamed, HFMA
  10. 10. …because collecting payment from consumers presents a different set of challenges, especially when compared to traditional payers 10 Source: McKinsey: Hospital Revenue Cycle Operations
  11. 11. The traditional patient billing process itself drives patient satisfaction down even further Source: McKinsey, 2015 Hospital Consumer Awareness of Healthcare Providers and Systems Survey (HCAHPS) Patient satisfaction falls by more than 30% between discharge and the final billing process 81% of patients say they are frustrated or angry at least to some extent about their medical bill 11CONFIDENTIAL
  12. 12. 12 Although the challenges are daunting, solutions exist. 12
  13. 13. Here are three strategies providers should use to improve self-pay receivables and increase patient satisfaction 13
  14. 14. 14 Strategy #1 Increase Point of Care Collections Improving point of care collection starts with having a clear and open dialogue with patients about their payment responsibility, as early as possible in the relationship. To do this, provider personnel must understand what to say and when to say it, whether that is prior to, during or after service. You can start by documenting a point of care collection policy and communicating it not only to staff but also to patients. This helps set expectations and reduce surprise situations that can create patient dis-satisfaction. Next, create standardized “talk tracks” or scripts designed to help your team more comfortably and professionally ask for payment up front. Once these things are in place, consistent delivery is the key. Make sure that ongoing training for staff members is a priority. The Healthcare Financial Management Association (HFMA) recommends setting a goal of 1-3% of net patient revenue to be captured at the point of care.
  15. 15. 15 Strategy #2 Offer Patient Financing Options Alternative financing options, like an interest-free payment plan, can help improve a providers financial health and increase patient satisfaction. Partnering with a specialty finance company who offers a full-service payment plan solution can be very beneficial. First, a payment plan provider will manage the entire process on your behalf including patient enrollment, arranging financing and managing all ongoing customer service. This can significantly reduce your administrative costs. Also, the payment plan provider will typically settle the patients outstanding balance with the provider upfront then collect the amount due directly from the patient over time. For providers, this can significantly reduce days in AR, improve cash flow and ultimately reduce bad debt. For patients, the financial burden of an outstanding balance is eased, creating peace of mind and a higher level of overall satisfaction.
  16. 16. Transform Your Billing Process into a Patient Engagement Opportunity Strategy #3 Patients often have more contact with a provider regarding billing and payment than they do regarding their care. For this reason, leading providers have transformed the traditional billing process into a patient engagement opportunity. To do this, providers need to move beyond just mailing a monthly statement and providing a customer service number to call for assistance. Instead, introduce multiple options for how a patient can engage during the billing process and let them choose the methods that work best for them. This might include offering paperless billing, account notifications and ongoing communications via email or SMS/text messaging, automated payment by phone options and of course, online patient account access and management. When patients are presented with options and given a choice, it creates a more personalized experience. This can help increase satisfaction and actually improve the overall rate of self- pay collection. 16
  17. 17. The healthcare industry has a long way to go to reduce cost and improve patient satisfaction, but providers can make big strides in the right direction by using these three strategies. 17 17
  18. 18. Contact us to learn more about Budco Financial and our payment plan solutions Jeff Sierra – President, Healthcare Solutions jsierra@budcofinancial.com 313-209-3326 (O) Dan Rowell – Vice President, Healthcare Solutions drowell@budcofinancial.com 313-209-6227 (O) Budco Financial 333 West Fort Suite 1750 Detroit, MI 48226 www.budcofinancial.com 18 Budco Financial is recognized as one of the industry’s leading providers of end-to-end payment plan solutions. Our Medical Payment Plan allows healthcare providers such as hospitals, clinics and healthcare systems to offer their patients an affordable option to pay out-of-pocket medical expenses. Our approach helps providers improve financial performance and increase patient satisfaction.

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