3 Ways Patients Can Improve Their Healthcare Financial Literacy

For most patients, navigating the financial landscape of healthcare is daunting. The same is true for behavioral health needs pertaining to mental health or substance use disorders. Whatever the medical problem and treatment needs, there will be a cost. For most people, healthcare financial literacy is hard to come by, and obtaining financial solutions for patients is challenging.

Patient education on healthcare financial literacy is essential because it allows patients to understand their health insurance policy, medical bills, and other financial responsibilities. FinPay offers patient pre-care engagement solutions that include education on healthcare financial literacy and automated payment solutions that integrate seamlessly into a provider's existing revenue management department. Increased patient financial literacy benefits patients and providers.

For more information on how to improve healthcare financial literacy for your patients, contact FinPay at info@finpay.com

3 Ways Patients Can Improve their Healthcare Financial Literacy 

There are many ways to become more financially literate in healthcare. Here are three key ways patients can improve their financial literacy and become more engaged in their overall health:

1. Understand Your Health Insurance Coverage

One of the most important things patients can do to improve their financial literacy is to understand their health insurance coverage. This includes learning about in-network and out-of-network providers, covered services, and deductibles. Knowing what your policy doesn’t cover is essential so you can plan and budget accordingly.

2. Review Your Medical Bills

Another way to become more financially literate is to review your medical bills. This includes taking the time to understand what each charge is for and whether or not your insurance covered it. If you have any questions about a charge, don’t hesitate to contact the billing office for clarification.

3. Look into Automated Payment Solutions

One way to make the healthcare financial literacy process more manageable is to look into automated payment solutions. These services can help patients budget and plan for their medical expenses ahead of time. They can also automate the payment process, so patients don’t have to worry about missing a payment or incurring late fees.

Why Is Healthcare Financial Literacy so Important?

Improving financial literacy in healthcare is essential for patients. It gives them the ability to understand their health insurance coverage, medical bills, and other financial responsibilities. Automated payment solutions can also make the process easier and help patients budget and plan for their medical expenses ahead of time.

The fear of unexpected or insurmountable healthcare costs is one of the biggest obstacles to patients seeking treatment. FinPay has an automated, customer-focused approach that offers transparency and engages with the patient before any services have been delivered. This creates an informed patient, builds trust between patient and provider, and ensures affordable behavioral health treatment is within reach. Contact info@finpay.com to learn how FinPay can offer financial guidance to patients.

FinPay Offers Patient Education on Healthcare Financial Literacy

The average patient's financial experience in healthcare is a nightmare, mainly because there is no financial literacy provided, no transparency, and no empathy.

FinPay offers transparency and education through pre-care engagement, so the patient understands the costs and financial responsibility up front. Our automated system is patient-focused and integrates with a provider's existing revenue management department. This open, honest communication about the realities of patient financial responsibility provides solutions that create trust between patient and provider and ensures they can return for future treatment, if necessary.

FinPay Can Provide Patient Education on Healthcare Financial Literacy

Healthcare financial literacy offers patients transparency and helps alleviate any fears that would deter them from seeking necessary treatment. With increased education and knowledge, patients and providers can work together to build a treatment plan and approach that does not result in any unexpected financial costs.

FinPay offers automated solutions that help patients budget and plan for their medical expenses ahead of time. Our automated system is patient-focused and integrates with a provider's existing revenue management department. This open, honest communication about the realities of patient financial responsibility provides solutions that create trust between patient and provider and ensures they can return for future treatment, if necessary.

Contact FinPay now at info@finpay.com to learn how we can help you provide your patients with the financial guidance they need to make informed decisions about affording addiction treatment.