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5 Common Obstacles to a Positive Patient Financial Experience

April 12, 2023

5 Common Obstacles to a Positive Patient Financial ExperienceHaving a good experience with a medical provider goes beyond bedside manner and office cleanliness. Knowing what to expect on the bill and the available options for paying what is owed are significant factors as well. Clearing the obstacles to a positive patient financial experience is critical for retaining business and receiving better reviews. Plus, patients are more likely to refer an office where they had a good experience.

FinPay offers solutions for patients and providers to overcome the obstacles to a positive patient financial experience. We help patients better understand what they're financially responsible for before treatment and provide payment plans that fit a range of budgets. Our solutions for providers include a streamlined patient payment communication system to make it easier for staff and patients to connect.

5 Obstacles to a Positive Patient Financial Experience

Have you recently had a poor experience in a doctor's office? Are you receiving negative reviews online? Make sure you're avoiding these five barriers to success and satisfaction:

1. Lack of Understanding About the Cost of Care and Payment Options

Patients may need help understanding their cost of care and payment options for a variety of reasons. Many medical procedures are complex and involve a great amount of detail. Patients may not be aware of the various elements that go into creating their bill, such as:

  • Fees – The cost for a doctor to provide care, any procedures, and ancillary services
  • Taxes – Local or state taxes may be applied to the fee
  • Insurance payments – Patients should understand how their insurance coverage affects the price of care

Additionally, patients often do not have knowledge regarding the payment plans available to them.

2. Poorly Structured Payment Plans and Unclear Terms

The structure of payment plans is important for ensuring patient satisfaction with their overall experience. When creating a payment plan, it’s important that providers offer flexible options and clear terms of agreement. This helps patients have an understanding of what they are responsible for and the timeline of payments.

3. Poor Communication and Lack of Follow-up

It’s critical that providers communicate clearly with patients by providing them with information about the cost of care, payment options, and payment plan terms upfront. Additionally, follow-up is essential in order to keep patients informed on the status of their balance, upcoming payments, and any changes to their payment plan.

4. Inconvenient Payment Options

It’s important that providers offer a variety of payment options to suit the needs of individual patients. These include cash, check, online payments, and credit card options. Additionally, offering automatic recurring payments can help make it easier for patients to make their payments on time.

5. Unsatisfactory Billing and Collection Practices

When providers do not have effective billing and collection practices, it can lead to poor patient financial experiences. This includes a lack of transparency regarding the cost of care and payment plan terms as well as failure to communicate with patients during the billing process. Additionally, collection practices must be fair and appropriate.

FinPay Removes Barriers to a Positive Patient Financial Experience

At FinPay, we understand the importance of providing a positive patient financial experience. Our solutions are designed to help providers and patients overcome these and other common obstacles to a positive patient financial experience.

Knowing what to expect from a medical bill is critical to patients looking for care and can be one of the key pieces of information provided by a medical care company. FinPay helps provide this information upfront and also provides payment plans that ensure a positive patient financial experience. Learn more about our solutions by emailing today.

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