Since December of 2019, when the Chinese government reported the first cases of a novel coronavirus in the Hubei Province of China, COVID-19 has escalated into a global pandemic. While most people who contract this virus do not experience severe symptoms, and more than half of the infected population has already recovered, the virus still represents a serious public health concern. Moreover, as the world determines how best to prevent, contain, and manage the pandemic, there are separate political and socioeconomic consequences that must be considered.
Given our active interest in the intersections of health and socioeconomics, we’d like to examine the financial impact of the coronavirus on patients in the United States. We’ll walk through the latest updates, including those from President Trump’s March 12th address to the nation, and discuss the hurdles that US citizens may encounter as they work to prevent, test for, and treat COVID-19.
Ultimately, we argue that this unfortunate pandemic illuminates the importance of transparent pre-care patient engagement. When patients are aware of their treatment options they can avoid surprise medical billing for lifesaving care.
Take it from the politicians: healthcare is an economic issue. In fact, it’s one of the most important ones.
It is hardly a secret that the most successful businesses have strong, enduring customer relationships built on trust. This trust can be strengthened with each patient engagement opportunity. This is especially true in health care where patient trust and organizational reputation are the foundations for success.
FinPay conducted a 6 month patient satisfaction study to measure how satisfied patients were with their FinPay pre-care financial experience.
We we're amazed by the results:
- With thousands of patients in the study we had a response rate of 11.3%, which is almost 10 times the industry norm. One of our customers experienced a 20.8% response rate.
- Respondents gave a 99% satisfaction score on their financial experience with FinPay.
If you would like to learn how your organization can build patient loyalty, satisfaction, and higher recovery of patient financial responsibility, contact us today.
Summary of the study results:
The healthcare system in the United States is once again poised for upheaval. It has only been 11 years since Congress passed the Patient Protection and Affordable Care Act (PPACA), popularly labeled Obamacare, but new political and societal groups are eager to make healthcare a government-sponsored entitlement for everyone. A multitude of proposals that largely focus on expanding Medicare has shaken the fragile U.S. healthcare sector, and if Congress does pass one, it could tip the system into chaos.
It is a tragedy when an important healthcare facility serving a needy community has to shut its doors and place the lives of those it serves at risk. Unfortunately, continuing financial losses are forcing the closure of Hahnemann University Hospital, one of the nation’s most historic medical facilities. Hahnemann Hospital, which primarily serves some of the poorest residents of Philadelphia, might have avoided this unhappy outcome if it had implemented a patient financial management program that optimized pre-care patient intervention to strengthen revenue.
As the influence and presence of millennials grows throughout society in the United States, so does the importance of the healthcare industry taking notice of their unique preferences.
The majority of millennials believe that the healthcare system is inherently flawed, and their consistent and agreed upon dissatisfaction with the healthcare industry has been a key concern for industry players looking to protect and ensure their long-term sustainability, as well as the future health of Americans.
By Christopher Wolfington
By Christopher Wolfington