It is almost 2020, which means a new cycle of patient delinquency for most health care...
February 1, 2023
The behavioral health industry is complex and highly competitive for providers regardless of specific focus. Whether your firm is dedicated to mental health, substance use, or an adjacent area of treatment, patient retention rates and patient satisfaction are vital to the continued health of your business.
FinPay helps address both these problems by offering automated financial solutions. FinPay enhances the patient's financial experience by providing education, transparency, and payment options that make patient financial responsibility digestible and affordable to the patient.
If you would like to learn more about how FinPay helps with patient satisfaction and retention, you can contact FinPay at info@finpay.com.
Patient Retention Rates: What Is Patient Retention in Behavioral Health?
Patient retention in behavioral health is a measure of patient engagement and loyalty. It is the ability of a provider to keep their patients engaged with their services over time rather than having them seek treatment elsewhere or discontinue services altogether due to dissatisfaction.
Patient retention rates are affected by many factors, including the following:
- Quality of care
- Communication between provider and patient
- Access to affordable payment plans
Patient Satisfaction: What Is Patient Satisfaction in Behavioral Health?
In the behavioral health industry, patient satisfaction is a measure of how happy and fulfilled patients are with their care. It can be determined by surveys that ask about topics such as responsiveness to inquiries, quality of services, and level of care provided. Patient satisfaction is affected by many factors, including the ability of a provider to provide quality care and address patient concerns in a timely manner.
Some benefits of increased patient satisfaction include the following:
- Better patient compliance
- Increased referrals from satisfied patients
- Improved reputation in the industry
Financial Concerns: How Do Financial Concerns Impact Patient Satisfaction and Retention?
Financial concerns are one of the primary barriers to patient retention in behavioral health. The cost of treatment can be a significant obstacle for patients, and the lack of transparent payment options can lead to discouragement and frustration. If providers do not offer clear and affordable payment plans, it can cause financial hardship for their patients and reduce satisfaction.
According to a 2019 survey of American consumers, financial concerns are the leading factor in patients’ decisions not to seek medical treatment for their conditions. Financial difficulties can also lead to patients discontinuing their treatment plans prematurely, resulting in poorer health outcomes and decreased patient retention rates and patient satisfaction.
How Can FinPay Increase Patient Satisfaction and Patient Retention?
FinPay provides an automated software platform for providers in the behavioral health industry to manage their financial processes. The platform simplifies the payment process by providing secure, transparent billing and payment options that are easy for patients to understand.
FinPay's emphasis on pre-care engagement, financial education, and transparency helps reduce financial barriers and improve satisfaction. Additionally, FinPay's automated software makes it easier for providers to respond quickly to inquiries and provide timely customer service, which also increases patient satisfaction.
By using FinPay's automated software platform, providers in the behavioral health industry can increase patient satisfaction and retention rates. The platform helps reduce the financial burden on patients by eliminating financial uncertainty or confusion while providing quick customer service that leads to a better patient experience.
Contact FinPay Today for Better Patient Satisfaction and Patient Retention Rates
FinPay is dedicated to helping providers succeed in the highly competitive behavioral health industry by offering automated financial solutions that help increase patient satisfaction and retention rates.
With their secure, transparent payment solutions, FinPay helps make the financial side of treatment more manageable for providers and patients alike. If you're interested in learning more about how FinPay can help increase patient satisfaction and retention, contact them today at info@finpay.com.
