Do you dread the thought of receiving a medical bill in the mail after a visit to the doctor? You're not alone. Many Americans report feeling overwhelmed and anxious when facing unexpected medical expenses. For most people, a visit to the doctor is a necessary expense, but the financial burden shouldn't add to the stress of seeking medical care.
As a healthcare provider, improving the patient financial experience can help you retain current patients and bring in new business from qualified referrals. When your patients make quality connections with their providers and understand what they're paying for, they become more invested in their healthcare. While your practice is unique, there are some common ways providers can improve the patient financial experience.
Having 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.
Determining what you're going to have to pay for treatment can be confusing and unclear. You might have trouble understanding what your insurance plan covers or what types of plans your doctor accepts. You're not alone. There are several common misconceptions about patient financial responsibility that you might also believe.
FinPay is a digital payment platform designed to assist healthcare providers with their medical billing and payment processes. It simplifies the entire process, from creating invoices to receiving payments. The benefits of FinPay for providers can improve the patient experience, streamline efficiency, and increase revenue.
Is it any wonder that financial concerns, especially surprise medical costs, are one of the biggest reasons people forego necessary medical services or discontinue ongoing treatment? The fear of medical debt is an obstacle to the patient-provider relationship as it erodes trust. A patient that has unexpected costs is less likely to address their financial patient responsibility since they feel ambushed, and a provider that discontinues services to a patient for unpaid bills is not helping that patient heal.
Consider the following:
- In 2017, the U.S. spent an estimated $3.5 trillion on healthcare, equal to 17% of the GDP
- The average annual cost of health insurance premiums in 2020 was over $20,000 for a family plan
- Out-of-pocket costs for hospitalizations increased by 72% from 2005-2015
- More than 1 in 10 adults are unable to pay medical bills at some point during the year
- Over 60 million Americans had past-due medical debt reported on their credit reports as of 2019
The behavioral healthcare industry is no different. FinPay offers patients automated payment solutions. This helps alleviate financial uncertainty and allows providers to collect revenue more efficiently while restoring the trust between patient and provider. Contact FinPay today at email@example.com to learn more.
For many Americans, navigating the healthcare system can be daunting. The actual costs, perceived costs, or unexpected costs of the U.S. healthcare system create uncertainty when it comes to patient financial management (PFM).
FinPay offers automated payment solutions for patients and revenue management tools for providers. When you learn about FinPay, the benefits to patients and providers become clear—the frustrating and opaque American healthcare system becomes less threatening. Contact FinPay at firstname.lastname@example.org to learn more.
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.
Have you ever delayed medical treatment due to financial or other reasons? If so, you’re not alone. According to a survey by the Kaiser Family Foundation, nearly one in three Americans have avoided medical treatment due to cost. It’s important to understand that delaying needed medical care impacts not only the patient but also creates problems for their families and for employers.
For many people in America, the U.S. healthcare system is frustrating, overly complex, opaque, and expensive. The intersection of patients, healthcare providers, insurance providers, drug companies, and governmental regulations is not well managed or streamlined and most often manifests in medical debt for patients and inefficient revenue collection for healthcare providers.