The Future of Patient Financial Experience
Strategizing the patient financial experience is a top priority for hospitals and health care systems that want to stay relevant in today’s consumer-driven industry.
Since launching its enterprise platform in 2013, Simplee now works with nearly 900 hospitals and physician groups, and 5 million patients across the U.S. representing over $1 billion in annual payments. John Adractas, chief marketing and growth officer at Simplee, gives five thoughts on the patient financial experience.
1. Attention, trust and capability
According to Adractas, the patient financial experience revolves around three core values; attention, trust and capability. Providers need to send detailed statements with more natural wording so the patient can fully understand their financial obligation and can focus on what they need to do to pay.
2. Combining marketing and the revenue cycle
When patients begin to trust a hospital or health system due to a good financial experience, the organization tends to collect more of what they're owed at a lower cost.
3. Real-time financial feedback
Its important hospital leaders understand pain points in patient financial processes as these grievances influence patients' overall satisfaction levels and whether they recommend the facility to their peers. By implementing a simple survey option after patients pay their final bill, hospital executives can derive actionable insights into improving financial processes.