As more patients enroll in high-deductible health plans, they are responsible for higher portions of their costs. While some patients struggle to pay their healthcare bills, it’s also true that plenty of bad debt results from billing process disconnects and confusion about amounts owed, according to the Waystar second annual Patient Payment Check-Up Survey sponsored by HIMSS Analytics.
In response, providers are offering convenient digital capabilities, such as online bill pay, automated payment plans, and cost estimates. These options reduce collection costs, days in accounts receivable, and bad debt, while enhancing patient experience.
In addition, improved financial communications bring clarity to billing processes and reduce billing disagreements. Providers should emphasize frequent and proactive communications and conversations about available payment options and expected payment timeframes, as well as making expected costs clearer at the time of service by using cost estimates.
A Comparison of Patient and Provider Facts About Financial Communications and Digital Payment
Matt Hawkins is CEO of Waystar.