Live Webinar | Financial Counseling
<div>Sponsored By: Grant Thornton LLP<br><br>As the health care industry continues to consolidate, health system leaders are facing increasing pressure to aggressively acquire scale. With opportunities including acquisition or divestiture o...
Save
Course | Basic | Financial Counseling
HFMA's Patient Financial Communications Training Program is an online toolkit that provides revenue cycle staff with guidance for conducting sensitive financial conversations with patients. It shows patient access professionals how to commu...
Save
Trend | Financial Counseling

Long-term financing rises as top patient concern

Trend | Financial Counseling

Long-term financing rises as top patient concern

Three quarters of respondents to a patient payment experience survey said they would ask their provider about payment options, according to the ClearBalance 2019 Healthcare Consumerism Study.

In addition, 94% of respondents expect that their providers can share ways to repay medical bills, including long-term financing. An overwhelming majority (89%) of the more than 45,000 survey respondents say they need more than 12 months to repay their healthcare costs.

Other findings confirm the need for long-term financing. Only 29% of consumers have emergency savings to cover six months’ worth of medical expenses, according to Bankrate.com. Sixty-three percent of respondents in the Healthcare Consumerism study save less than $1,000 for medical care.

The silver lining, despite the perception that healthcare is expensive, is most consumers want to pay for their cost of care and they aren’t surprised about having financial conversations.

“Several years ago, we anticipated that revenue cycle management would evolve to a consumer-centric approach,” says April York, senior director of revenue administration for Novant Health. “We’ve been ahead of others in our market, collaborating with patients on payment options that are reasonable while significantly reducing bad debt. The strategy benefits patients, creates loyalty and supports our financial performance goals year-after-year.” 

Advertisements

Related Articles | Financial Counseling

Trend | Revenue Cycle

Revenue Cycle Strategist December 2019

The December 2019 issue of Revenue Cycle Strategist features articles on building a chargemaster, new coding changes for 2020, revenue integrity, evaluating and management charges and patient financing.

Executive Roundtable | Patient Financial Communications

The challenges and opportunities in pursuing a patient-centric financial experience

A roundtable of healthcare revenue cycle leaders examines the pressing need to keep patients at the center of revenue cycle activities to increase yield and patient satisfaction while lowering administrative costs.

Research & Reports | Billing and Collections

Analyzing pre-payment and point-of-service collections efforts

Important learnings from a June 2019 HFMA Annual Conference intercept survey about how hospitals and health systems are making strides in proactively collecting patient payments.

Trend | Billing and Collections

In the wake of recent news, providers should examine their patient collection practices to avoid pitfalls

Best practices can help healthcare providers avoid some of the pitfalls of trying to collect on patient debt.