Trend | Patient Access

Taking patient experience beyond clinical care

Trend | Patient Access

Taking patient experience beyond clinical care

Research shows that hospitals delivering a better patient experience are more profitable. As a result, it is critical for providers to continually improve all elements of the patient journey (Betts, D. “Better patient-reported experiences = more hospital profitability,” MedCityNews, May 31, 2017).

Patient experience was once shaped primarily by clinical interactions. Now, as patients pay more out-of-pocket healthcare costs, financial services also influence patient experience, perceptions and actions. Patients who have an engaging financial experience, including services such as cost estimation, appointment reminders, financial counseling and payment options, are more likely to pay their bills in full and rate the overall episode of care in a positive light

For example, Montefiore St. Luke’s Cornwall Hospital in New York had a large share of self-pay patients. By improving patient experience and payment processes, the hospital went from collecting about $400,000 in timely payments annually to increasing payments by nearly $2 million in 2019, a five-fold increase (LaPointe, J., “Pre-Access Center Collects More Patient Financial Responsibility,” RevenueCycleIntelligence, May 20, 2019).

The hospital adopted centralized scheduling, cost estimates, prior authorizations, insurance verification and payment planning before care. Scheduling, preregistration and authorization times dropped significantly, patients got to their clinical destinations faster, and payments increased. 

 

About the Author

David Shelton

is CEO, PatientMatters (info@patientmatters.com).

Sign up for a free guest account and get access to five free articles every month.

Advertisements

Related Articles | Patient Access

White Paper | Artificial Intelligence

Revamping prior authorization: How AI and automation could boost care and revenue

Prior authorization is the most time-consuming transaction for medical providers, taking up to an hour to complete manually. Find out how providers and health plans can save up to $417 million annually be automating prior authorizations.

Business Profile | Revenue Cycle Technology

Strategic partnership: The key to improved patient experience and revenue cycle outcomes

One company shares advice and trends in addition to how its service offerings can hep healthcare organizations facing challenges, the biggest being people, process and technology.

Article | Patient Access

Health Services Financing helps providers offer all patients a touchless financing program

One company uses its patient financing program to address patient access to care and the rising cost of healthcare, two of healthcare’s biggest challenges.

How To | Cost Effectiveness of Health

Cost Effectiveness of Health Report, September 2021

HFMA’s Cost Effectiveness of Health Report, sponsored by Kaufman Hall, is a monthly e-newsletter that will explore ways to ensure healthcare delivery in the United States is not only financially sustainable but also cost effective for all of its stakeholders — including health systems, physicians, health plans and patients. In this inaugural issue of the report, healthcare futurist Jeff Goldsmith shares his perspectives on the need for a focus on improving cost effectiveness of health as a societal imperative.