Over the last decade, the financial relationship between patients and healthcare providers has undergone a shift. The rise of high-deductible health insurance plans and increased out-of-pocket expenses has morphed patients into consumers– researching providers and shopping for services before deciding where to get treatment. In order to maintain patient retention and consumer loyalty, healthcare organizations need to be proactive in engaging patients and offer solutions to those that struggle to afford care. By improving the patient payment experience, providers can boost patient loyalty and ultimately increase revenue through repeat visits and patient referrals. Below are five ways healthcare providers can improve the overall patient experience, thereby improving patient loyalty.
As the number of uninsured Americans declines, the number enrolled in high deductible healthcare plans (HDHPs) has significantly climbed, ultimately increasing the financial responsibility of patients. This shift in responsibility from insurance companies to patients has caused healthcare organizations to see an increase in bad debt.
Patients are more involved with the financial side of healthcare than ever before. With the rise of high deductible healthcare plans and increased out-of-pocket costs, patients are looking for support from their providers. 95% of patients reported that knowing out-of-pocket expenses upfront is important, yet only 59% reported discussing out-of-pocket expenses with their provider before treatment. Patients seek out providers that not only offer premium care, but also a transparent and simplified financial experience.