Vanessa Carter, St. Joseph's/Candler discusses how they provide patients with estimates before their visit and enable patients to make payments 24/7 from their mobile devices.
Looming regulation and consumer demands about the cost of care are driving a demand for meaningful price transparency.
Effective price transparency involves offering patients clear, accessible, and easy-to-understand estimates of their financial responsibility for services before they are performed. By empowering your patients with financial expectations, their feeling of control increases, improving their engagement and the likelihood that you will collect payments faster and more efficiently.
Are you ready to offer transparency?
Provide payment expectations before service or procedure and offer financial assistance options, including payment plans and charity options.
Easy-to-understand cost breakdowns delivered via a secure, mobile experience. Even offer the ability to make a mobile payment.
Empower patients to make payments before their medical service. Whether on their mobile device or at the point-of-service for more efficient collections, convenience is key.
No need to manually upload price lists or make calls regarding estimates. Efficiency reduces your total cost to collect.
How they increased patient collections and provide patient estimates that are 80-90% accurate.
Patient Financial Advisor delivers a mobile experience that provides patients with an estimated cost breakdown based on the provider’s payer contracted rates, real-time patient benefit information and provider pricing. It also provides methods to make a secure payment.
Web-based pricing tool that creates accurate estimates of authorized services for patients before, or at, the point-of-service.
Text-to-mobile experience, delivering estimated patient responsibility and payment options for patient services.
Dan Wiens talks about how Experian's patient-facing estimate tool is accessible via a provider's website, improving patient satisfaction and fulfilling state regulations.
Liz Serie, Director of Product Management for Patient Experience Solutions, discusses the value of providing patients with an accurate cost breakdown before their visit.
All in, transparent pricing is an increasingly useful strategy to improve revenue alongside patient satisfaction. So, how should providers be using transparent pricing to improve the patient experience?
Two-thirds of Americans are “very worried” or “somewhat worried” about being able to cover unexpected medical bills. No wonder, when around 56% say they wouldn’t be able to afford an unexpected bill over $1,000.
While there is continued debate on the transparency topic, the good news is today’s data-driven technology can create a patient financial experience that is friendly, understandable and accessible.
Saratoga Hospital uses Experian Health’s Patient Estimates, a web-based pricing transparency tool for hospitals, medical facilities, and physicians that tells patients the cost of services at a particular healthcare organization.