Increase Self-Pay Revenue Through Better Patient Engagement
Today’s effective patient billing processes combine advanced analytics and workflow automation to drive a well-planned strategy for Patient Engagement. Individually the concepts are not game changers, however, when perfectly integrated, the synchronization increases active self-pay revenue and boosts patient satisfaction with the billing process.
Studies have demonstrated that a patient’s payment experience colors their overall feelings about a hospital stay. As in retail, customer satisfaction is vital as patients begin to exercise greater choice, both in how much to pay and where to go next time. Generally, the last impression is a lasting one.
Many innovative providers are already rethinking the role of revenue cycle in overall patient engagement strategies, and have discovered that positive billing and payment experiences can impact patient satisfaction and loyalty as well as reduce costs and raise revenue.