Patients who understand their medical bills and are offered flexible payment options are far more likely to pay them. Yet, that seldom occurs in the healthcare sector, where escalating medical costs plague many Americans.

Government data estimates that 9% of adults (23 million people) have outstanding medical expenses. Approximately 11 million owe more than $2,000, and three million $10,000 or more. Nearly one-third of single-person households with private insurance could not pay a $2,000 bill, and 51% could not pay a $6,000 bill.

At its core, the issue is perpetuated by an overall lack of awareness around medical procedure costs and payments due: two-thirds of Americans report being worried about their medical bills. This underscores the strong need to make dramatic shifts in payment philosophies, and to educate patients about the financial ramifications of medical procedures, ideally before those procedures even occur. 

Benefits of Seamless Patient Communication 

With the rise of healthcare consumerism, the payments process must shift to reflect patient expectations for a seamless experience. ASC facilities must be equipped to provide guidance for the entire patient financial experience, from surgical planning to postoperative recovery costs. When consumers buy a new phone or book a vacation, they can shop around and understand the immediate cost well in advance, as well as entertain various payment options. Healthcare is perhaps the only industry where a consumer often has no idea how much a certain service will cost, and what their financial obligation will be. 

Overwhelmingly, patient-consumers desire a greater level of transparency into forecasted healthcare costs and the payment process. Research reveals that most patients welcome financial counselors or patient financial advocates early in the process. In addition, PYMNT’s 2020 Healthcare Payment Experience Report revealed that while only 44% of patients were offered payment plans, nearly 75% would like access to these features.

We developed our Payments solution to quickly and seamlessly help ASCs deliver on these patient expectations and needs. Adopting technology to support the financial process can help achieve many strategic goals: 

  •     Recover more revenue
  •     Increase cash flow
  •     Lessen the volume of complaints and disputes
  •     Save resources and staff for other areas of patient care
  •     Enhance the patient financial experience

Proactive Strategies to Enhance Provider Payments 

An effective communication strategy, beginning with patient education before a procedure, improves all aspects of the patient journey and increases revenue for providers. Not only do payments increase, but patient satisfaction scores generally trend higher. 

Payments, as a part of our ONEflow solution, integrates with Medical Passport and Engage to help patients understand their financial responsibility, set up flexible payment plans or financing options, and make convenient payments, both before and after the date of service.

By embracing a proactive process that better helps patients understand what they owe – and why they owe it – patients can pursue their care more confidently, feel more financially prepared, and are more likely to pay their bills. This improves financial health for ASCs by reducing bad debt and increasing cash flow.

To learn more about how One Mnet Health can help your ASC create a seamless patient experience, schedule a demo today! 

About One Mnet Health

One Mnet Health unites the clinical and financial patient experience. Our solutions help healthcare providers reach their full potential by improving patient engagement and increasing patient payments. We’re not just a partner; we act as an extension of your facility, giving your staff increased efficiency without any headache. For more information, visit onemnethealth.com.