Modern consumers know how to shop. Gone are the days when bedraggled bargain-hunters trudged from store to store, looking for the best deal. Now, a quick online search can yield top products sorted by quality, availability and price.
The same should be true for healthcare costs. All too often, patients come out of an exam or procedure to find their trials aren’t over. The next hurdle? The bill. Transparency in healthcare isn’t typical, despite the fact that 58 percent of consumers believe healthcare providers should take the time to explain costs. Read on to learn how pre-care price transparency can improve your patient experience and bottom line.
Increased Patient Satisfaction
In a 2014 study, Transunion Health found that “patients who experience a clear, transparent billing process are more likely to give higher ratings to their overall quality of care.” When customers know what they’re getting—and for how much—they leave feeling satisfied that the hospital is prioritizing both their health and wallet.
Higher Rate of Collection
It shouldn’t come as a surprise that a customer is willing to pay more (or in this case, pay) for a product or experience meets their expectations. And with recent changes in healthcare, including higher deductibles and copays, patient payment represents an increasing percentage of a hospital’s total revenue. By discussing cost of care with patients, providers can improve patient experience and increase the rate of payment collection.
Positive Word of Mouth
In a consumer-driven world, the online rating rules. According to Sharp Health, 42 percent of potential patients use online health-related reviews to make their care decisions. Customers are more than five times as likely to recommend a hospital if they have a positive billing experience. By discussing costs at the beginning of the care cycle, hospitals and clinics can set patients at ease, or at least prepare them for what’s coming.
So, what does this mean for healthcare providers? In this shifting landscape, potential patients want a clear indication of cost upfront. By approaching the topic with candor, care providers can avoid patient alienation while building trust and satisfaction.
Health Credit Services considers the full patient experience to ensure patients understand their payment obligations and options. Cost transparency is a priority, and we integrate that promise into every step of our program, from thoughtful provider training and simplified educational tools for applicants to our no credit impact prequalification application and ongoing loan holder servicing strategy. Learn more at HCSloans.com.