Patient satisfaction is becoming a multibillion dollar variable in healthcare economics. Savvy health systems, in this era of increasing competition and consumerism, are realizing the need to think about patient loyalty the same way other consumer-facing businesses have for decades.
Changes to value-based care models are increasing this pressure. Patients’ perspectives on their clinical and financial experiences influence their likelihood of returning or recommending the hospital. The link between patient satisfaction and revenue will become even stronger as the U.S. Department of Health and Human Services moves towards its goal of linking 90 percent of Medicare payments to value by 2018, compared to 30 percent today.
Targeting a review of the entire patient financial experience within your revenue cycle can reveal opportunities for improving satisfaction. Many hospitals are realizing a natural place to focus attention is in pre-service financial clearance. Changes in this area can deliver impactful benefits that are seen and felt throughout the remaining stages of the revenue cycle.
Pre-service financial clearance, providing estimates and establishing patient-portion financial responsibility early in the revenue cycle can short-term improve revenue recovery and longer term build patient loyalty and significantly decrease self-pay account resolution and bad debt recovery.
Contact us to discuss a PFX Impact Analysis that can identify areas within your revenue cycle that can make the biggest impact to increase and accelerate cash collections and patient financial satisfaction.