End-to-End Patient Experience Becomes Top Priority in Today’s Evolving Revenue Cycle
End-to-end patient experience becomes top priority in today’s evolving revenue cycle
Sometimes, it doesn’t matter how good the average experience of a patient has been during their time at any given healthcare system. What often determines their general memories of their experience is the financial resolution that follows after. High costs and/or a difficult payment process can tarnish a patient’s perception. And greatly affect their opinion on the healthcare system as a whole.
One of our own team members experienced a similar patient experience. She chose not to return to one of her specialist doctors. Their outpatient coder mishandled her bill, resulting in her insurance not covering the charge and her bill sitting in revision.
In today’s world, you can leave a review of your experience virtually anywhere where there is exchange of payment. Health systems need to prioritize reinforcing the structure of their back-end and front-end financial processes. Make them look, feel, and behave more like online retail or personal banking environments.
YES HIM Consulting’s team of skilled, qualified coding and auditing experts have 20+ years’ experience in the HIM field. We would be happy to discuss our consulting services, and how we can help your organization improve the end-to-end patient experience. Contact us now!
Changing Behaviors
“Patient payment behavior is changing the revenue cycle. Rising insurance deductibles and higher out-of-pocket medical expenses mean up to 30% of a health system’s revenue is now derived from the patient-as-payer population” (Visitpay.com, 2019). The revenue cycle of today has drastically changed from that of the past few decades. It continuously evolves as technology advances, enabling patients to have a greater role in the process. The revenue cycle has turned into a hybrid of the old structures and guidelines and new methodology. The way in which patients pay their bills has continued to change as well. “Rising insurance deductibles and higher out-of-pocket medical expenses mean up to 30% of a health system’s revenue is now derived from the patient-as-payer population.” (Visitpay.com, 2019).
Segmentation
To bridge the gap between patient and provider, improving the end-to-end patient experience, is segmentation. Market segmentation in the healthcare industry is a process that designs and targets medical services to meet the specific needs of a particular group of customers. Utilizing this technique can help revenue cycle teams engage patients more meaningfully. It is obvious that the patient to provider ratio is staggered. Meaning that you can’t engage with every patient as an individual. But in using market segmentations, health systems gain a way to address the needs of different groups of patients who exhibit similar characteristics.
Segmenting, or breaking down a huge audience into smaller, more personalized groups is one used across all industries. Numerous other “consumer-facing” industries make use of segmentation. It personalizes their approach and molds their information in a way that meets the consumer’s needs. While not taking on the impossible task of reaching out to each one individually. Providing patient-tailored and consistent financial information throughout the care process is the answer to connecting with and meeting the patient’s needs. As well as giving them peace of mind. This improves the overall patient experience, while avoiding the confusion and stress that can result from the financial experience that follows.
Next Steps to Improve Patient Experience
YES HIM Consulting’s team of skilled, qualified coding and auditing experts have 20+ years’ experience in the HIM field. We would be happy to discuss our consulting services, and how we can help your organization improve the end-to-end patient experience. Contact us now!
