Between the global COVID-19 pandemic, looming price transparency compliance deadlines and consumer demands for visibility into the cost of their care, the way patients engage with their healthcare is changing. And hospitals need to change, FAST.
To protect and grow revenue, it is critical that hospitals respond to the dramatic shift in online consumer behaviors to retain and attract new patients by providing a virtual patient experience. Despite looming price transparency compliance deadlines, giving patients access to accurate estimates of out-of-pocket costs is the right thing to do. And when hospitals deliver price transparency, it allows for a conversation about what patients owe, enabling increased cash collections and decreased costs.
1. Prioritize price transparency regardless of compliance requirements to benefit both the patient and the hospital.
2. Develop a deployment plan for a digital patient access experience that enables patients to get accurate estimates of their out-of-pocket costs.
3. Implement best practices that provide a more positive patient experience that meets the demands of today’s digital-centric healthcare consumer.
4. Inventory the technology solutions available to hospitals to meet compliance requirements, satisfy patients and increase POS collections to get paid faster, at a lower cost.
Take Away: Just meeting minimum compliance is not enough. It's important to respond to patients, not just regulations. Delivering price transparency is a meaningful opportunity to engage your patients as consumers long before the point of healthcare service to improve revenue capture and patient satisfaction.