How Well Do You Understand Your Patients?

Apex Revenue Technologies
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Patient experience is top of mind for healthcare facilities across the country. Increasingly, that focus extends beyond the medical experience to the financial interactions you have with your patients. To be successful, it is critical that providers develop a deeper understanding of each patient’s individual needs and preferences. 

Healthcare is tricky. Some patient encounters are planned while others are a surprise; some are complex while others are simple; some are affordable while others are expensive. It is because of this complexity that providers need to be more sensitive and aware of each patient's unique situation during the entire patient experience – from scheduling all the way to billing and payments.  

The first step towards improving the patient experience is to develop a better understanding of what individual patients want so that you can adjust your strategy to satisfy their unique needs. Apex partnered with InfoTrends Inc. to survey over 1,000 patients across the country who had visited a hospital and/or doctor's office in the last year, to gain a better understanding of their healthcare billing experience. Their experiences reflect a wide variety of providers, with varying billing and payment systems in place. Here are some key insights: 

 

30% of dissatisfied patients feel that the online billing experience is not convenient.
Maybe not surprisingly, 17% of patients age 18 to 24 prefer to access their healthcare bills through a mobile app, compared to just 5% of patients aged 45 to 54.

50% of patients that missed a payment did not have enough money to pay their bill.  
Flexible payment plans are most attractive to patients aged 18 to 34 and patients with a household income under $75,000.

20% of patients simply forgot to pay. 
Patients 55 years of age and older are more likely than any other generation to have missed a payment because they forgot to pay.  Patients age 25 to 34, who have missed a payment cited that easier online payments would make them more likely to pay on time in the future.

70% of patients would be more likely to pay if they received an estimate in advance.
Patients aged 18 to 34 are most likely to pay on time if they receive an estimate at the time of their service. Additionally, patients with a household income over $75,000 are more likely to pay on time if they receive a discount.

 

This small snippet of data provides enough insight to make some significant improvements to the patient financial experience. What kind of personalized experience could you deliver with this level of insight? Click here to download the full Patient Financial Experience Report and gain a better understanding of what patients want.