Simplifying Healthcare Payments to Improve Patient Experience

4 min read

Simplifying Healthcare Payments to Improve Patient Experience

Nearly half of Americans report struggling with healthcare costs and yet, healthcare is necessary. This sets up a challenge for most healthcare providers as they try to navigate both patient care and the business side of healthcare. And, for patients, it's a challenge to see healthcare providers, with whom they must communicate openly and freely, as bill collectors.

While we can't change the inherent complications and nature of this relationship, we can simplify healthcare payments in a way that improves patient experience, builds trust, and fosters a more positive relationship between patient and provider.

Quick Links:

• Do Patients Struggle with Healthcare Payments?
• Top Healthcare Payment Problems
• How to Improve the Healthcare Payments Process

Do Patients Struggle with Healthcare Payments?

Navigating healthcare payments can be a daunting experience for many patients. Many patients feel stress even before the arrival of a bill. And when it does arrive things get even more complex.

Medical bills, which are often filled with jargon and complicated dental or medical coding, are difficult for the average person to decipher. This can quickly lead to frustration and anxiety, particularly when patients are faced with unexpected charges or bills that are higher than anticipated.

A significant number of patients report difficulties in understanding what they owe, why they owe it, and how to go about making payments, which can delay the payment process and contribute to a negative healthcare experience. In fact, research shows that nearly 40% of patients have switched providers due to a bad healthcare payment experience.

Further, as we mentioned briefly, the financial burden of healthcare can be overwhelming. Many patients struggle with high deductibles, copays, and out-of-pocket expenses, which can quickly accumulate to substantial amounts. Even navigating these expenses can be a challenge. In fact, a stunning number of people report that healthcare costs are a source of stress, whether they're financially secure or not.

This financial strain is particularly pronounced for individuals with chronic conditions who require ongoing treatment or for those without comprehensive insurance coverage. As a result, patients may delay necessary care, skip treatments, or face tough choices between paying for healthcare and other essential needs. For example, a Gallup poll in 2022 found that nearly 38% of Americans had either delayed care or had a family member who did so due to costs. The stress associated with managing these expenses not only impacts patients' financial well-being but also their overall health and peace of mind.

The inefficiencies in the current payment systems add another layer of complexity. Traditional payment methods can be slow and cumbersome, involving paper checks and lengthy processing times. Additionally, the lack of integration between healthcare providers and insurance companies often leads to billing errors and miscommunications, further complicating the process for patients. These challenges highlight the urgent need for streamlined, user-friendly payment solutions that can alleviate the financial and administrative burden on patients, making healthcare more accessible and less stressful.

Top Healthcare Payment Problems

Unfortunately, the challenges associated with healthcare payments have profound implications for patients and their overall healthcare experience. As we've mentioned, the financial stress patients endure due to high out-of-pocket costs, unexpected medical bills, and complex billing statements can lead to significant financial strain. This stress is not just a matter of inconvenience; it can have serious consequences for patients' mental and physical health. Further, financial worries can exacerbate health issues, reduce patients' ability to focus on recovery, and even lead to conditions like anxiety and depression.

Furthermore, healthcare payment problems can result in delayed or foregone medical care. When faced with confusing bills and the prospect of substantial expenses, many patients might choose to delay necessary treatments or skip follow-up appointments. This can lead to the progression of untreated conditions, higher long-term healthcare costs, and worse health outcomes. Patients with chronic conditions or those requiring ongoing care are particularly vulnerable, as consistent treatment is crucial for managing their health effectively.

The inefficiencies and errors in the payment process also take a toll on the patient-provider relationship. Patients who experience billing issues often become frustrated and lose trust in their healthcare providers. This eroded trust can hinder effective communication, reduce patient satisfaction, and discourage patients from seeking care in the future.

Providers, on the other hand, spend considerable time and resources addressing billing disputes, and correcting errors, diverting attention from patient care. Simplifying and improving healthcare payment systems is essential not only for reducing financial stress and improving health outcomes but also for fostering a positive and trustful relationship between patients and their healthcare providers.

While healthcare providers can't alleviate financial strains on patients, there are steps they can take to mitigate payment concerns and other healthcare payment barriers or challenges.

How to Improve the Healthcare Payments Process

Improving the healthcare payments process requires a multifaceted approach that addresses the root causes we've discussed as the primary barriers and challenges for patients (and ultimately providers as well).

First and foremost, enhancing transparency in medical billing is crucial. Clear, itemized bills that use plain language can help patients understand their charges and how their insurance coverage applies. Simplified statements that break down services, costs, and patient responsibilities reduce confusion and make it easier for patients to manage their healthcare finances.

Similarly, having conversations with your patients about co-pays and out-of-pocket expectations can do wonders for patients' understanding of billing as well as how to best plan their visits. Automated insurance verification software can keep your administrative team apprised of coverage as well as benefits available for patients. Not only can you schedule appointments in advance, before they leave, but you can help patients budget for copays and out-of-pocket expenses.

Another critical component of automated insurance verification is that it can foster better coordination between healthcare providers and insurance companies. Streamlined communication and data sharing can help prevent claim denials, billing errors, and discrepancies that frustrate patients. The same can be said for healthcare billing, claims, and coding support, all of which can help resolve billing issues quickly, preventing delayed or surprise bills to patients.

Similarly, integrating modern technology into the payment process can also make a significant difference. For example, implementing digital payment platforms that offer flexible payment options, such as installment plans or automatic payments, can ease the financial burden on patients.

In addition to digital payments, mobile apps, digital wallets, and online portals can provide patients with real-time access to their billing information, payment history, and upcoming charges, allowing them to stay informed and proactive about their healthcare expenses. Moreover, these platforms can facilitate communication between patients, providers, and insurers, reducing errors and ensuring a smoother payment process.

And, when providers leverage existing digital wallets and mobile payment solutions, the payment solutions patients know and trust, there's no learning curve for a new portal and no need for additional set up, logins, or more. Patients trust the solutions and providers leverage the built-in payment security.

Finally, patient education plays a vital role in improving the healthcare payments process. Educating patients about their insurance policies, common billing practices, and available payment options can empower them to make informed decisions and avoid unexpected expenses.

Ultimately, all of these solutions not only address the existing concerns and challenges patients have managing healthcare payments, but they also work to build patient-practice trust, patient-provider relationships, and boost operational efficiency for practices.

It's with those goals in mind that iCoreConnect included iCorePay in its healthcare workflow platform. iCorePay simplifies healthcare billing for patients and practices alike by leveraging mobile payment solutions and digital wallets to improve the patient payment experience and encourage quick billing resolution that supports enhanced revenue cycle management.

If you're ready to find a solution to patient healthcare billing challenges and improve your practice's bottom line in the process, book a demo with our team today.