Becker's Hospital Review

36 Executive Briefing Sponsored by: T he patient experience and the financial health of a hospital or health system are more closely connected than ever before as the industry makes the shift toward value- based payment systems and patients shoulder more medical costs. Providing a positive patient experience is a top priority for hospital and health system executives. Many healthcare organizations are laser-focused on improving clinical care to help ensure patients are satisfied with their visit. However, the patient experience is affected by much more than clinical care. A hospital or health system could see patient satisfaction scores suffer if a good clinical encounter is not supported by a positive financial experience. The patient financial experience is vital because even a patient who is pleased with their clinical visit could change their mind about the encounter once the bill arrives if it includes unexpected charges. This could make it more difficult for the hospital or health system to collect payment, especially as patients continue to see their insurance deductibles rise. The percentage of patients with high-deductible health plans continues to increase. In fact, the number of Americans age 18 to 64 with a high-deductible health plan increased from 26.3 percent in 2011 to 39.3 percent in 2016, according to a report from the CDC's National Center for Health Statistics. Patients are paying more out of pocket for the medical care they receive, and they are demanding a better financial experience. Meeting this demand is in the best interest of provider organizations, because although patients are enrolling in health plans that require them to pay more out of pocket for their care, it is ultimately up to providers to collect that payment. A 2014 survey of 500 patients highlights the link between the patient billing experience and a provider organization's financial health. The survey found 74 percent of patients who positively rated their billing experience paid their bills in full, while only 33 percent of patients who were less than satisfied with their billing experience paid in full. Providing a great consumer experience is a challenge in every industry; healthcare is no exception. Fortunately, there are several strategies hospitals and health systems can employ to help meet patients' expectations regarding billing and payment processes. Engage patients early on in the process In today's healthcare environment, it is essential for provider organizations to ensure patients know their financial responsibilities, according to Carrie Moneymaker, vice president of solution design at Zotec Partners, a healthcare revenue cycle management services provider. "Patients need to be engaged very early in the process regarding the financial aspect of their care, not just in the clinical aspect," Ms. Moneymaker said. Although most patients want to be told in advance how much their medical care will cost out of pocket, few providers offer pre-treatment cost estimates. When healthcare organizations fail to provide this information, they often receive complaints from patients who are upset about unexpected charges. Not only does this lead to frustrated patients, but it also threatens the financial sustainability of the healthcare organization. Patients who are unaware of how much their healthcare services cost may be financially unprepared to pay their medical bills. However, by informing patients of any out-of-pocket costs they may owe, hospitals and health systems not only increase the likelihood that patients pay their bills but also improve the patient experience. To help ensure correct out-of-pocket cost information is provided to the patient, hospitals and health systems should always verify the patient's insurance before care is provided. Most hospitals and health systems use technology solutions to help them do this. For example, many are using Zotec Partners' TOS portal to estimate payments and insurance eligibility for patients. Once the provider organization establishes what the patient owes, it is important to help the patient understand how he or she can meet those financial obligations. "If you engage patients early on, you can set expectations and you can set up payment plans and prompt payment discounts," Ms. Moneymaker said. "You really need to get in early in that whole cycle. You can't wait until the claim is adjudicated." In addition to setting patient expectations regarding payment obligations, it is vital in today's healthcare environment for hospitals and health systems to push for point-of-service payments to reduce bad debt from patients with increasingly high deductibles. 3 strategies to boost patient experience and get paid at the same time

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