Issue link: https://beckershealthcare.uberflip.com/i/1092388
40 Executive Briefing want and need. In addition to potential health benefits, this approach can help providers earn patients' trust and loyalty, which can contribute to patient retention, satisfaction and potential referrals. Reaching even one patient with a message and means to inspire better preventive care can make a difference, and over time and at scale, this effort can help improve population health and impact overall healthcare spending. Encouraging and prioritizing proactive wellness with communication tools Healthcare organizations may struggle to move the needle on preventative care when patients are unwilling or unable to engage. With technology integrated in so many aspects of modern life, patients may expect healthcare to be the same, seeking highly personalized, engaged experiences incorporating digital or mobile technology. In fact, 64 percent of patients we surveyed prefer digital channels for receiving practice announcements and appointment reminders. 3 This trend is only encouraged by the parallel trend of rising out-of-pocket spending. As patients pay more out-of-pocket to cover a larger share of costs, it's natural for them to have higher expectations about what they'll receive as a result. These expectations may include personalized treatment, exceptional service and an omnichannel customer experience. In addition to incorporating technology directly by doing more with digital and mobile channels for patient communications, providers can also express interest and share ideas related to patient-driven health and financial technology. For example, providers can encourage patients to live healthier lives by using wearable technology that monitors heart rate, physical activity, sleep duration and quality, and other biometrics. Providers can use this data in assessing health and recommending treatment, but it also helps increase patients' awareness of these indicators, the importance of monitoring them, and how they can help detect risks for heart disease, strokes, heart attacks, and other serious health concerns. There are also many free or inexpensive apps that offer features like data management and patient engagement capabilities that can help individuals address their unique needs. Self-monitoring and accountability are two important habits when it comes to prevention. With technology, providers have the opportunity to connect with their patients at anytime, anywhere and keep prevention at the forefront. Paying and planning wellness Despite the benefits of preventive care, patients may not prioritize it because of financial barriers. Out-of-pocket medical expenses are rising 4 and enrollment in high-deductible plans increased 20 percent between 2013 and 2018, 5 leading patients to bear increased financial responsibility for their own care. Unsurprisingly, in a recent survey, 64 percent of patients with high-deductible health plans said they had delayed care to avoid out-of-pocket costs. 4 Especially when experiencing stress or feeling overwhelmed by a new or worsening health issue, concerns about how to pay for treatment may be severe. Providers who take a proactive approach to financial matters have an opportunity to engage patients in productive conversations about their costs and payment options that can help patients feel informed and empowered to make the best choices for their health and budget. In addition, providers who offer cost transparency and innovative solutions may be able to help more patients with their recommended course of treatment that encourages better health outcomes and a healthier bottom line for practices. For example, a dedicated healthcare credit card like CareCredit can give patients a consistent way to pay for deductibles, copays and out-of-pocket expenses without tying up payment methods used for other life expenses.* Promotional financing offered by a third-party solution like CareCredit offers an additional benefit by enabling patients to move forward with care right away and make monthly payments over time with deferred or reduced interest.* No matter what the specific approach and message, providers likely can't go wrong by adopting a more proactive approach to preventive health. By helping patients feel informed and empowered when it comes to their physical and financial health, providers can make a real difference — for individual patients, entire communities, their organizations and the system overall. n For more than 30 years, CareCredit has provided a valuable financing option for treatments and procedures insurance typically doesn't cover, either in part or in full. Cardholders can also use the CareCredit health, wellness and personal care credit card to pay for deductibles, co-payments and other out-of-pocket costs. Providers who accept CareCredit receive payment in two business days. https://www.carecredit.com/ 4 Financial Advisor, Christopher Robbins, "High Deductibles Lead Americans to Delay Health Care" November 2, 2016 5 2018 Employer Health Benefits Survey, Kaiser Family Foundation, September 2018 *Subject to credit approval. Minimum monthly payments required. See carecredit.com for details. This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates, including CareCredit, (collectively, "Synchrony") makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.