Becker's Hospital Review

90 Executive Briefing companies) as a barrier to patient financial conversations, and 39 percent cited inadequate access to pricing and benefit information in general. 12 Fortunately, there is good news as well. More than two- thirds (72 percent) of leaders surveyed by Becker's said their organizations planned to expand pricing transparency efforts, and 79 percent said specially trained staff were available to answer patient and family pricing questions. 13 Perhaps some of this emphasis and activity have been driven by new CMS requirements for "consumer-friendly" displays of "shoppable services" beginning in January 2021, but it also makes sense in terms of meeting patient expectations and equipping staff for success. 14 3. Empower patients — and staff — at every stage Price transparency may be essential, but it is only part of the formula for success. In addition to ensuring that patients understand their financial obligations, organizations should consider ways to help them fulfill those obligations in a way that works for their families and their budgets. Healthcare consumerism involves patients not only being informed, but also empowered. This can be as simple as accepting multiple forms of payment via a range of channels and platforms. Organizations can leverage technology to enable digital and mobile payments, as well as related benefits like self-service account management and on-demand support for billing inquiries and other needs. Consumers may be accustomed to these kinds of features and tools when managing spending in other areas, but in many ways healthcare still lags behind. While a choice of payment method can be appealing, options related to the timing and amounts of payments may be even more important for many patients. It is heartening that 76 percent of healthcare organizations offer in-house payment plans or financing, according to the Becker's survey, and over a third (34 percent) offer financing through a third-party partner like CareCredit. 15 Unfortunately, the survey also found that just 40 percent said their front office staff felt comfortable discussing financing with patients. 16 This points to a pair of related opportunities. First, more training and reinforcement for staff could have a notable impact, as 28 percent of surveyed healthcare leaders said their organizations offer no training or resources to help front office staff discuss costs and payments, and 40 percent cited a lack of staff understanding as a key barrier to having effective patient financial conversations. 17 In addition, when staff do feel comfortable discussing financial matters, it may be only within a fairly narrow context at select points in the customer journey. Becker's found that while 77 percent of survey participants said financial conversations in their organizations happened prior to treatment, fewer than half said conversations also occurred at the point of care, after treatment, or when balances were unpaid by the due date. 18 Separately, CareCredit found that at every stage of the healthcare journey, more patients reported wanting cost- related information from their providers than had actually received it. 19 Opportunity for lasting impact Taken as a whole, findings from recent studies paint a picture that many healthcare industry veterans may be seeing in their own organizations and markets. Healthcare consumerism is here to stay, and while adapting the dialogue to meet changing patient expectations can be a slow and challenging process in some ways, the benefits of doing so can be significant. In addition, we are collectively making real progress toward informing and empowering patients — and equipping staff to engage in effective financial conversations. The key to future success may be building on this foundation to better integrate the patient financial experience at every touchpoint, throughout the organization and at every stage of the healthcare journey. n References 1 Centers for Medicaid and Medicare Services, National Health Expenditure Projections 2019-2028, April 2020 2 Kaiser Family Foundation, Employer Health Benefits 2020 Annual Survey, Oct. 2020 3 CareCredit, Understanding the Medical Journey Research, Aug. 2019 4 CareCredit, Understanding the Medical Journey Research, Aug. 2019 5 CareCredit, Understanding the Medical Journey Research, Aug. 2019 6 The Physicians Foundation, 2019 Survey of America's Patients, Oct. 2019 7 Becker's survey of healthcare leaders, sponsored by CareCredit, Dec. 2020 8 Becker's survey of healthcare leaders, sponsored by CareCredit, Dec. 2020 9 Price Transparency in Healthcare, YouGov / LUGPA, January 2020 10 CareCredit, Understanding the Medical Journey Research, Aug. 2019 11 CareCredit, Understanding the Medical Journey Research, Aug. 2019 12 Becker's survey of healthcare leaders, sponsored by CareCredit, Dec. 2020 13 Becker's survey of healthcare leaders, sponsored by CareCredit, Dec. 2020 14 Centers for Medicare & Medicaid Services, Hospital Price Transparency, page updated 9/30/20, page accessed 3/4/21 (www.cms.gov/hospital-price-transparency/hospitals) 15 Becker's survey of healthcare leaders, sponsored by CareCredit, Dec. 2020 16 Becker's survey of healthcare leaders, sponsored by CareCredit, Dec. 2020 17 Becker's survey of healthcare leaders, sponsored by CareCredit, Dec. 2020 18 Becker's survey of healthcare leaders, sponsored by CareCredit, Dec. 2020 19 CareCredit, Understanding the Medical Journey Research, Aug. 2019 A pioneer in healthcare financing for more than 30 years, the CareCredit health, wellness, and personal care credit card gives patients a way to pay for out-of-pocket healthcare costs while fitting payments into their monthly bud- get.* Providers receive payment within two business days, with no liability if the cardholder delays payment or defaults.** Today, more than 11 million people have a CareCredit credit card and it's accepted to pay for care at 240,000 U.S. locations. For more information, visit carecredit.com. *Subject to credit approval. Minimum monthly payments required. See carecredit.com for details. ** Subject to the representations and warranties in your Agreement with CareCredit, including but not limited to only charging for services that have been completed or that will be completed within 30 days of the initial charge, always obtaining the patient's signature on in-office applications and the cardholder's signature on the printed receipt.

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