Becker's Hospital Review

30 Executive Briefing Some of the key points along the patient journey where these financing options can be a differentiator for healthcare practices include: • A relationship-building tool: Helping patients understand payment options and secure credit before care is needed, so they can easily manage the best path forward for healthcare payments. • To improve point-of-service: Options that help navigate the point of service, taking the uncertainty out of care decisions for patients and providers. • When bills are received: Transparent payment options offered as a routine part of billing to eliminate unexpected costs and take the pressure out of stressful situations. Kimberly Hodgkinson, CFO, Mount Carmel Health System, shared how "It's important to think of the financial experience as an offshoot of clinical care, as a part of the whole experience. Many of the people who serve in those capacities for the revenue cycle don't really ever talk to the patient. Usually, when they're talking to the patient, it's because someone isn't happy. So, it's really thinking, how are they helping the patient? That financial healing component is so critical around the whole person." Burke elaborated with how "It's about really tailoring our (CareCredit) tools and thinking about the consumer and their needs differently. Simultaneously, we need to consider the frontline and back-office staff. What are their needs throughout that journey with that patient? What tools are they using? I think that looks very different today than it has historically. But it's all in that context of that full patient journey—that full experience the evolving consumer and their changing expectations." Enabling financial wellness and minimizing provider risk The pandemic reinforced the need for flexible payment options to enable more people to get the care they need without the health system assuming the payment risk or collection expense. Reconciling payments faster and reducing administrative time on billing is more valuable than ever. Healthcare organizations should look to offer patients flexible payment options for medical expenses not covered by insurance. CareCredit found that patients want to have conversations with their hospitals, health systems and providers about healthcare payment products and see them as partners that will help them identify ways to improve how they pay over time. 1 63% percent of all patients and 85% of younger patients (aged 18-34) would consider point-of-service (POS) financing for their healthcare bills. 1 In all, consumers want healthcare providers to offer flexible payment options like credit and debit cards. 1 Addressing the patient demand for flexible and convenient payment options help enable health systems to sustain their business and improve their revenue cycle management. When it comes to paying for healthcare, patients seek convenient, digital payments and reliable options that allow them to fit medical costs into their budget and pay over time in a way that works for them and their families. For health systems, leveraging user-friendly technologies like mobile apps and contactless payment options can be a way to help patients understand the costs of their care while empowering them to make more informed financial decisions. Adrienne Moore, executive director, revenue assurance, Banner Health, explained, "We're seeing our younger consumers with different expectations. There is an abundance of financing options that younger adults are seeing, which are geared toward folks who are building credit or have no credit. We have an opportunity to share the message that some of our financing options could actually help them on that journey—to make people more comfortable with using financing options. We're seeing a change in the demographic of folks who are financing care with that shift in the patient becoming the payer." Proactively helping patients understand their copays, deductibles and options to make payments easier is a valuable opportunity to build loyalty and stand out. To stay ahead of the curve, Advisory Board Call participants agreed they should seek reputable third-party solutions that enable them to not only empower patients, but also to build trust by meeting their evolving needs and expectations. Burke explains, "The last experience that a patient has with the health system on payment is going to have a big influence...that final payment experience is critical in how they view their satisfaction of their overall care journey." n 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 budget.* 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. 1 CWH Advisors. (2021, March 24). CareCredit, CWH Advisors Patient Pay Survey Finds Majority of Patients Would Consider Financing Options to Pay Healthcare Costs. https://www.cwhadvisors.com/post/carecredit-cwh-advisors-patient-pay-survey-finds-majority-of-patients-would-consider-financing-options-to-pay-healthcare- costs. 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.

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