It’s no secret that rising out-of-pocket costs are changing many aspects of Revenue Cycle Management, in many cases requiring new billing and collection models, updated financial policies, and significant shifts in how, when, and why we engage with patients regarding the cost of care. In the age of healthcare consumerism, patients not only have greater financial obligations, but also higher expectations and more power.
One effective strategy to deliver partnership and convenience is by offering financing for healthcare expenses, allowing patients to manage and plan for payments over time. Often organizations don’t realize that the approach you take and the partners you select can have significant impacts on both patient satisfaction and organizational outcomes.
In this session, we will share insights on the different types of financing and success tips to enhance the financial experience for your patients regardless of the option you choose.
· The distinct benefits and risks of common approaches to patient financing such as in-house, third-party recourse, and third-party non-recourse programs.
· How financing choices can help organizations empower patients to fit out-of-pocket payments into their budgets, reducing financial stress and barriers to care.
· Delivering a positive patient financial experience is essential for an organization’s success.