Accelerated by the healthcare landscape created by COVID-19, improving the patient financial experience has become a top priority for providers in 2020. A staggering increase in unemployment has joined the growing number of high-deductible plans as powerful factors contributing to a patient’s ability to manage their medical bills.
For providers, who already face numerous challenges trying to collect balances post-service, it’s a critical time to focus on offering a financial experience that makes it easier for patients to understand their bills and the payment options available to them. Below are the cornerstones of a strategy that supports a better patient financial experience and increases collections.