Every healthcare executive is familiar with the term revenue cycle management (RCM), but surprisingly few know what patient financial management (PFM) is. That is truly unfortunate because patient financial management is a system of revenue planning grounded in transparency and preparation that has been proven to convert nearly all unrecoverable patient financial responsibility. PFM companies like FinPay have demonstrated time and time again that their innovative pre-care patient engagement strategies work.
It is almost 2020, which means a new cycle of patient delinquency for most health care organizations. As the calendar resets, so too do the health plans of most U.S. households, leaving them with an enormous financial responsibility—their annual health plan deductible. For many families, this deductible makes medical care financially unviable and forces them to delay or completely forego making payments to providers or seeking care at all.
It is hardly a secret that the most successful businesses have strong, enduring customer relationships built on trust. This trust can be strengthened with each patient engagement opportunity. This is especially true in health care where patient trust and organizational reputation are the foundations for success.
FinPay conducted a 6 month patient satisfaction study to measure how satisfied patients were with their FinPay pre-care financial experience.
We we're amazed by the results:
- With thousands of patients in the study we had a response rate of 11.3%, which is almost 10 times the industry norm. One of our customers experienced a 20.8% response rate.
- Respondents gave a 99% satisfaction score on their financial experience with FinPay.
If you would like to learn how your organization can build patient loyalty, satisfaction, and higher recovery of patient financial responsibility, contact us today.
Summary of the study results:
According to a study in the Annals of Family Medicine, the average amount of time that a doctor spent on an individual patient visit was 17.5 minutes. That leaves a lot of time to form an impression of a practice.
Optimal patient health is the collective goal of the healthcare industry, but in order to provide high-quality care that keeps patients healthy, providers need to be fiscally healthy themselves. Good patient financial management is a crucial part of this health: Keeping revenue high while strong patient relationships.
The healthcare system in the United States is once again poised for upheaval. It has only been 11 years since Congress passed the Patient Protection and Affordable Care Act (PPACA), popularly labeled Obamacare, but new political and societal groups are eager to make healthcare a government-sponsored entitlement for everyone. A multitude of proposals that largely focus on expanding Medicare has shaken the fragile U.S. healthcare sector, and if Congress does pass one, it could tip the system into chaos.
It is a tragedy when an important healthcare facility serving a needy community has to shut its doors and place the lives of those it serves at risk. Unfortunately, continuing financial losses are forcing the closure of Hahnemann University Hospital, one of the nation’s most historic medical facilities. Hahnemann Hospital, which primarily serves some of the poorest residents of Philadelphia, might have avoided this unhappy outcome if it had implemented a patient financial management program that optimized pre-care patient intervention to strengthen revenue.
As the influence and presence of millennials grows throughout society in the United States, so does the importance of the healthcare industry taking notice of their unique preferences.
The majority of millennials believe that the healthcare system is inherently flawed, and their consistent and agreed upon dissatisfaction with the healthcare industry has been a key concern for industry players looking to protect and ensure their long-term sustainability, as well as the future health of Americans.