Medical Articles & News

Good Patient Financial Experiences Should be Standard Practice

March 27, 2020 by John Ziegler
Tags: Health

This bears repeating: good patient financial experiences should be standard practice. Currently, they are anything but standard. 

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The Many (and Mutual!) Benefits of Pre-Care Patient Engagement

March 20, 2020 by John Ziegler
Tags: Health

Sadly, for many people, patient experience is a matter of life and death. Every decision made in the healthcare sector (whether it’s how frequently a patient should be seen, or when to administer treatment) has an impact far beyond that decision point. And every provider, naturally, wants the best outcomes for their patients. Achieving these outcomes requires consideration of every aspect of the patient experience — from the bank to the bedside.

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Coronavirus and surprise medical bills: It’s time for healthcare providers to communicate with patients about unexpected medical expenses

March 13, 2020 by Christopher Wolfington
Tags: Medical Articles, Our Blog, Payment, Provider

Since December of 2019, when the Chinese government reported the first cases of a novel coronavirus in the Hubei Province of China, COVID-19 has escalated into a global pandemic. While most people who contract this virus do not experience severe symptoms, and more than half of the infected population has already recovered, the virus still represents a serious public health concern. Moreover, as the world determines how best to prevent, contain, and manage the pandemic, there are separate political and socioeconomic consequences that must be considered.

Given our active interest in the intersections of health and socioeconomics, we’d like to examine the financial impact of the coronavirus on patients in the United States. We’ll walk through the latest updates, including those from President Trump’s March 12th address to the nation, and discuss the hurdles that US citizens may encounter as they work to prevent, test for, and treat COVID-19.

Ultimately, we argue that this unfortunate pandemic illuminates the importance of transparent pre-care patient engagement. When patients are aware of their treatment options they can avoid surprise medical billing for lifesaving care.

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Revenue clarity in 2020, 4 Ways Hospitals Can Save Money

February 27, 2020 by Christopher Wolfington
Tags: Medical Articles, Medical, Patient Financial Management

Take it from the politicians: healthcare is an economic issue. In fact, it’s one of the most important ones.

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Understanding the Difference Between Patient Financial Management and Revenue Cycle Management

December 31, 2019 by Lauren Anderson (COO)
Tags: Our Blog, Patient Financial Management, Patients, Payment, Provider, Collection

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. 

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In the New Year Deductibles Reset, How Will You Prepare to Operate at a Loss?

December 30, 2019 by Lauren Anderson (COO)
Tags: Our Blog, Patient Financial Management, Article

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.

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How to Convert the Patient Financial Conversation into a Trust-building Patient Engagement Opportunity

December 6, 2019 by Christopher Wolfington

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.

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FinPay's Patient Satisfaction Survey

November 27, 2019 by Christopher Wolfington

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:

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Best Practices of Pre-Care Patient Engagement

October 21, 2019 by John Ziegler
Tags: Patient Financial Management, Tips

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. 

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Five Things You Didn't Know About Patient Financial Management

September 24, 2019 by John Ziegler
Tags: Patient Financial Management, Article

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.

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