As hospitals face growing and aging accounts receivable systems, and with limited data and visibility into their organizations’ financial health, the most common revenue challenges in today’s healthcare landscape all relate to not getting paid on time, every time. With patient financial responsibility increasing since the enactment of the Affordable Care Act, the challenge for hospitals and healthcare providers to collect payments consistently will become even more difficult to manage as more of the financial burden falls on patients.
To quantify this increase in patient financial responsibility, TransUnion Healthcare’s 2019 study found a 12 percent increase in out-of-pocket costs for inpatient, outpatient, and emergency department care from 2017-2018. At the same time, Instamed reports that 78% of healthcare providers cannot collect on a bill of over $1000 in 30 days.
The issue of patient financial responsibility is complex, but one aspect is the patient financial experience. Patients who have a better experience are more likely to pay, but healthcare organizations are lagging far behind the financial experience that patients want. Patients often grapple with sticker shock due to the costs of healthcare confusing medical bills from their healthcare providers in addition to insurance coverage notices and challenges. Many healthcare consumers are frustrated with their provider’s billing and collections process especially those that are not yet digital. Patients could benefit from better clarity and communications from their healthcare providers as well as easier and faster payments.
Patients who have a good financial experience with a healthcare organization are more likely to remain customers, which leads to future revenue. 41 percent of patients would consider switching to a new healthcare provider that offered a better digital billing and collections experience. In an increasingly transparent marketplace where there are many options for healthcare, ensuring that patients have a good clinical and financial experience is integral to retaining them.
TrueAccord helps health care providers alleviate these payment issues. By delivering clear communication about amounts owed, an empathetic approach, and digital self-service, TrueAccord can offer a better financial experience for patients. Powered by AI, our system reaches out to the consumer with the right information at the right time so that they are empowered to take the steps necessary to fulfill their patient financial responsibility. We seek to understand the patient and meet him or her where they are with empathetic communications that take into consideration both the message and how and when it’s delivered. Rather than fostering frustration about their financial responsibilities, TrueAccord eases patients into the process. We also provide a self-service portal where patients can customize their payment plans and find other options for easily settling their bill.
Since we were founded in 2013, TrueAccord has worked with more than 13 million consumers. Hundreds of thousands have resolved their debts with convenient payment plans, customized billing schedules, and easy documentation. Learn more about how TrueAccord can help your healthcare organization today.