The Journey

Transforming the Patient-Provider Experience

Written, edited and curated by Loyale founder Dan Peterson, The Journey explores ideas and innovation to enrich the patient-provider relationship

How Self-Service and Automation Add Value to Patient Financial Engagement

Posted by Dan Peterson, Chairman and Founder on Nov 12, 2018 2:25:44 PM
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Doing things yourself has always been part of the American way of life. Now, self-service options are more in demand than ever. From gas pumps to grocery store checkouts, virtually every consumer-facing business that has the opportunity to provide self-service is doing so. Healthcare providers cannot afford to ignore this trend, especially as the industry becomes increasingly patient-driven.

NEW V3_ How Self-Service and Automation Benefit Patients and Providers

Self-Service Puts Patients in Control of Their Financial Experience

Nationwide, we’ve come to expect that we’ll be able to do things on our own, in a self-directed environment, at a time of our choice. It doesn’t matter whether you’re browsing movies on Netflix or paying important household bills—the expectation of anytime self-service remains the same. In fact, because healthcare is so intensely personal, the desire for self-service in this area may turn out to be even greater for many patients.

Illness and injury can rob patients of the feeling that they’re in control. Bureaucratic, impersonal billing and collection practices only serve to make things worse, leaving patients even more demoralized and fearful. Even well-meaning efforts by hospital staff to discuss patients’ payment options can feel like a threat or an attack.

If patients are concerned about being able to afford their care, they may simply stop responding to the hospital’s outreach in an effort to put the whole ordeal out of mind. Unfortunately, this does nothing to solve the problem. But there’s mounting evidence that an alternative approach is rapidly becoming the new norm in healthcare.

Loyale’s solution is to put patients in control of their own financial experience. In a self-service environment, patients can review their financial obligations and, if needed, develop a payment plan that works with their budget. But, rather than doing it on the spot in a stressful hospital setting, they can do it from the privacy of their own home. In today’s busy world, the ability to check on billing and payment information from the office or on the go is also valuable. The point is that the patient is in control and can manage their bills when, where, and how they want.

Providers Win When They Empower Patients With Self-Service

When patients have the freedom to manage their own financial experience, providers not only save time and reduce the burden on their staff—they’re also much more likely to receive payment. When patients are facing a challenging medical treatment and the resulting financial demands, the stress can be overwhelming. Easy self-service financial options remove much of that stress by allowing patients to review their bill, organize their budget, and make payments according to a plan that works for them. As a result, they are often much more willing and able to meet their individual responsibility.

Automation amplifies these benefits for both patients and providers by making it fast and simple. Depending on provider objectives, payment plan options can be offered to virtually guarantee financial coverage for every budget. With Loyale’s powerful Patient Financial Manager™ platform, the vast majority of patients are able to create their personalized plans in a completely self-directed environment.

In fact, when using Loyale Patient Financial Manager™, more than 98% of users resolve their system and financial questions with no assistance from hospital staff based on results with more than 100 hospitals and thousands of physician practices. Self-service is a double benefit for providers, enabling them to both increase revenue and reduce administrative costs related to collection—all while delivering a patient experience that’s more personal and engaging. We’ll explore more positive outcomes from this study in a forthcoming eBook.

Topics: patient experience, Patient payment, healthcare consumerism

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