Engagement with patients in healthcare is something that we have heard so much about in the last couple of years, and really not very different from opening people up to conversations and education at a conference. The focus we hear so much about has been clinical engagement, making sure that patients understand their health condition and how to best manage it. While no doubt that this is important, what should not be overlooked is financial engagement, particularly when it comes to the financial health of a physician practice.
According to an annual survey by the American College of Healthcare Executives, financial challenges ranked at the top of the list of worrisome issues for hospital CEOs. Not surprisingly, anxiety about money is also a key concern among Americans. A 2013 study reported that 69 percent of participants cited money as a top stressor. Practices must engage in thoughtful patient education and communication at every point in the revenue cycle – before the patient arrives, with them during the visit, and even after they have left and returned home.
Eliminate the anxiety and confusion not only about your patients’ health, but about their financial obligation as well as protecting your business’ bottom line by following these simple steps:
Start with eligibility checks (http://www.clinicspectrum.com/
Many patients are unaware of costs for missed appointments. Automated appointment scheduling and follow-ups (http://www.clinicspectrum.com/
If patients do leave an appointment without paying, have auto collection (http://www.clinicspectrum.com/
Remember, engagement and education is the key. Start with advising your patients to ease anxiety and worry, and you will best enable your practice for financial success.