Patient Engagement For Financial Health

UNION CITY, N.J. - July 10, 2014 - PRLog -- A rainbow colored balloon hat. It is my method for engaging attendees at trade shows. Anyone who knows me knows that my work is not work; it is my passion to deliver the best tools that enable physician practices to maximize their workflow efficiencies to ultimately maximize their profitability. So when I see so many passersby at trade shows looking perhaps disinterested or overwhelmed, my colorful balloon hat is my method to ease their anxiety and engage with them.

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/Eligibility_Verification.html) prior to patients arriving so that you are prepared to talk with them about the accurate cost of their care and what’s behind the cost/what the determining factors are.
Many patients are unaware of costs for missed appointments. Automated appointment scheduling and follow-ups (http://www.clinicspectrum.com/Appointment_Scheduling.html) can save time and stave off headaches of possibly costly missed appointment fees for the patient.
If patients do leave an appointment without paying, have auto collection (http://www.clinicspectrum.com/AutoCollectSpectrum.html) methods in place. This will increase your practice’s chances of collecting outstanding balances and not only get money in the door, but help you collect faster.

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.