Articles

Digitizing the Patient Financial Experience: Two Opportunities to Create a Patient-Centric Experience

Apr 30, 2024

Kris Brumley, MBA, SVP/COO, Revenue Enterprises

As Seen in HealthIT Answers

Companies across industries are scrambling to create more personalized consumer experiences, and they’re turning to digital solutions to do so. Digital technology can provide customized interactions that are easy to use and can be tailored to each consumer’s preferences. Healthcare, while a little late to the game, is finally getting on board. Below are two opportunities that hospitals and health systems should embrace to stake their claim in the digital patient financial experience.

Patient Registration

The patient experience starts long before they step foot into the healthcare facility; it begins with patient registration. Implementing digital, self-service tools puts patients in control and gives them flexibility and options that help make the entire registration process easier and quicker. When creating a suite of digital tools, hospitals and health systems should consider implementing the following:

  • Online scheduling. Increasingly, consumers have come to expect the convenience of online self-scheduling for making dinner reservations, salon visits, appliance repair services, and more 1. Healthcare needs to be a part of that group as online scheduling is proven to help improve patient satisfaction and is desired by consumers. Online scheduling options should include mobile phone, tablet, and text self-scheduling.

Research shows that self-scheduling options can reduce no-shows by 17% 2.

  • Online pre-registration. Traditionally, pre-registration is conducted over the phone by a hospital registrar. Phone calls are not scheduled in advance, so patients may be taken off guard when they receive the call. From there, they have to stop what they were doing to answer the registrar’s questions and go on a search for pertinent information like insurance cards, medications, and more. If they receive the call when they’re not at home, they may not have access to the information they need and, instead, try to answer from memory.

A digital approach is to send patients a link via text or email that takes them to an online portal or a mobile registration app through which they can register at their convenience. This gives patients options as to how they can register, whether on their computer, phone, or tablet, while also giving them the opportunity to find their insurance card, medical history, physician phone numbers, and other relevant information when it’s most convenient for them.

Providers also benefit since digital apps can be seamlessly integrated into their electronic health records. The data is automatically transferred without the need for manual data entry. This not only cuts down on errors but also allows staff to work on more strategic or patient-facing tasks.

  • Self-service kiosks. A poor check-in experience can cause patients to become frustrated before they ever see a provider. Dealing with long lines and harried front-desk staff can put patients in a bad mood, which can then fester while they’re waiting for their appointment. The process can also be tedious and frustrating for front-desk personnel, which can taint their disposition and impact the whole office environment.

Digitizing the check-in process with self-serve kiosks can change the entire experience. Touch screens and simple-to-use interfaces can put patients at ease. Many have scanning capabilities for capturing driver’s license information and credit or debit card numbers, eliminating the need for a keyboard. Kiosks can be connected to a monitor in the waiting room so patients can see that they’ve checked in and where they are in the queue. Having this insight is much preferable to having to sit and wonder when they’ll be called back.

Self-service kiosks also alleviate pressure on front-desk staff, eliminating manual data entry and allowing them to focus on more urgent patient needs.

  • Appointment reminders. No-shows cost the U.S. health system more than $150 billion annually, averaging a $200 loss for each missed appointment 3. Beyond costs, however, missed appointments can frustrate patients and may cause them to put off care altogether. The good news is that patients want appointment reminders, with 80% in one survey saying they prefer to receive reminders via text 4. Sending digital appointment reminders also gives providers the opportunity to offer online check-in, online payments, and information about what patients need to bring with them to their appointment.
  • Insurance verification. When errors occur in the coverage discovery or eligibility verification process, patients can end up with a surprise bill for services that should have been covered. Mistakes during this process can also lead to delays in care. Digital solutions can help eliminate errors and reduce delays in care by automating much of the insurance verification process.

Patient Financial Experience

The vast adoption of high-deductible health plans means patients owe a larger portion of their medical expenses, and they’re experiencing increasing difficulty paying. Today, 100 million Americans carry medical debt, and 73% of past-due medical debt amounts are owed in part or entirely to hospitals. 5,6

Digitizing the patient financial experience can alleviate pressure on patients, helping to ensure they can afford the care they need when they need it. Making it easier for patients to pay also makes it easier for providers to collect. Digital tools should include the following:

Patient responsibility estimation. Today’s digital estimation tools are highly accurate. Providing patients with an estimate of what they will owe before they arrive for their service allows providers to educate patients about their deductibles and co-pays and what is expected from them. Patients appreciate having this information, which empowers them to make more informed decisions about paying for their care. 

Digital payment options. Digital payments are now widely accepted across most industries. It is not unusual for consumers to use digital tools like online payment portals or mobile payments for their mortgages, utilities, car loans, and retail purchases. Now, they want the same option for paying their medical bills. Sixty-seven percent of consumers surveyed prefer digital and electronic payment options, eStatements, and the option of paying online 7. Digital payment reminders are especially popular, with patients saying they would be more likely to pay on time if they received a text reminder and had the option of paying online 8.

Statement access. Another digital tool that can help enhance the patient financial experience is online access to statements. This enables patients to see their medical bill in detail, as well as the progress of their claims. Just as with patient responsibility estimation, having this level of transparency allows patients to make better healthcare decisions.

The bottom line

With the increasing adoption of new technologies, digital tools will continue to proliferate in the lives of consumers. Hospitals and health systems must adopt these tools in order to achieve and maintain a high-quality patient experience.

1 https://www.physicianspractice.com/view/online-appointment-scheduling-a-missed-chance-to-boost-patient-satisfaction

2 https://financesonline.com/appointment-scheduling-software-statistics/

3 https://www.medicaleconomics.com/view/reduce-patient-no-shows-with-a-personalized-digital-solution-driven-approach

4 https://www.medicaleconomics.com/view/reduce-patient-no-shows-with-a-personalized-digital-solution-driven-approach

5 https://kffhealthnews.org/news/article/diagnosis-debt-investigation-100-million-americans-hidden-medical-debt/

6 https://www.rwjf.org/en/insights/our-research/2023/03/most-adults-with-past-due-medical-debt-owe-money-to-hospitals.html

7 https://www.instamed.com/trends-in-healthcare-payments-annual-report/

8 https://patientengagementhit.com/news/three-quarters-of-patients-note-patient-experience-pros-and-cons

Karie Bostwick

VP of People and Compliance

As VP of People and Compliance at Revenue Enterprises, Karie Bostwick oversees People functions including recruiting, training, onboarding, engagement and satisfaction. Additionally, she is responsible for compliance training, oversight and monitoring.

Karie has a long history of working in the revenue cycle support industry. Her skills span leadership, operations start up, policies and procedures development, operations workflow, budgeting and client management.

She is passionate about the experience of our people, patients and the Healthcare clients we serve and believes that a team of diverse, talented and motivated individuals working together toward a common goal can make a difference.

Robert Sterett

VP of Information Technology

As a transformational leader Robert Sterrett has leveraged his 20 years of experience to build effective service lines and exceptional teams. In his role as VP of Information Technology at Revenue Enterprises, Robert excels at taking a unique, balanced, and strategic approach to technology leadership with people first for the best possible outcome. Using his experience from engineering, project management and service line management he takes a multi-faceted approach to ensure the right people are in the correct position coupled with the best technology to meet or exceed all expectations from security to compliance and business continuity.

Robert’s leadership style lends itself to building long term relationships and has consistently been a relied upon strength in many organizations. Over Robert’s time as an IT operational and project leader, he has spent significant time in both hands-on technology facing roles and client centric management roles to bring the best solutions that strive to meet the business and client needs.

Focusing heavily on his personal development skills and opportunities, Robert continues to foster coaching and mentorship relationships everywhere in his life, and the lives around him.

Douglas Dunbar

VP of Sales & Marketing

As VP of Sales and Marketing for Revenue Enterprises, Douglas Dunbar leads with a passion for building strategic partnerships, nurturing relationships, and upholding customer service excellence. In his role, Doug focuses on marketing and brand strategy, sales team leadership, and working closely with members of the management team to best serve company goals.

Doug has over 28 years of National sales and marketing call/contact center leadership, with 10 years of service specifically at Revenue Enterprises. Currently, Doug serves as part of Wyoming HFMA Chapter leadership and has held various roles in Colorado HFMA Chapter leadership for over 9 years.

In his spare time, Doug is very family oriented. Additionally, he loves traveling, cycling, golfing, fishing, hunting, and boating.

Kris Brumley, MBA

SVP/COO

As SVP/COO of Revenue Enterprises, Kris Brumley is a collaborative partner within the executive team and a leader for operational functions across the organization. Kris productively shares vision, drives innovation, and supports those around her in a way that elevates them and fosters continuous improvement and results. She has helped create a supportive environment for clients resulting in 98% client retention and a 65% NPS score for all clients and 75% for top clients by revenue.

Kris possesses an MBA in data analytics and has twenty-five years of experience in the healthcare industry, with 19 specifically in revenue cycle. She brings a wealth of customer service experience to her role and has worn many hats at Revenue Enterprises including Director of Business Development, EBO Division Director, and VP of Client Experience Management.

In her personal life, Kris is as busy outside of work as inside. She values spending time with her family, and enjoys fishing, hiking, traveling and interior decorating and design.

Timothy (Tim) Brainerd

CEO

As CEO of Revenue Enterprises for almost 20 years, Tim Brainerd leads by example. He promotes a shared vision and stewards a culture of Integrity, Passion, and Respect. He has assembled and empowered high-performing talent and teams to support customers, facilitate strategic planning and manage the capital of the company. Under his leadership, Revenue Enterprises has doubled in size three times over the past fifteen years while maintaining a culture of caring and gratefulness.

Tim has close to four decades of revenue cycle experience, including nineteen years with RSI
Enterprises. He has been a past president of Colorado Chapter of the HFMA and a presenting speaker on the topic of Leadership. He is a fifteen-year member of Vistage International, the world’s largest CEO coaching and peer advisory organization for small and midsize business leaders.

Raised in the Midwest, Tim values humble principles like being respectful, caring, passionate, self-reliant, and most importantly grateful. His most important lesson and the lesson he hopes to pass on in all relationships is living the Golden Rule–do unto others as you would have them do unto you. He is intentional in his choices and believes in making decisions, taking action, being accountable, and loving your neighbors.

Whenever possible, Tim spends his time with his wife of nearly forty years, his adult children, and his grandchildren. His hobbies include fishing, golfing, traveling as well as game nights and sharing great food with his family.