Session Title: Perfecting Patient Financial Experiences Using Self-Service Patient Portal and Estimates
Presenters: Terri Manifesto, Senior Director of Revenue Cycle at El Camino Hospital
Learning Lab: Pre-Conference Financial Panel
Date/Time: May 3, 2:45 p.m.
About the learning lab
Healthcare has been slow to catch up to modern-day consumer trends of transparent financial experiences. With patient payments now making up a larger portion of their revenue, healthcare providers have to catch up. Fortunately, with the right tools and technology, this process can be just as streamlined and excellent as the care patients receive. Follow El Camino Hospital's journey to becoming an industry leader in price transparency for consumers using data and technology to implement a patient portal that provides personalized estimates for 80+ procedures and empowers patients to make informed healthcare decisions. This initiative has given consumers the ability to obtain their own customized out-of-pocket estimate instantly and on demand 24/7 from any digital or mobile device.
This session will explain how to implement a self-service, patient-friendly price estimator tool that is tailored to each person’s benefits, for high-volume, non-emergent shoppable services. Learn how to provide staff training and education that ensures the adoption of estimates using a desktop estimator tool, overcomes workflow barriers to ease staff burden of this new process and streamlines the patient estimate process. Set benchmarks to determine ROI and success rates — and learn about best practices for a marketing and communications roll out.
Health systems that see the correlation between the patient’s payment experience and their organization’s brand will ultimately be the ones to succeed. Personalizing the financial experience for patients gives any healthcare organization a more competitive edge. It also generates consumer loyalty by offering a more enjoyable experience. Healthcare providers often go to extraordinary measures to treat a patient uniquely. Billing-related issues frequently muddle that positive experience. InstaMed’s 2016 “Trends in Healthcare Payments” report estimated that 75 percent of healthcare consumers admit to being confused by their medical bills. The bill is the final piece of the personalization puzzle and is often the final opportunity to make a lasting impression. Confusion around the bill can overshadow an otherwise excellent patient experience and prevent patients from visiting again in the future. Driving transparency and ease early in the billing process creates a better experience overall, and it promotes loyalty to the brand and healthcare provider. These tips can help successfully promote transparency.