Increase Revenue Cycle Health by Tapping into the Patient Mentality

A secure collections process is crucial for a healthy revenue cycle. 

The collections process can only remain strong when there is money to collect. So with this being said, health systems have rapidly started behaving similar to relateable brands so that they can attract patients. 

In current times, a more consumer-focused approach has to be taken to attract patients. 

Thus, providers need to focus on those little things like providing optimal convenience to their patients. One way to do this is by offering mobile access to schedule and pay bills. Other luxuries like bells and whistles are also considered a requirement now.

There are various ways by which convenience can be offered to the patients, including telehealth, retail clinics, and online bill payment options, among others. 

It appears that satisfaction is among the most crucial factors that prompt consumers to decide which place they would select for their care.

Initially, it was only referrals and insurance coverage that was given attention while selecting the place for healthcare. While these factors are still given importance, other features have also become significant.

Understanding the expectations

A lot of practices have started making the best use of technology. 

Robust consumer experience has become integral to survive in the industry. When taking a close look around the industry, it is apparent that everyone is looking for more or less of the same things. Patients want a customized, on-demand, and digital experience. 

It appears that patients are now used to getting text notifications regarding the amount they owe as this approach also plays a significant role in increasing collection. It is also important to mention, patients also prefer to have their medical records online. Scheduling virtual visits have also become the norm.

Thus, the time has come for hospitals and other health systems to reevaluate their strategy and focus on what the consumers are looking for.

Making use of the opportunity

If hospitals want to attract business, it is vital that they identify features that can impede the convenience of the consumers. If the consumer sees something is amiss, they are likely to start looking for alternative solutions.

Convenience is very important for patients. One example of this is the physical location. There has been a significant rise in the popularity of walk-in clinics wherein people like the idea they do not have to go through the trouble of scheduling an appointment to get a consultation.

Some organizations provide concierge services where health professionals visit patients in their homes. Also, digital access has also opened many doors as patients can now schedule their appointments online. 

If patients are satisfied with the services of the hospital, they are likely to post about it online, which can further boost the business of the hospital. 

According to research, it is seen that minimal strides have been made by most healthcare organizations to adapt to this consumerism. There is room for improvement. 

At the end of the day, it all comes down to what the consumers want. If things are made more accessible for the consumer, the business will flourish.

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