Reduce Denials with These Four Tips to Uncover Hidden Coverage
A recent report by The Kaiser Family Foundation showed that claim denials are on the rise, with some plans reaching up to 80% in denials. Based on...
A consumer-centric patient financial experience is critical. While other industries have mastered the art of customer engagement, hospitals and healthcare systems are largely behind in terms of meeting customers where they’re at. Per a NextGen survey, almost half—49%—of patients want the option to check in digitally before their appointment. But 83% of hospitals are still using front-desk encounters as their most common check-in method.
Because patients make up an increasingly larger share of overall revenue for health systems, it’s important that their preferences are catered to. The industry needs to fundamentally rethink the way it interacts and engages with its customers—who have grown accustomed to quick, on-demand service at their fingertips. When patients feel engaged, they’re more likely to pay.
Digital check-in innovation is key to patient engagement, and it helps jumpstart a frictionless patient financial experience. Here’s how.
- Improved loyalty and customer satisfaction scores. The demand for a seamless digital experience is here. And 90% of patients say that loyalty to their provider relies on their financial experience. That’s why it’s important to give patients what they’re asking for—that on-demand experience they’re accustomed to elsewhere. A quality digital check-in solution makes patient onboarding easy, reduces appointment wait times and enables self-scheduling, appointment reminders and digital billing. It also offers a place where costs and coverage are transparent and easy to understand—a place where your patients feel empowered to manage their healthcare experience.
- Taking pressure off your short-staffed team. Almost one-third or 31% of hospitals report a critical staff shortage, per the American Hospital Association. Investing in an automated self-service check-in solution not only streamlines the patient intake process, but it relieves the burden of in-office paperwork for your team. This affords more personal touchpoints, where registrars can focus on making genuine connections and engaging patients.
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Accelerated financial clearance. Denial rates are increasing—climbing more than 20% in the last five years. A digital check-in process allows patients to enter information electronically, early in the process, affording registrars more time to financially clear them. Patients can enter their demographic and insurance information at home, giving them more time to focus, rather than scrambling to fill out a form in an office before being seen. Getting accurate information from the patient before care is rendered helps accelerate financial clearance and decreases denials.
Digitizing your patient intake affords higher yield and more efficient staff—and it’s what your patients want. Create a more personalized financial experience that engages today’s healthcare consumer. Empower your teams to provide frictionless patient financial experiences to ensure your patients keep coming back.
Learn more about FinThrive’s “Best in KLAS” Patient Access solutions.
