Closing the Gap on Transparency and Affordability During COVID-19 Providers have been financially hit hard by the COVID-19 pandemic and now are struggling to get patients back in the door. Patient
Closing the Gap on Transparency and Affordability During COVID-19
Providers have been financially hit hard by the COVID-19 pandemic and now are struggling to get patients back in the door. Patient financing programs and improved financial communications is key to bridging this gap as one healthcare provider demonstrates.
Two years ago, University of Kansas Health System (UKHS) saw the impact high-deductible plans were having on collections, bad debt, and days in accounts receivable (A/R) for both hospital and professional accounts. It also recognized the need to ramp up financial communications prior to the point of service.
UKHS redesigned its patient payment plan model to include long-term, zero-interest patient financing for patients in need, with discounts for true self-pay patients. The health system also transformed patient financial communications to ensure patients felt better prepared to manage the cost of their care and help remove financial stress from the patient experience.
The results have been outstanding: a notable reduction in bad debt and fewer days in A/R for professional accounts; and financing of $14 million in patient accounts, with a recourse rate of just 8 percent; and increased patient satisfaction.
- Find out how UKHS transformed the patient financial experience, heightened transparency and affordability, and boosted collections during this session. Attendees will also learn how these changes set UKHS up for financial success during the COVID-19 pandemic.
- Gain insight into why 74 percent of Millennials, 68 percent of Generation X patients and 60 percent of Baby Boomers don’t pay their medical bills in full.
Find strategies for satisfying increased demands for transparency and affordability during a pandemic and beyond.
- Discover the difference enhanced patient financial communications and affordable payment options can make in bringing patients in the door, improving collections and reducing bad debt.
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(Friday) 12:30 pm - 1:30 pm