As patients face a world of financial uncertainty, they are taking on more responsibility when it comes to organizing and paying for their health care.
From the devastating impact of COVID, the rise in unemployment, and shifting reimbursement models to high deductible insurance plans, patients are being forced to take a different approach. Rather than being passive recipients of care, they are becoming proactive. And they are bringing heightened expectations for a personalized experience as part of that shift.
This rise in health care consumerism is forcing health care providers to seriously consider how much of a priority to place on the patient financial experience. With many experiencing tough economic situations, providers must think of each patient as an individual and do what they can to tailor and personalize financial options that fit each patient's needs. Patients rightly want to be treated like individuals by their doctors and nurses. It should be the same when asking them to pay their bill.
As patients begin to take complete control of their health care decisions — shopping for care, demanding increased pricing transparency, taking a more active role in key decisions — they expect a modern and personalized experience. Familiar with personalized offers and options from other industries, patients are tired of a one-size-fits-all payment model.
This change in behavior toward consumerism is pushing health care systems to adopt technology and techniques from consumer finance that are proven to deliver a better experience. People are accustomed to having a frictionless payment experience that is customized to their preferences in a wide range of consumer interactions. Actions such as paying a bill or getting financing in B2C retail industry settings have seen significant changes in the digital experience over recent years.
What were once cumbersome processes that could be confusing and leave retailers with abandoned shopping carts, have become simple and straightforward. When consumers become patients, they demand this same experience from their health care provider, which is only rarely the case. In 2021 and beyond, patients will find it inexcusable that their digital patient financial experience does not match those experiences elsewhere. And we expect them to switch health care providers as a result.
A personalized digital experience is key. For example, using technology to offer finance plans that are tailored to the individual allows the patient to pay over a timeframe that is reasonable for them via an easily accessible digital experience. This makes it easier for people to pay their bills. By improving the experience for the patient, you can improve their satisfaction and ultimately the financial outcomes for both the patient and provider.
This consumerization of health care is already having an impact and looking into 2021, and beyond, the impacts will only increase. Health care providers that embrace this consumer model and use it as an opportunity to empower people, with the right tools, will see success for themselves and their patients.
