Messages specific to balance due amounts allow hospitals to tailor wording and payment options based on high or low balances.
Patients are now responsible for a higher percentage of their balances than ever before. In fact, in 2015, individuals were responsible for paying more than $420 billion out of pocket. For a variety of reasons—including financial hardships or even confusion—more than 15 percent of that went uncollected. For providers, the cost to collect patient balances continues to rise.
As a result, it is critical for healthcare providers to balance patient needs with financial performance. To do this, they must engage with their patients in a new way. It’s about creating an emotional connection, expressing empathy, and driving patient engagement. People want personalization, relevancy, and information that is tailored to them as individuals. As a result of these shifting expectations, accurate patient insights are more critical than ever before.
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