Most patients cite that a personalized healthcare billing experience is important to them. (Patient Financial Experience Survey, Apex and InfoTrends 2016)
You might say, “Of course, the billing process is personalized.” You send patients a statement with their name, their services, the amount due and the age of their balance. You offer a wide variety of payment options for them to select from. It’s personalized.
But is it?
In the tech world, personalization means something very specific. Here’s one good definition of personalization that we found from tech media giant, TechTarget.
“On a Web site, personalization is the process of tailoring pages to individual users' characteristics or preferences. Commonly used to enhance customer service or e-commerce sales, personalization is sometimes referred to as one-to-one marketing, because the enterprise's Web page is tailored to specifically target each individual consumer. Personalization is a means of meeting the customer's needs more effectively and efficiently, making interactions faster and easier and, consequently, increasing customer satisfaction and the likelihood of repeat visits.”
Faster? Easier? Higher satisfaction? Better results? Don’t we want that for our patients in the financial experience?
In healthcare financial communications, personalization means that patients receive communications and payment options that fit their individual needs. Accomplishing that requires an understanding of the needs and preferences of each patient. Once you achieve understanding, the messages, the channels and the choices you use in your communications will speak to them. With that comes a greater likelihood that you’ll achieve the desired results – for you and for your patients.
That may sound unattainable, but it’s not. The same techniques and technologies that drive marketing automation can and will empower your self-pay collection process. We know personalization and targeted messaging works in consumer marketing. Marketing automation organizations share staggering statistics that show understanding and communicating empathetically with your buyer pays off exponentially in terms of engagement, ease of use, and revenue.
You gain insight into individual preference from data you have today, conversations about preference, asking for frequent feedback, and looking at history.
A personalized experience leads to higher patient engagement and improved satisfaction in healthcare financial applications as well. Here’s how we know. Targeted communications strategies helped providers we know achieve some great results:
- 350% increases in online payments
- Million dollar increases in revenue performance
- Rapid cost reductions of 10% or more
- 95% average satisfaction