5 Strategies for Healthcare Billing Services to Alleviate Patient's Financial Distress

Although the primary concern of medical professionals such as doctors and nurses is typically the physical health of their patients, they must also consider their patients' mental state as an integral part of their overall well-being.

A report by Frontiers in Psychology indicates that an increasing number of healthcare costs are falling on patients, rather than being covered by their insurance providers. Consequently, patients may experience anxiety about their ability to afford care in the future or may experience generalized fear and distress due to limited financial resources. For instance, when patients are unemployed and lack the necessary funds to pay for their medication, it can significantly jeopardize their ability to manage their health effectively.

According to Frontiers in Psychology, worry and anxiety are linked to heart rate variability and cortisol levels. Therefore, by addressing the mental state of patients, healthcare providers can improve their physical health as well. This approach aligns with the broader mandate of delivering the highest quality of services to those under their care.

Here are five ways that medical practices can help alleviate financial anxiety among their patients:

1. Check the Details About Costs in Your Electronic Health Records Software

According to a report from Fierce Healthcare, healthcare professionals can easily access a patient's records in their electronic healthcare record (EHR) system. This allows them to quickly review information about medication prices, procedures, and tests, helping healthcare billing services to determine accurate costs for patients.

The cost-related data found in EHR software serves as a foundation for determining a patient's financial responsibility. This is why it is a valuable tool for healthcare billing services. By understanding the financial impact of a diagnosis and treatment plan, healthcare service providers can anticipate patients' concerns regarding affordability. They can then decide whether to address financial concerns with patients during their consultation.

2. Bring Up the Topic of Finances with Your Patients

It may be worthwhile to discuss the financial aspects of healthcare with all patients, rather than just those who are known or suspected to be facing financial difficulties. Healthcare providers can simply inquire if patients are interested in discussing healthcare billing service expenses. Additionally, Fierce Healthcare recommends offering a "deferral strategy" that could delay non-urgent, costly services. For instance, healthcare billing service providers could suggest postponing an MRI for a patient with recent pain symptoms to see if the condition resolves itself.

3. Make Estimates and Bills Easier to Understand

MedCity News reports that patients may experience increased anxiety due to confusion about their bills and obligations. This confusion can arise when patients receive a bill but are unsure how their healthcare provider calculated it.

Providing patients with information on their out-of-pocket costs and confirming if their insurance provider has fulfilled their obligations towards the bill can help patients feel more in control of their financial responsibilities. Since patients often receive multiple statements from various healthcare billing service providers at different times, such as from hospitals and doctors' offices, it is critical to ensure that financial statements are easy to understand.

4. Offer Improved Self-Service to Patients Paying Medical Bills

According to MedCity News, providing patients with self-service options for managing their medical bills can help them feel more in control of the situation. Patients appreciate the option to request financial assistance through self-service options such as a patient portal that connects to the EHR.

Offering self-service options for patients with limited resources can provide a secure and private channel for them to voice their concerns. Providing patients with the option to request financial assistance through self-service options can encourage patients to initiate a conversation with the billing team instead of ignoring their bills. By automating the delivery of initial information through self-service options such as a patient portal, your customer service team can focus on addressing the specific needs of patients requiring assistance.

5. Strengthen Your Customer Service

Allocating additional resources to your customer service team can have a significant impact on reducing patient anxiety. Your customer service representatives must be able to respond with empathy and provide clear and concise guidance on managing medical bills and payment responsibilities. According to MedCity News, it may be beneficial to consider offering higher salaries for customer service positions within your revenue cycle management department. This investment in quality customer service can foster better patient relationships and ultimately improve your revenue cycle in the long run.

Patient financial anxiety can be a major barrier to accessing healthcare billing services and can lead to patients skipping or delaying necessary medical care. By taking steps to ease this anxiety, medical practices can help ensure that patients can receive the care they need and are more likely to follow through with recommended treatments and follow-up appointments. This can ultimately lead to better health outcomes and improved patient satisfaction.

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