Bridging the Patient Provider Divide
There is a growing divide between patients and providers over medical billing. While patient surveys repeatedly cite online accessibility and ease of billing as top concerns, most healthcare providers are not working to address those concerns.
A February article in BeckersHospitalReview found that upgrading digital payment tools was not a priority for most healthcare providers. A separate survey found that 79 percent of patients “consider the billing and payment experience” when choosing a healthcare provider.
StrongBox eSolution, based in Boca Raton, FL, is working to bridge the patient/provide divide by addressing the needs of patients while providing innovating solutions for providers through our cloud-based revenue cycle management software and patient financing solutions.
What Poll Results Tell Us About Patient Expectations
A recent report by Patientco surveyed more than 50 providers at large health systems that had more than 350 beds and 200 patients on average. Here are their findings.
- Nearly 80 percent of patients said they consider billing options when choosing their healthcare provider.
- The vast majority (90.5 percent) of patient respondents said they prefer the option to pay their medical bills through installment payments.
- Nearly 70 percent of patient respondents prefer digital enrollment over mail.
- Flexible payment options are desired by 87 percent of provider respondents.
- Half of the patients reported affordability as a top concern while less than 13 percent of providers shared that concern.
The patients have spoken. Affordability and ease of access are top priorities for patients, even if those concerns aren’t always shared by providers. So how can your private practice, MSO, or medical/dental group begin to bridge the divide and benefit from a more efficient billing system? Simple. By using StrongBox eSolutions, our platform as a service offers two benefits that serve both your patients and your bottom line.
StrongBox eSolutions Services
StrongBox creates a win-win for both providers and patients. Your patients will receive a streamlined billing and payment experience. We offer two financing options (Select and Pro) that will provide your patients with:
- No hidden markups
- Fixed-rate loans
- No interest hikes for late payments
- Access to top-tier lenders
- Zero credit score impact
- Fast lender response
- Hassle-free applications
- Fixed monthly payments
As a provider, you will receive an enhanced revenue profile and a lower risk profile. StrongBox efficiency creation helps create a better patient experience, which in turn leads to higher patient satisfaction and higher patient retention.
Providers also benefit from our interactive Dashboard, which tracks Key Performance Indicators (KPIs) such as:
- Total encounters
- Total collections
- Number of procedures
- Total adjustments
- Enhanced tracking over outstanding accounts receivable (AR)
You can view KPIs on a daily, weekly, monthly, and annual basis. Plus, we offer a 12-month revenue snapshot that can be used to compare profitability with prior years. Any reports that are not built-in can be added by using our software’s custom reporting tools.
Learn How StrongBox eSolutions Services Is Bridging the Patients/Provider Divide
When patients are empowered to handle their own billing and financing, patient compliance rises and delinquent payments drop. Our online Patient portal is designed with this in mind. Nearly 80 percent of patients consider billing options when choosing their healthcare provider. By partnering with our online services, you will be sending the message that your business is listening and addressing those concerns. To learn more about our services, contact our team online or call our Boca Raton, FL office at (855) 468-7876.