Written by Andrew Neal on Jun 14, 2023
Enhancing Healthcare Billing and Communication to Improve Patient Loyalty
Salucro’s 2023 Trends in Patient Payment Communications report shows the significant impact that billing and communication practices have on patient loyalty and satisfaction. In a world where consumers have more choices than ever, it is essential for healthcare providers to continuously enhance their patient financial experience and communication strategies to retain patients and maintain their trust.
For this report, over 1,000 U.S. healthcare consumers shared their experiences about their respective healthcare providers.
Let’s dive into the findings in the report, focusing on three key areas: patient satisfaction, healthcare billing transparency, and digital payment options.
Patient Satisfaction: More Than Just Quality Care
Patient satisfaction goes beyond the quality of healthcare services provided. Our financial interactions with healthcare providers play an equally significant role when it comes to patient retention. It can mean the difference between a one-time patient and a lifelong advocate.
According to the report, 36% of respondents would consider switching healthcare providers due to a poor billing experience. To strengthen patient loyalty and trust, healthcare providers must focus on effective communication, accurate billing statements, and providing a range of payment options. Offering a variety of communication and payment options, delivering personalized billing statements, and ensuring cost transparency are all vital in fostering patient loyalty and attracting referrals.
Healthcare Billing Transparency and its Impact on Patient Trust
The 2023 Trends in Patient Payment Communications report highlights the importance of healthcare billing transparency in maintaining and fostering patient trust. Transparency in billing can help patients understand their medical expenses better, leading to an increase in overall patient satisfaction.
Close to 60% of respondents felt their healthcare provider was transparent about their medical costs, and there are several ways providers can further enhance this trust. For example, strategies that emphasize delivering a comprehensive Explanation of Benefits (EoB) alongside billing statements or notifications should be prioritized and regularly updated.
The Rise of Digital Payment Options
The data is clear; Patients increasingly prefer digital methods for billing and payment notifications. The report shows an increase in the number of respondents who would write a negative review due to a poor digital payment experience or a lack of payment financing options. Providing modern digital payment options, like text-to-pay, has quickly become a critical factor in improving patient satisfaction.
A lack of payment options could also lead to more patients looking to switch healthcare providers, with this figure increasing from 11% to 14% between 2022 and 2023. Furthermore, the percentage of respondents who would write a negative review due to a poor digital payment experience or a lack of payment financing options increased. Offering more and modern payment methods is crucial in maintaining a positive patient-provider relationship.
Salucro Patient Financial Engagement Technology
To keep up with evolving patient preferences, healthcare providers must adopt a flexible and personalized approach to patient communication and billing practices. Prioritizing strategies that improve healthcare billing transparency and providing diverse digital payment options are essential.
By focusing on these areas, healthcare providers can foster a more positive patient-provider relationship, enhance patient satisfaction, and solidify their position in an increasingly competitive healthcare market.
Salucro believes that the future of patient satisfaction and loyalty lies in the seamless integration of technology with personalized, transparent services. For nearly 20 years, we have helped hospitals, health systems, physician practices, and ancillary service providers modernize their revenue cycle and enhance the patient financial experience.
Download the 2023 Trends in Patient Payment Communications report for more insights on healthcare billing and communication.