@ShahidNShah
Patient engagement is the first step in getting paid
Patient engagement begins by recognizing that greater responsibility for payment has also led to greater expectation and choice on the part of patients. Asking valued patients for money is one of the least favorite activities of the staff in independent health care practices. Especially these days when more patients have opted for high-deductible plans requiring higher out-of-pocket expenses, and at the same time, are feeling the financial impact and personal stress of the COVID-19 crisis. But the same challenges that have stricken patients are also straining practices, particularly unpaid patient debt that can literally put a practice out of business. Moreover, patients often neglect their healthcare if they have a large outstanding debt with their provider. Both these problems can be minimized with patient engagement, of which patient collections is only one part. Patient engagement begins by recognizing that greater responsibility for payment has also led to greater expectation and choice on the part of patients – known as the “consumerization” of healthcare.
Medigy Insights
The "consumerization" of healthcare has led to greater patient expectation and choice, along with greater responsibility for payment. This shift has created new challenges for independent healthcare practices, particularly with unpaid patient debt that can jeopardize their financial viability. Patient neglect of healthcare due to outstanding debt is also a concern. Patient engagement is crucial to address these issues and goes beyond patient collections. It begins by recognizing the changing landscape and providing patients with greater engagement and choice, minimizing the potential negative impact on both patients and practices.
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