The impact of patient financial experience on hospital profitability

June 3, 2021

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As rising deductibles and co-pays turn patients into payers, financial interactions must be part of the patient experience equation. The financial aspect of care should not be put aside, as it is an essential component of a positive patient experience.

Navigating the healthcare financial maze can create unnecessary confusion and anxiety for patients at a time when they’re at their most vulnerable. Traditional processes and requirements around patient financial responsibilities can be overwhelming. Pressures on hospital financial performance are greater than ever. The American Hospital Association estimates that the pandemic cost U.S. hospitals and health systems $202.6 billion in lost revenue from March through June of 2020.

The importance of an effective patient access process at the initial point of patient engagement is imperative during the pandemic and beyond. How do we create a patient experience that can benefit everyone?

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