The last decade has seen a seismic shift in the healthcare industry. Healthcare consumer expectations have changed, as has their relationship with the industry. Healthcare consumers want to manage their healthcare business online, and they expect a one-stop “Amazon-like” experience.
At the same time, there was a shift in payment responsibility from insurance to patients, which made it more challenging for providers to recover net revenue. Plus, many providers have fallen behind the technology curve and are unprepared to provide the seamless, online convenience consumers want.
Fortunately, there is a solution. Providers can onboard a digital engagement solution that both provides patients with an all-in-one financial experience and significantly enhances recovery rates and increases cash flow. One provider that integrated such a solution saw improved contact and payment rates that exceeded their average recovery by 20% within the first few months.