ClearBalance Media Room FAQs
1) How have hospitals and health systems responded to the new significance of patient pay?
By improving the patient experience, optimizing internal workflow, tools and policies, and taking compliance into consideration. They also are engaging patients in financial discussion during pre-service/access to determine the best financing option for patients to cover their portion of care cost. Health systems are leveraging technology (estimation tools, payment platforms, embedded long-term financing programs) to address patient pay.
2) How can you measure the ROI of patient pay collection strategies?
By identifying areas of focus, using proven strategies, creating and measuring to a benchmark and through proven results. ClearBalance® provides a HFMA Peer Reviewed ROI Value Model™ to help health systems uncover their costs related to patient pay and provides national benchmarks for improvement.
3) What are the effects of High Deductible Health Plan (HDHP) growth?
According to the Kaiser Family Foundation, there has been a 25% increase in HDHPs over the last 10 years. While more people are insured, they have higher medical costs:
-70% of Americans who struggle with healthcare debt have insurance
-81% of covered, single workers have an average deductible of $1,318
-The average deductible represents 5% of income
-Out-of-pocket costs range up to 10% of income
-91% of ClearBalance Healthcare Consumerism survey participants say they need financing assistance of 12 months or more
4) How has the reimbursement mix changed?
Reimbursement for health systems has shifted to what ClearBalance calls a “two-payer” market. In addition to reimbursement from private and government payers, health systems must cost-effectively collect patient pay in order to protect the revenue stream.
5) What are Americans sacrificing to pay for care?
-63% deplete their savings
-One-in-three delay care (34%)
-7% declare bankruptcy
-75% of the insured population foregoes basic necessities
Sources: Kaiser Family Foundation, New York Times, Gallup, Robert Wood Johnson Foundation
6) How is the billing experience linked to a patient’s overall experience?
-55% of survey respondents reported being sometimes or always confused by medical bills
-61% of survey respondents reported being sometimes or always surprised by out-of-pocket costs
-65% of survey respondents indicated that clear, easy-to-understand bills would have a positive impact on their provider selection
Source: The Advisory Board Company