Skip to main content
  • Best in Klas Patient Financial Services 2021
  • Peer Reviewed by HFMA
  • Black Book
Blog | February 15, 2021

The 3 Cs of Patient-Friendly Payment Options

Erika Grotto, editor and host of HFMA’s Voices in Healthcare Finance podcast, sat down with ClearBalance HealthCare® VP of Marketing, Laurie Heavey, to discuss revenue cycle priorities for patient out-of-pocket costs. ClearBalance’s patient financing solution, which recently was named Best in KLAS for patient financial services, offers hospitals and health systems a proven, consumer-centric solution for patient financing.

As Grotto explains in the episode, economic challenges brought on by the COVID-19 pandemic have had a dramatic, at times crippling, effect on healthcare. Healthcare organizations across the country saw staggering losses in 2020 as approximately 14.6 million individuals and dependents lost employee-sponsored health insurance.

In this podcast Heavey shares findings from a recent survey conducted by HFMA and ClearBalance. The survey identifies three key areas for healthcare finance executives to consider for patient-friendly payment solutions: compassion, convenience and cash flow management.

  • Compassion — Revenue cycle leaders realize that patients are consumers, and many have been hit hard financially due to the ongoing pandemic. Because of this, 52.6% of health providers are focused on giving patients several payment alternatives to help ensure a revenue stream.
  • Convenience — More than half of survey participants, 52.2%, are moving forward with online and digital self-service options. This trend, which began a few years ago, has recently sped up to meet the needs of virtual patient financial engagement. Whether providers look to use their website as a digital front door, offer estimate tools and self-select payment paths, or create barcodes on statements for easy payment, they are taking a step back to think holistically, moving beyond payment portals.
  • Cash Flow Management — Last but not least, more organizations now offer long-term patient financing through a third-party partner rather than handling payment plans in-house. This strategy enables vendor partners to fund health systems for the patient balance immediately rather than the organization carrying a balance on their books for multiple years.

Finally, Heavey recommends healthcare providers ensure the payment process is seamless to support a positive patient financial experience. She reminds providers to be mindful of different payment methods that are gaining traction as consumer retail tools, including PayPal®, Zelle® and even voice payments via Amazon Alexa®. These technologies, when combined with affordable patient financing programs such as ClearBalance, give consumers greater peace of mind that they can afford care.

Listen to the HFMA podcast now.

View All Posts

Recent

Provider

See why we are the top-rated healthcare financing solution.

Learn More

Patient

Questions about your ClearBalance Account?

Learn More
Scroll to top