Embracing consumerism in healthcare
How hospitals can successfully leverage analytics to improve patient ﬁnancial engagement + satisfaction, and increase their bottom line
75% of patients with coverage through ACAs have HDHPs.1 Many face annual deductibles of more than $2,000—a 67% increase since 2010 and 255% increase since 2006.2
There’s a new payer in town—patients. A larger portion of providers’ revenue is coming directly from their patients; Financial responsibility among the insured is now nearly 27 percent for outpatient services and more than 12 percent for inpatient care.3
This shift in financial responsibility has a major effect on hospitals and health systems. Bad debt among hospitals is now growing at a rate of 30 percent per year.4
This white paper breaks down the most effective strategy for improving patient financial engagement and satisfaction while increasing your bottom line.
- 1 The challenge of patients as consumers
- 2 Using data to assess patients’ ability
- 3 How to communicate and collect using personalized, flexible options
Download White paper
Is it time to consider a new patient financial payment solution?
Embracing opportunities afforded through analytics and keeping focused on the patient experience over time can turn the problem into an opportunity. Use data to change where and how you interact with your most important community—your patients—to build positive and profitable relationships. This is a key step in the unfolding consumer healthcare market that ensures hospitals continue to serve their communities profitably and equitably for many years to come. Learn more + see just how much you could save with Waystar.