The Stats on Patient Financial Engagement

How The Statistics Show Patient Financial Engagement Is What Everyone Wants

70% of providers said it takes more than 30 days to collect payment after a patient encounter, and 74% said it takes more than one statement to collect. Part of the problem is that 75% of providers are still relying on paper and manual processes for collection. However, this practice doesn’t line up with what patients actually want. Providers want to get paid timely and patients want more convenience.

• 

  Patient Financial Engagement (PFE)

  Nearly 64% of early adopters of PFE technology reported increased collections, reduced costs, reduced AR days, and increased patient satisfaction ratings.

• 

  Reduce Billing Errors to Keep Patients (and Keep Them Happy)

  Research found that 42% of patients would not return to a healthcare provider after receiving an incorrect bill, and 34% said they would seek care elsewhere if a practice had a confusing or disorganized billing experience.

• 

  Automate Payments Before and After the Visit

  Automating payments before and after the visit can save healthcare staff a lot of time and frustration. Not only that, but collecting payments automatically means the practice won’t have to sell an uncollected payment to a debt collector just to receive a fraction of the actual bill.