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Featured | September 7, 2021

Three Ways CarePayment Drives a Positive Patient Experience

The patient experience has become a top priority for most healthcare CEOs. Patients are demanding care that focuses on convenience, personalization and quality. From scheduling and communication to clinical treatment, patient experience includes all interactions with the health system.

One reason for the shift to the patient experience paradigm is the cost of healthcare. The widening affordability gap and the rise in high-deductible health plans have pushed patients to assume more responsibility for their medical costs. Patient financial engagement plays an integral role in how patients perceive the value of their treatment and address their payments.

Proper patient financial engagement helps eliminate a major source of anxiety and uncertainty when people can be facing serious unknowns about their health, recovery and the economy. Once they have their finances sorted out and a plan to pay, they can engage clinically, focusing on getting care and getting better. When done in a compassionate manner, financial engagement increases patient satisfaction, while increasing collections for the provider.

We recently commissioned a survey of our CarePayment members. Based on the research conducted by Porter Research, the 2021 Patient Financing Member Survey found three main areas where financial engagement can contribute to a positive patient experience and build trust and loyalty to providers.

Offer Long-term, Interest-free Financing

According to the Porter Research survey, patients need more time to pay their medical bills. The majority want to pay for healthcare treatment costs with a financing plan for 12 months or longer. 91% stated it was easier to pay for medical expenses when they have at least 12 months to pay.

These consumers are also more likely to pay their bills through a 0.00% APR interest program vs. an interesting bearing program. 74% prefer to pay their future medical expenses with CarePayment’s interest-free solution, while 0% preferred a traditional interest-bearing financing program.

On the other hand, without a long-term interest-free financing plan, 45% stated they do not know how they would have paid for their medical expenses, while 28% stated they never would have been able to pay their medical expenses without CarePayment.

This data proves what we’ve always known – people are struggling to afford healthcare, but they want to pay their bills. They just need more time and a compassionate solution that makes sense for their family. With at least 12 months to pay and interest-free financing, the vast majority of CarePayment members are able to get the care they need without delay and pay their medical bills.

This is why CarePayment is always 0.00% APR across the life of the loan, no hidden fees and no deferred interest. By offering a 0.00% APR plan, members can pay their balance over time in small payments without the worry of being buried in interest. Patients are more likely to be able to pay with an interest-free product, and providers are able to collect on balances owed.

We guarantee our performance, and our comprehensive program sees an average 2x increase in collections.

Provide Personalized Engagement

Personalization is integral to a positive patient experience. Our omni-channel engagement strategy is personalized for patients, using technology and patient preference to customize an approach and increase engagement. Omni-channel communications with our members is key to reducing the lag between billing and payment, as well as increasing satisfaction.

The 2021 Patient Financing Survey found that 63% of CarePayment members prefer to receive information about their account and balance via email. The second most popular form of communication was postal mail, followed by text. We also engage patients and guarantors through our recently redesigned patient portal and call center that is exclusively focused and trained in healthcare and patient financing.

While patients expect to be offered a mix of digital and human communication, a fully realized patient experience is tailored to the individual. We check response rates by channel, source and even time and day of the week, to customize an approach for each patient and increase response rate. Individualizing a response and customizing the way channels work together is key in creating a positive patient experience.

Commit to Patient Satisfaction

Offering a long-term, interest-free financing solution builds trust between patient and provider and increases patient satisfaction, a key component to the patient experience. The 2021 Patient Financing Survey found that these consumers are more trusting of providers who offer 0.00% APR programs for medical care, and patients trust CarePayment to have their best interests when it comes to helping pay outstanding medical bills.

91% of respondents are satisfied (with 80% being very satisfied) with CarePayment, and 85% will use CarePayment for medical care in the future. Because of the co-branded approach and partnership with providers, 75% of members surveyed will seek medical care and return to the same healthcare provider because they are able to use CarePayment. 69% will choose a healthcare provider who offers CarePayment instead of a provide who does not.

Proper financial engagement positively impacts the overall patient experience. At CarePayment, we are committed to our mission to help make healthcare affordable for all Americans while increasing revenues for providers so they can continue to support their communities.

Contact us to learn more patient financing insights.