- 8% currently receive their bills electronically, but 25% would like to.
- 5% of patients aged 45 to 54 prefer a mobile app to make payments.
- 49% would be more likely to pay their bill on time if payment plan options were more flexible.
- 28% would pay their bill on time if they received better reminders.
- 30% would be more likely to pay their bill on time if they received an estimate prior to receipt.
- Patients who had six or more visits in the last year are more likely to prefer a patient portal to a payment portal.
Studies show that patients expect the same level of personalization in their financial experience that they receive in their medical care. Patients want different things, and those preferences are influenced by generational factors, financial means, frequency of care, gender and family make-up, technical propensity, and even the type of encounter.
Do you know what your patients prefer? Here are some tactics:
- Leverage historical data that shows how patients paid or responded in the past — offer them those same options in the future.
- If you don’t yet have history on a patient, turn to public demographic and behavioral data to suggest likely preferences and propensities.
- Ask them their preference and honor it. Provide an uncomplicated way for them to communicate preferences and update a preference profile at the point of service, online, and when they call.
- Make reminders about profile updates part of your communications strategy.
- Seek feedback. Ask patients to rate their financial experience throughout their journey. You’ll gain meaningful insight into what’s working — and what’s not.
These insights help you make better decisions about how to tailor financial communications and offer payment options that meet the needs of 100% of your patients.
Personalized communications are a proven strategy for speeding up payments, reducing billing costs, and decreasing bad debt. What’s more, patients generally report a higher than average satisfaction level — averaging 95%.
For more insight into patient preference, read our Patient Financial Experience Report and learn how you can incorporate patient understanding into your billing and payment communications for better results.