Technology helps with financial pain
As inflation and interest rates continue to rise, financial uncertainty grows. While not the economic freefall that accompanied the early days of Covid, many Americans today are worried about their job security and long-term financial stability. Some are avoiding elective procedures (and even routine care) due to money worries. New, more accurate cost estimation tools help eliminate uncertainty about costs. More precise estimates mean patients can confidently move ahead with healthcare visits and procedures without the stress of financial unknowns.

It's also possible to enable patients to make payments without devices with secure point-of-service and contact center opportunities. And technology makes it easy to text or email links that take patients directly to the payment page within their patient portal. Some solutions even allow providers to store patients’ card information for frictionless payments after each care episode.
Negative economic impacts highlight the value of providers adopting a financial engagement strategy that includes digital. Research consistently shows that patients prefer to engage digitally and pay faster when digital payments are possible. Beyond the obvious benefit of receiving faster payments, digital payment options save providers time and money—even as they improve the patient payment experience.

While investing in new technology solutions during economic hard times may seem counter-intuitive, it’s paying impressive dividends for many healthcare organizations. One not-for-profit healthcare organization we work with is a prime example. Like many, this organization was experiencing lower volumes due to Covid. Leaders there chose to move ahead with a conversion to paperless billing as part of an OmniChannel communications strategy.

Their results include an almost immediate saving of $300,000 and a $5.2 million increase in self-pay collections. Revenue cycle leaders were delighted. They also told us they were happily surprised with the 65% digital conversion rate in the first year.

New solutions enhance safety, efficiency and the patient experience
Cost fears are only one of the reasons sick people avoid medical appointments. Some stay away because they are simply too ill to get to the clinic or hospital. This trend accelerated with Covid, as many sought to avoid exposure or were too sick to come in to healthcare facilities. Telehealth services helped by connecting patients and healthcare providers digitally and over the phone. Many providers have commented that plans to develop telehealth solutions had been languishing for years. When Covid hit, the practicality of telehealth solutions was quickly acknowledged.

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