How Healthcare Organizations Are Handling Patient Engagement & Consumerism

Transcription

1 How Healthcare Organizations Are Handling Patient Engagement & Consumerism Results from August 2016 Survey Conducted by Porter Research Sponsored by Navicure

2 Table of Contents Survey Background Slide 3 Executive Summary: Key Survey Findings Slide 4 Survey Key Takeaways Slide 11 Detailed Results Slide 14 Resources Slide 28 About Navicure Slide 29 2

3 Survey Background In August 2016, Navicure commissioned Porter Research to conduct a national survey of healthcare organizations to better understand patient consumerism and price transparency trends within healthcare organizations. The majority of the 296 survey participants were healthcare executives (37%), practice administrators (34%) and billing managers (28%). Survey respondents represented a broad range of sizes: One to 10 providers (33%) 11 to 50 providers (34%) 51 to 100 providers (12%) 100+ providers (21%) Participants were from a wide variety of specialties with the largest percentage of respondents in a hospital (19%), followed by multi-specialty (13%) and family medicine (9%). Survey margin of error +/-5 Responses to all questions were self-reported. 3

4 Key Survey Findings HEALTHCARE CONSUMERISM Healthcare consumerism represents a patient s involvement in their own healthcare and health decision making. The majority of participants (63%) report healthcare consumerism is affecting their patients and organization. The top two trends are: Patients are price shopping (69%) Patients are more involved in their medical treatment (63%) The top three challenges associated with consumerism are not having: Tools to estimate cost of care (18%) Staff resources (13%) Enough convenient payment options (12%) 4

5 Key Survey Findings (Continued) PRICE TRANSPRENCY Almost half (40%) of organizations aren t aware of their state patient estimation and price transparency laws. Is price transparency mandated in your state? The top two challenges respondents face with patient price transparency are: Patients not understanding their responsibility vs. insurance provider responsibility (67%) Organizations estimating prices for services (42%) Unsure 40% Yes 15% No 45% 5

6 Key Survey Findings (Continued) PRICE TRANSPRENCY Only a minority of respondents are using key tools that make it easier for patients to pay. This presents an opportunity for organizations to make it easier for their patients to understand and pay their bills. Online bill pay/online payment portal Patient bill estimation 33% 53% What type of tools is your organization using to make it easier for patients to pay? Sending electronic statements 26% Securely storing debit/credit card information on file 25% 0% 10% 20% 30% 40% 50% 60% 6

7 Key Survey Findings PATIENT ENGAGEMENT Responses were nearly split between organizations who are and are not surveying patient satisfaction. Nearly half (49%) do not actively measure patient satisfaction with payment policies and processes while 47 percent are measuring patient satisfaction. The majority of healthcare organizations report/estimate that patients are only somewhat satisfied with payment policies and processes. Organizations who are surveying patients report most patients are somewhat satisfied (61%). Of organizations not surveying patients, most believe their patients are somewhat satisfied (69%). 7

8 Key Survey Findings (Continued) PATIENT ENGAGEMENT Those healthcare organizations who reported/estimated patient dissatisfaction indicate the top reasons for why as patients not understanding why or what they owe. Despite education, patients don t understand their insurance coverage versus their responsibility to pay Payment is required at time of service Poor communication with patients regarding their financial responsibility versus insurance coverage Estimates are not presented at or before time of service 34% 37% 40% 57% Why do you think your patients are dissatisfied with your payment policies and processes? Billing errors 29% 0% 10% 20% 30% 40% 50% 60% 8

9 Key Survey Findings (Continued) PATIENT FINANCIAL RESPONSIBILITY The majority (79%) of healthcare organizations think that patients are aware of their financial responsibility before (48%) or at the time of service (31%). However, they don t get most of their financial responsibility questions until after the time of service or at follow-up appointment (55%). Post-service via phone call or at follow-up appointment 55% Pre-service 21% At the time of service 24% When do you get the most questions from patients regarding their financial responsibility? 9

10 Key Survey Findings (Continued) PATIENT FINANCIAL RESPONSIBILITY The top four most common patient financial responsibility questions center around payment options and treatment costs. Do you offer payment plans? 58% How much will my treatment cost? What is my balance due? What are your payment options? 43% 53% 56% What are the most common questions you get from patients regarding their financial responsibility? 0% 10% 20% 30% 40% 50% 60% 70% 10

11 Survey Key Takeaways The price transparency trend is clearly growing: 17 states have implemented or proposed databases for common procedures to help patients find this information*. Additionally, a number of states have current or proposed legislation in place to require healthcare organizations to provide a cost estimate to patients. Unfortunately, many healthcare organizations are not prepared for price transparency: Many respondents aren t aware of their current laws (40%) and don t have a price estimation tool in place (67%) Forty-three states earned an F grade for price transparency in a recent report from The Catalyst for Payment Reform and Health Care Incentives Improvement Institute *Beckers Hospital Review, 5 ways executives should prepare for pricing transparency from KPMG, July 28,

12 Survey Key Takeaways (Continued) Survey results indicate patients are confused as to how much they owe and why. There are patient-friendly tools that provide better price transparency, cost estimation and payment convenience. Unfortunately, their use is not widespread: Only 33 percent of respondents have a price estimation tool Only 26 percent are sending electronic statements Only 25 percent are utilizing a credit card on file solution 12

13 Survey Key Takeaways (Continued) Healthcare organizations need to invest more time with patients in the front office, estimating their cost of care and payment options in order to reduce questions and delays in collecting post service. Prior to or at time of service, healthcare organizations should address the three E s with the patient: Eligibility: Determine patient s responsibility and remaining deductible Education: Communicate organization s financial policy with patient including available payment options Estimates: Set expectations about the patient s payment responsibility 13

14 Detailed Results 14

15 Do you think healthcare consumerism, the movement which advocates patients' involvement in their own healthcare decisions, is affecting your patients and practice? Unsure 14% No 23% Yes 63% 15

16 How do you see healthcare consumerism affecting your patients? Select all that apply. Proactively asking more about the cost of care/price shopping in advance 69% More involved in deciding their medical treatment 63% Know more about their insurance coverage, thus improving knowledge about financial responsibility 40% Seeking additional payment options 34% Negotiating cost of care 33% Other 3% None of the above 3% 0% 10% 20% 30% 40% 50% 60% 70% 80% 16

17 What is the greatest challenge your organization faces from healthcare consumerism? 17

18 Is price transparency (the ability of the patient to discover how much a particular medical service or treatment costs, preferably before receiving the service or treatment) mandated in your state? Unsure 40% Yes 15% No 45% 18

19 What challenges do you face in the areas of price transparency? Select all that apply. 19

20 What type of tools is your organization using to make it easier for patients to pay? Select all that apply. 20

21 For patients who are comparing your prices against competitors, what exactly are they comparing? Unsure 5% Both insurancecovered and out-of-pocket costs 59% Out-of-pocket costs only 35% Insurancecovered costs only 1% 21

22 Do you ever survey or ask your patients about their satisfaction with your organization s payment policies and processes? Unsure 4% No 49% Yes 47% 22

23 How satisfied are patients with your payment polices and processes? Of those organizations who surveyed patients: Of those organizations who haven t surveyed patients: Very satisfied 26% Very dissatisfied 2% Somewhat dissatisfied 11% Very satisfied 19% Very dissatisfied 2% Somewhat dissatisfied 10% Somewhat satisfied 61% Somewhat satisfied 69% 23

24 Why do you think your patients are dissatisfied with your payment policies and processes? Select all that apply. Despite education, patients don t understand their insurance coverage versus their responsibility to pay 57% Payment is required at time of service Poor communication with patients regarding their financial responsibility versus insurance coverage Estimates are not presented at or before time of service 34% 37% 40% Billing errors 29% Other 17% Don t provide payment plan options 6% Unsure 0% 0% 10% 20% 30% 40% 50% 60% 24

25 When do you think your patients are aware of their financial responsibility to pay for their care? After the time of service 21% At the time of service 31% Before the time of service 48% 25

26 When do you get the most questions from patients regarding their financial responsibility? Pre-service 21% Post-service via phone call or at follow-up appointment 55% At the time of service 24% 26

27 What are the most common questions you get from patients regarding their financial responsibility? Select all that apply. Do you offer payment plans? 58% How much will my treatment cost? 56% What is my balance due? 53% What are your payment options? 43% Do you require payment in full at time of service? 29% How do I know the statement balance sent to me is accurate? 20% Other 7% 0% 10% 20% 30% 40% 50% 60% 70% 27

28 Helpful Resources Websites The Daily Practice MGMA White papers Seven Steps to Improve Your Practice's Revenue Cycle Management Patient Collections: Business Critical for Today s Medical Practices New Collections Workflows Raise Challenges for Physicians & Staff On demand webinars 7 Technologies and Techniques to Accelerate Patient Payments 8 Best Practices for Collecting from Patients with Deductibles Collecting from Patients: Payment Plans Articles Patient Collection Strategies that Work for New Plans Increasing Patient Satisfaction With Accurate Price Estimates Infographics, slide shares Infographic: Paper Statements vs. Electronic Statements Slide Share: Easily Increase Patient Collections - Six Steps to Energize Front Line Processes Infographic: New Workflows for Winning Patient Payments 28

29 About Navicure Navicure is a provider of cloud-based healthcare claims management and patient payment solutions that enable healthcare organizations of all sizes to increase revenue, accelerate cash flow, and reduce the cost and effort of managing insurance claims, patient billing and payments, and data analytics. Serving more than 100,000 healthcare providers nationwide, Navicure s complete healthcare revenue cycle management platform integrates payer and patient billing with an advanced analytics dashboard utilizing real-time data to continually optimize operational workflow and financial results. Navicure s unique 3-Ring service supports every client with trained, experienced analysts who guarantee that every call will be answered within three rings. The 2016 Black Book RCM Survey recognized Navicure as the top-ranked end-to-end revenue cycle leader in three categories. Navicure is the exclusive claims management and patient payment solution of the MGMA Executive Partner network. For more information, please visit or on Twitter. 29