New Study by Cedar Finds Healthcare Executives Still Struggle to Help Patients Understand and Pay Healthcare Bills
New York, NY – Cedar, a data-driven patient payment and engagement platform, today announced new data1 on patient billing and payment processes. The data reveals that although many healthcare executives consider patient billing and payment critical to organizational success, current approaches are subpar.
As the healthcare industry looks to better empower and engage patients, many healthcare providers still face hurdles with streamlining and simplifying the patient experience. Among the most challenging area for providers is patient billing and payment. In fact, 50 percent of respondents reported the need to improve the patient experience aspect of this process.
“The results reinforce the fact that providers must prioritize putting the technologies and processes in place to enhance the billing and payment experience for patients,” said Florian Otto, co-founder and chief executive officer of Cedar. “Other industries such as e-commerce have set a precedent by creating a seamless, user-friendly customer experience when it comes to receiving and paying bills. As an industry, healthcare executives must look to replicate this approach as it will continue to have a major impact on satisfaction and overall revenue.”
The results provide direct insight into critical aspects of the patient billing process, including:
Patient Billing Challenges – The majority of respondents agree that collecting patient payments is not an easy feat. Patient payment collections outweighed other billing issues by a significant margin, followed by the need for improved tools and technology and more efficient, streamlined processes.
Outdated Patient Billing Processes in Place – 60 percent of organizations use collections agencies; however, collections agencies don’t typically account for patient experience and a negative encounter can greatly impact overall satisfaction.
Delayed Time to Collect Patient Payments – Difficult to decipher bills and impersonalized patient outreach make it difficult for providers to collect payments in a timely fashion. On average, 65 percent of respondents reported it takes their organization more than 60 days to collect patient payments, with 40 percent waiting more than 90 days.
Healthcare organizations pride themselves on their ability to provide patients with quality care. However, most assume the experience ends once a patient leaves the office. That form of thinking neglects the billing experience – the final point of contact a patient has with a healthcare provider. Cedar works with hospitals, health systems and medical groups to simplify the healthcare billing and payment experience for patients. To learn more about Cedar and the survey results, access the full report here.
Cedar is a patient payment and engagement platform for hospitals, health systems and medical groups that elevates the total patient experience beyond clinical care. The platform leverages advanced data science, machine learning and smart segmentation to deliver modern intelligence and simplify the healthcare experience for patients. To learn more, visit cedar.com.
1To gather the insights, Cedar, in partnership with Becker’s Hospital Review surveyed 79 senior financial leaders. The survey was conducted online within the United States from July 17 to Aug. 1, 2018. The respondents included 28 C-level executives, 16 vice presidents, 24 directors and eight managers with health systems, academic medical centers, community hospitals, medical groups and children’s hospitals across the U.S.
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