Most vendors promise results, but it’s difficult to know which will deliver. When it comes to patient financial experience, understanding which partner will stand by the promises they make during the sales process has never been more critical.
In a recent survey Apex conducted of healthcare CFOs and VPs of Revenue Cycle, we found that improving patient loyalty and patient financial experience were two of the top three highest priorities for providers. Why? Because 77% of hospital executives believe financially-engaged patients are more likely to pay their bills, and more than 87% believe patient engagement drives increased visit volume through return visits and referrals.
“High deductible health plans and self-pay patients are the biggest challenges,” was a comment shared by one CFO and echoed by others, who expressed concerns about trends for increased patient responsibility, increasing accounts receivable, and bad debt write offs. 56% of all respondents have seen an increase in patient accounts receivable over the past three years. Unfortunately, the study revealed a general perception among healthcare financial leaders that their existing technology is not effective for resolving today’s challenges, with 63% indicating a lack of confidence.
The question is, in the midst of all that pain, where are their vendors? Is it really a technology problem, or an accountability problem?
It’s time for healthcare financial leaders to hold their vendors to a higher standard. If a better experience or a measurable ROI is the primary driver for change, conversations about results shouldn’t stop once you pick a partner. Ask each vendor what assurances they have that their promises for success will not be forgotten once the contract is signed.
- How will they stay engaged through every stage of the relationship?
- How do you know they’ll stay focused on the success measures that matter most to you?
- And, most importantly, how will they be transparent and accountable to the results they are delivering?
Get it in writing. Ask for a guarantee.
If that level of accountability seems too good to be true, it’s not. Apex is doing it—proactively. Our promise is to deliver better business results and a truly remarkable client experience. We believe that level of commitment requires understanding, proactivity and accountability on behalf of our entire team to support each client’s unique vision of success. If our paths should cross, ask us about The Apex Care Plan. It’s an exclusive methodology that keeps everyone on our team focused on client success. We define it, we sign it, we continuously measure it, and we adjust as needed to deliver the results and experience that every client should expect from a true partner.
At a time when change is so critical to transform performance, you should demand nothing less.