How Digital Health Platforms Increase Patient Payments| PatientBond
Digital patient engagement has been the growing trend in healthcare in recent years through the use of smartphone apps, wearables, AI and more. But as a result of COVID-19, digital tools are popping up everywhere and digital healthcare platforms are among the tools leading the pack.
What is a Digital Health Platform?
A digital health platform is a suite of digital patient engagement tools that can be used throughout the entire patient journey. It houses everything in one place so you don’t have to work through multiple vendors and purchase unrelated/unintegrated tools, saving providers money and time.
Parts of the patient journey handled by digital health platforms include televisits, care monitoring, loyalty efforts and general marketing, but did you know they can also manage patient payments? There are several reasons why this is a plus, especially if you use the PatientBond Digital Health Platform.
How a Digital Health Platform Increases Patient Payments
Improving health outcomes is your top priority as a provider, but you can’t do that effectively if your staff is taking time out of their day to follow up on patient payments. A digital health platform enables you to automate elements of the billing process, including payment reminders and debt collection messages while saving significant money on printed statements and postage. On top of the time and cost savings, you improve your billing process so that patient payments are made quickly, efficiently and more often.
Offers Payment Options for Patients
Healthcare consumers want options when it comes to paying their medical bills. In the past, you either paid after your appointment in the office or through the mail, but in today’s technological world, those shouldn’t be your patients’ only options. A digital health platform allows you to offer multiple payment options, like credit over the phone or online, in-app for your practice or digital payment methods like PayPal or Venmo.
Patients also want reminders and payment plans that fit their schedule. While some might want to pay right away and in-full, others want it spread out in multiple payments starting on a later date. These options give patients the reassurance and flexibility they’re looking for in a provider, so they’ll be more likely to make patient payments and stick around as loyal patients.
Motivations Leveraged Through Psychographic Segmentation
When you use the PatientBond Digital Health Platform, you get the added benefit of utilizing psychographic segmentation to engage with patients. This is a type of segmentation method, unlike demographics, that break up patients into different groups based on their lifestyles, values, attitudes and more. These attributes are core to people’s motivations and communication preferences, and PatientBond can personalize engagement accordingly to significantly increase the likelihood of bill payment.
The five healthcare psychographic segments include:
- Self Achievers - This segment is the most proactive when it comes to their health. Self Achievers like to be on top of their doctor’s appointments, patient payments and more. If you give them health goals, they will try to reach them.
- Balance Seekers - This segment takes a holistic look at health with a focus on wellness but are also independent and do not access the healthcare system often. Balance Seekers look at multiple sources for options and value having choices in healthcare.
- Priority Jugglers - This segment manages multiple priorities and is typically reactive about their health. However, Priority Jugglers tend to make the health of their loved ones a top priority as a result. They are also price-insensitive and are likely to pay their bills on time.
- Direction Takers - This segment trusts their doctors and looks to them as a guide and a resource. Direction Takers may not always follow advice, but try to incorporate their advice when they can.
- Willful Endurers - This segment is the least proactive with their health, but they have their reasons. Willful Endurers feel that there’s more to life than their health. They can be best described by the term YOLO (you only live once) and aren’t necessarily unhealthy, but they will only go to the doctor if they really need care. Willful Endurers believe they have a hard time paying for healthcare and are the most likely segment to be uninsured or on Medicaid. This segment is the least likely to pay medical bills on time. They are also the largest segment at 31% of the U.S. population over age 18.
Each psychographic segment requires a unique engagement strategy. By utilizing psychographic segmentation within the PatientBond Digital Health Platform, communications based on the patient’s segment and their preferences can be delivered. For example, when a patient gets a bill payment notification, it can use segment-specific language and payment options to appeal to their segment profile.
Other platforms will do generic, “one size fits all” messaging with patients, which limits the effectiveness of collections efforts. PatientBond allows you to appeal to all types of patients so that they are empowered to pay their bills. The more patients feel this way, the more you’ll increase patient payments and revenue.
Collecting more patient payments is a difficult task, but you can make it easier for your staff and save money with the help of a digital health platform from PatientBond. Learn about how one urgent care increased patient payments by 81%.