BLOG

Blog -FrontRunner Consumerism - Header

Is Your Lab Embracing the ‘Consumerism in Healthcare’ Era? It Should.

Enjoy the following content from our partner, FrontRunnerHC.


The concept of consumerism in healthcare has evolved over the years, and whether we are in support of it or not, we must trust that the industry landscape has a new driver: the patient. The patient is taking charge of their healthcare more than ever. As consumers, they are proactively researching the different service options available centered around their circumstantial needs and preferences. Based on Deloitte’s Survey of US Health Care Consumers, the considerations holding the most weight for consumers regarding providers includes being in-network, reputation, and personality/bedside manners1.

Patients were able to pivot from being a passive consumer to taking on a more proactive, meaningful role with the help of technology advancement. Technology allows for accessibility to information and serves as a platform for one to share experiences, giving them a voice. Most consumer-facing healthcare applications and search engines specifically include a rating system to capture qualitative feedback on the patient’s journey experience. Although these systems put the patient’s voice first, some believe it may have a negative blowback. The retail-consumer process that patients have come to adopt when researching the available service options may overtake what really matters: the clinical and medical expertise of these providers2.

So how does consumerism apply to your lab? You don’t have direct contact with the patient, so it’s irrelevant, right? Maybe not.  

All diagnostic providers, including hospital outpatient labs, hospital outreach programs, remote patient monitoring organizations, and independent labs, should be on high alert. This shift within the healthcare landscape will likely be a significant disruptor. As with all disruptors, organizations must consider their effects and strategize on how to anticipate and embrace the new reality.  

Even though a diagnostic provider’s primary relationship is with referring physicians, there is also, by extension, one with patients as well. When all parties are satisfied, it equates to a steady stream of revenue; however, any annoyance experienced by the patient will create an unavoidable ripple of consequences that will affect physicians and, ultimately, your bottom line.

How can labs effectively embrace the patient-centric paradigm and maximize their accounts receivables?

Get the correct bill to the right person on the first try; it’s that simple! When a patient receives a bill over six months from the date of service or a bill that is incorrect, they are not only frustrated but have also lost trust. They have now joined the other 51% of Americans who’ve received a surprise bill3.

Accurate patient data brings the patient a step closer to a seamless journey, cuts operation costs, improves productivity, and maximizes revenue. When patient experiences are positive, physicians are not inundated with requests for additional patient information or complaints. Happy patient, happy physician!


XIFIN and FrontRunnerHC’s collaboration allows for the integration of automated demographics and insurance discovery capabilities to identify billable commercial and government coverage for patients with inaccurate or missing coverage on their file. Connect with XIFIN to learn about how your lab can streamline internal work processes, optimize paid AR and maintain your relationships with both physicians and patients.   

Interested in learning more about insurance discovery with XIFIN and FrontRunnerHC? Watch this on-demand webinar, "Automated Insurance Discovery: A Critical Success Factor to Securing Diagnostic Revenue."

Automated Insurance Discovery: A Critical Success Factor to Securing Diagnostic Revenue

Sources:

  1. https://www2.deloitte.com/content/dam/insights/us/articles/4632_CHS-Consumer-survey/figures/4632_Figure1.png
     
  2. https://revcycleintelligence.com/news/does-consumerism-in-healthcare-undermine-patient-centered-care
     
  3. https://www.modernhealthcare.com/article/20180830/TRANSFORMATION01/180839993/more-than-half-of-americans-have-received-a-surprise-medical-bill

Published by XIFIN
Share This Post:

Sign Up for Blog Alerts

Search Blog Posts

Blog Posts By Date

Blog Posts By Tag