3 Focal Points for the Patient Experience of the Future

The $3-trillion healthcare industry is undergoing a digital transformation. Although care will still continue in brick and mortar facilities, patients are pushing for the increased use of technology.

With more access to information through the Internet, patients are now considerably more informed and are adopting a consumer mentality with regards to their care. Patients will research and shop for the best healthcare options in similar ways to how they choose a hotel or restaurant.

This is becoming more evident as software companies flood the healthcare market with technologies that aim to improve scheduling, billing, processing of consumers' coverage, and even collections. According to an analysis by the PwC Health Research Institute (HRI), 84 percent of Fortune 50 companies (i.e. 42 companies out of 50) have healthcare-related offerings.

Just recently, Apple partnered with medical device company Zimmer Biomet to help patients recover faster from hip and knee replacements. Over 1 million people get these surgeries every year in the US. Through this new app that lets patients and doctors connect in a new way, Apple is heading towards becoming a real game-changer in the healthcare sector.

The Amazon, Berkshire Hathaway, and J.P. Morgan healthcare partnership is also making headlines with the promise of better outcomes, improved satisfaction, and lower costs in healthcare. Before that, Amazon has already made moves into healthcare by selling medical supplies and equipment to clinics and hospitals, selling private-label over-the-counter medical products from sleeping aid to allergy medicine, and offering Prime subscription discount to Medicaid recipients.

Microsoft Healthcare recently partnered with healthcare technology company Genoox to advance precision or personalized medicine. Google is also developing a tool (called LYNA - LYmph Node Assistant) that helps doctors diagnose breast cancer using AI. Uber and Lyft are also partnering with healthcare organizations to provide transportation for patients to and from their medical appointments.

This list could go on but the real transformation is in how patients would change their behavior and improve health outcomes.

Investing in Personalized Patient Engagement Tools

There are a number of tools and services that can be used by providers to enhance the patient experience including online bill pay, social media, 24-hr hotlines, digital communication tools, kiosks, online scheduling, and mobile services.

However, a key is to use these tools in a way that fits seamlessly into the consumer’s journey and creates an experience that they want. It should not be about how the consumer fits into a company’s process. This means being where the patients are and educating both patients and staff on how to effectively use these tools. There’s a lot of work that needs to be done in understanding patients and tailoring experiences for them.

For example, in the future there will be more older adults than children. According to the Association of Medical Colleges (AMAC), the U.S. population is estimated to grow by nearly 11%, with those over age 65 increasing by 50% by 2030. In 2015, nearly 13 million inpatient hospitalizations were adults age 65 and older, according to late 2017 data. The question now is how can providers tailor the patient experience for an aging demographic.

Building a High-Performing Culture & Fully Engaged Workforce

Many providers have already succeeded in making administrative tasks easier and more convenient for patients: patients can pay bills online and can get reminders by email or text.

But the patient experience of the future requires changes in behavior and improved outcomes—as healthcare turns toward paying more for value, not volume.

A study by Dr. Thomas H. Lee, professor of health policy and management at the Harvard T.H. Chan School of Public Health pointed out that hospitals with better patient experience also have better safety records, better financial margin, and better clinical quality performance.

Why? The conclusion of his study is that engaged physicians, nurses, and other personnel — people who are committed to quality, safety, and patient experience — perform better.

Organizations need to have compassion for patients and teamwork as their core values in order to improve the patient experience.

Prioritizing the Patient Financial Experience

For many patients, the financial side of healthcare is the most frustrating and stressful. A recent study by the American Psychological Association (APA) reveals that 66 percent, or two-thirds of U.S. adults, point out the cost of health insurance as a stressor for themselves and their loved ones.

Health organizations are adding to that stress because of lack of staff training, confusing billing statements, limited payment methods, poor business processes. Fortunately, all of these can be avoided.

The best patient financial experiences are when patients are engaged at the earliest possible time about their financial responsibilities, even before care, in order to gauge their coverage level, financial situation, and propensity to pay. This way, providers can offer their patients financial concierge and counseling services, payment plans, or charity care programs.  

A study by the PwC HRI points out that 85 percent of consumers surveyed said that they want a service that would allow them to finance the costs of large medical expenses.

Many healthcare providers have patient financial advocates who can sit down with patients and walk them through their financial experience and help them with their concerns.

The entire financial experience can be greatly improved with price estimation tools, proper insurance information capture and verification, easy-to-understand bills, multiple payment options and payment plans. More importantly, having trained staff that know how to tailor financial conversations to individual circumstances can make a huge difference to the patient’s experience.

David Hamilton is the CEO of Mnet Health Services, a Business Process as a Service (BPAAS) and Financial Technology (FinTech) firm with a specialized focus on End-to-End Revenue Cycle Management, Care Coordination, and Quality Assurance in the healthcare industry.