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Learn MoreA partner guest blog by Marie Bass, Director of Education Strategy, HFMA
It’s not always easy to talk about money with patients. Having the right conversation, at the right time, in the right way, can better serve patients’ needs, increase compliance, and reduce problems throughout the revenue cycle.
Healthcare providers are finding that they need to be more consultative than ever in regards to financial options and payer responsibilities. So how do we have this conversation with patients, and, more importantly, why does it matter?
First, it matters because of permanent changes in the healthcare landscape which have changed the conversation about payments, including:
Prepare Staff to Communicate Better
Healthcare organizations need to create a consistent, shared set of recommendations that staff can use to help patients understand the cost of the services they receive, their insurance coverage, and the individual responsibility portion of their bill. We are our patients’ best advocates when it comes to financial responsibility. If we do not perform this role, who will?
The Healthcare Financial Management Association (HFMA) has created a set of best-practice guidelines on patient financial communication. The guidelines were formed to bring consistency, clarity, and transparency to healthcare billing—something that in most cases has not been a priority.
For ideal patient financial communication, WHEN is the first question. Obviously, the earliest opportunity possible to begin the discussion is best. An exception is the Emergency Department; there is never a time before a patient is stable and safely recovering that is appropriate to discuss insurance issues. However, at all other times, discussions in advance of services are best.
For these discussions, don’t wait for the patient to bring it up. You must proactively start the conversation as quickly and clearly as possible. Your organization will want to determine the topics to cover in a conversation about patient billing and the tone in which it is discussed. Do you want to talk with them about prior balances that they have? Do you want to discuss balance resolution? Each department should have the same conversation based on consistent policies which should be clear and consultative.
The parameters for the conversation are compassion, advocacy, and education. Patients might need assistance with filing for other forms of insurance, information about their options, or they may need you to explain the basics of their coverage. At least 70% of the new health care exchange policies have $10,000 deductibles, and some patients may not understand what this means in terms of paying for services prior to reaching their deductible. They may also be shocked to find that they owe $10,000 after a hospital event.
The Commitment to Clear Financial Communication with Patients
To help standardize these financial discussions, HFMA has created the Adopter Recognition Program. All hospitals and healthcare systems are eligible to join the HFMA Adopter Recognition Program which demonstrates an organization’s commitment to clear financial communication at no cost to the facility.
Patient Financial Communications Adopter Recognition is based on HFMA's review of an application and supporting documents that describe an organization's financial policies and procedures. Organizations achieving this status are allowed to use the phrase "Supporter of the Patient Financial Communications Best Practices" in their marketing materials. Adopter organizations will also receive a certificate, listing on HFMA's website, and listing quarterly in HFMA's magazine, HFM. For more information, visit HFMA.org
HealthStream has partnered with (HFMA) to provide education, resources, and certifications to support all aspects of the revenue cycle and in this case, specifically, patient financial communication. The online training program consists of three modules and is practical and realistic. The toolkit offers beneficial content like user guides for staff coaching, customizable training materials, sample financial policies, and a competency development action plan to help get staff up to speed.
There is no downside to improved communication about financial responsibility. When providers are proactive, the patient benefits from:
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View All Learning & PerformanceHealthStream offers performance learning management solutions to help develop your healthcare staff into leaders and reduce turnover.
View All ProductsHealthStream works with healthcare organizations to create engaging and high-quality training videos for your staff and management.
View All ProductsImprove care quality and save money by making informed decisions about your healthcare facility and staff with HealthStream's reporting analytics solution.
View All ProductsHealthStream's proven methods for the improvement and overall engagement of your healthcare staff foster a positive workplace and increase retention rates.
View All ProductsWhen you enact HealthStream's quality compliance solutions, you can do so with the confidence your healthcare organization will meet all standards of care.
View All Quality & ComplianceBe confident in your staff’s ability to reduce risk by providing compliance training that changes behavior.
View All ProductsDevelop next-level people for next-level care by prioritizing quality and safety improvements.
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View All Clinical DevelopmentLearn about our advanced resuscitation training solutions. Our solutions are designed to help improve patient outcomes.
View All ProductsOur competency development solutions personalize learning for clinicians to bridge the gap between theory and practice for your nurse residents.
View All ProductsEnhance maternal & child nursing care with solutions focused on improving the quality of care for mothers, infants, and children.
View All ProductsAddress staffing orientation challenges to easily achieve and maintain certification with our emergency and acute care training solutions.
View All ProductsAs a premier provider of healthcare education, we are committed to promoting safer, more successful surgical and sedation outcomes for each and every patient.
View All ProductsOur solutions are designed to cater to the needs of patients, healthcare professionals, and organizations dealing with illnesses or chronic conditions.
View All ProductsComprehensive, industry-leading provider onboarding and credentialing software that validates health outcomes and supports provider assessment.
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