Improving Patient Financial Engagement: A Tech-Driven Approach

In a landscape where patients are responsible for an ever-growing share of healthcare costs, traditional billing practices are falling short as consumers fall farther behind on their payments. Reversing this troubling trend calls for new tech-enabled billing and payment approaches that deliver personalized and increasingly digital patient financial experiences and remove other engagement and payment hurdles.Uncollected patient payments are undercutting the financial health of providers, which already operate on thin margins. Not surprisingly, increasing revenue is a top priority for 70% of healthcare finance and revenue cycle executives, according to 2024 research by the Healthcare Financial Management Association and FinThrive.The study found that six out of 10 also focus on improving patient experience, with 55% combining both goals by targeting enhancing the patient payment experience.