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Healthcare price transparency tools: Because costs shouldn’t be a guessing game

Published: May 1, 2018 by Experian Health

Last year, a Kaiser Family Foundation study revealed that employer-based health insurance deductibles in the U.S. were at an average of $1,505. In 2006, the average was only $303. During this span of 11 years, the majority of responsibility for healthcare costs shifted from insurance companies to patients themselves, and many are still reeling from the sticker shock.

Before consumerism and routinely high deductibles, healthcare providers focused most of their collection efforts on health insurance companies. Now, patients are a main source of providers’ revenue, and some organizations are struggling to fit their old revenue cycles into the new payment landscape.

However, many patients aren’t prepared for the increasingly high costs of healthcare, so they may opt to delay their care until they’ve met their deductibles at the end of the year. This creates a volatile and unpredictable revenue cycle in which organizations are slow in quarter one and quarter two and then slammed in quarter three and quarter four. Other patients could forgo medical care altogether, cutting down revenue for providers.

Both scenarios contribute to a less healthy general populace and a vicious cycle in which more patients need increased care but most of them continue to hesitate or refuse it. At Experian Health, we recognize and want to bring change to this unstable healthcare climate. Our healthcare price transparency tools take sticker shock completely out of the equation by stabilizing the revenue cycle and putting transparent pricing in healthcare and payment options at the forefront.

Applying consumerism to transparent pricing in healthcare

Healthcare might have been a bit slow to catch up, but modern consumerism has already changed virtually every other industry. Today, consumers demand to know what they’re paying for and exactly how much before any transactions are complete. They need payment options that make their lives simpler and the ability to manage their accounts conveniently online without jumping through hoops.

All of this is possible for healthcare organizations to provide, but they must be proactive in helping patients overcome the burden associated with modern healthcare costs. From financial education to flexible financing programs, any organization can improve patient satisfaction by providing transparent price information and affordable solutions upfront.

With that goal in mind, Experian Health offers a variety of healthcare price transparency tools that can set your organization on the path to financial clarity, education, and advocacy:

Patient Estimates

A high medical bill is stressful alone, but it’s infinitely more so when the amount of the bill far exceeds what a patient expected. Price transparency is paramount to overcoming that stress. It’s also mandated in several states and will soon be in all others. With Patient Estimates, you can deliver transparent pricing in healthcare to every patient before or at the point of service.

Our Patient Estimates tool automatically generates estimates based on treatment costs, payer rates, and a patient’s eligibility for benefits. The platform takes the guesswork out of the process by automatically storing and populating this information so you can provide patients with highly accurate estimates as early as possible.

Patient Statements

When patients know what price to expect on their medical bills, they’re more prepared to pay them. Yet if they can’t read or understand the bill, they might still delay paying it until they have time to thoroughly address any concerns. To simplify the final bill, we offer Patient Statements software that combines separate billings into one simple, easy-to-understand statement.

Patient Statements not only simplifies a patient’s bill, but it also helps you turn it into a valuable engagement tool. Every statement can be personalized with educational information about the patient’s condition, links to relevant videos and websites, and marketing messages for products that can improve the patient’s quality of life.

Patient Self-Service

Consumers are used to going online and managing their finances from a smartphone or computer. They often choose retailers based on this availability, and soon, most will choose healthcare providers on the same basis. Giving them convenient, 24/7 access to their healthcare accounts through Patient Self-Service portals will become increasingly more important for organizations to stay competitive.

An online, self-service portal allows patients to view their estimates, manage their integrated fundraising accounts, pay their bills, and stay up-to-date with changes to their healthcare. Our self-service healthcare price transparency tools are also protected by highly secure payment processing technology, so patients can be confident that their information is closely guarded every time they interact with the platform.

PaymentSafe®

Collecting healthcare payments requires the combined security of protected health information and a patient’s personal and financial data. Our comprehensive PaymentSafe solution makes it possible to safely and conveniently collect payments at any point in the care cycle and from any department within the organization. Every payment is automatically settled throughout the system, as well, so patients are never double-billed.

PaymentSafe also applies to every type of remittance — from electronic checking and debit cards to cash, checks, and money orders. In addition to satisfying information safety compliance standards, the technology gives patients peace of mind and encourages them to be more proactive in settling their healthcare bills.

Transforming your revenue cycle to make it more consumer-centric and price transparent can seem like a daunting task, especially in an industry in which every small change has resounding consequences. At Experian Health, we’ve made it our mission to make that transformation easier by helping organizations provide the healthcare price transparency tools and payment options that their patients demand.

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No matter how much the healthcare industry evolves — whether through new legislative priorities or advances in AI and automation — one thing remains constant: the patient experience matters. Patients expect quality care, quickly. For five years running, timely access has been a top priority for patients, according to Experian Health's State of Patient Access surveys. But efficiency is just the start. In an uncertain world, patients also need reassurance, reliability and compassion. For revenue cycle leaders, meeting these expectations isn't just about good service. It's a competitive advantage. A patient experience built on empathy, convenience and personalization fosters loyalty and trust, driving both satisfaction and financial performance. With the right digital tools, providers can take meaningful steps toward improving the patient experience. What is patient experience and why does it matter? The patient experience encompasses every step the patient takes while seeking and receiving medical care. It goes beyond the clinical aspects of care and includes all the systems and strategies that determine a patient's access to care. From the moment they book their appointment through their clinical care and final bill payments, each interaction is an opportunity to make or break a patient's satisfaction with their provider. The patient experience can be a major driver of health outcomes. Inefficient systems lead to missed appointments, while confusing billing practices cause patients to postpone care. Adherence to care plans is more likely when patients are engaged and informed. And when patients feel positive about their healthcare experience, there are trickle-down effects for staff, who have more time to focus on priority tasks. It's also vitally important for an organization's financial outcomes. A positive patient experience increases patient retention, reduces billing disputes and accelerates payments. Research shows this goes both ways: well-implemented revenue cycle management improves the patient experience, too. What does a quality patient experience look like? Alex Harwitz, VP of Product, Digital Front Door, at Experian Health, says that a high-quality patient experience should encompass three things: “Choice, flexibility and convenience are themes that have come through strongly in our patient surveys. Patients are more mobile and more digitally active, so they expect services to be available on demand. They have a diverse range of schedules, responsibilities and preferences, and providers need to accommodate these variations so accessing care feels easy and convenient. Providers that leverage digital technology to deliver a patient-centered experience will see higher levels of patient engagement, better health outcomes, and a healthier bottom line.” Key strategies for improving the patient experience For healthcare providers, there's always a new delivery challenge around the corner. But it's also getting easier to improve the patient experience, thanks to digital technology. Here are five practical ways to make an immediate difference: 1. Reduce wait times Long wait times frustrate patients and lead to last-minute cancellations, which hurt revenue. Online self-scheduling, pre-visit digital check-ins and automated appointment reminders help keep schedules on track and reduce no-shows. According to the State of Patient Access 2024, these tools are also a smart way to meet patient expectations: 89% of patients want the ability to schedule appointments anytime, via online or mobile tools. 2. Streamline administrative processes with technology Manual data entry slows everything down. Patients dislike repetitive paperwork, while human error is a frustratingly common cause of denied claims, especially when that paperwork starts to pile up. Digital tools eliminate much of the hassle and allow staff to work more efficiently. Automated patient intake accelerates the admin tasks, so patients get the care they need without delay, and providers can keep revenue flowing without unnecessary roadblocks. 3. Improve communication between patients and providers Confusing communications are a major pain point for patients, and billing is a prime example. With 43% of patients saying they may postpone or cancel care if they don't get an accurate cost estimate, providers have an opportunity to stand out from the competition by offering clear and compassionate financial communications. Upfront estimates, proactive financial counseling, and digital payment options ease patients' anxiety, prevent disputes, build trust and increase collections. 4. Increase healthcare access with automation and AI Insurance hurdles are another source of frustration for patients. Uncertainty over coverage, eligibility and out-of-pocket costs can impede access, lead to billing disputes and increase the risk of claim denials. Manual verification is time-consuming for staff and often leaves patients waiting for answers. Automation and AI can eliminate these bottlenecks. For example, Patient Access Curator uses machine learning to verify and update all patient information with a single click. Watch the webinar: Revenue cycle leaders from Exact Sciences and Trinity Health share how they use Patient Access Curator to redefine patient access 5. 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UCHealth helped more patients qualify for financial assistance using Patient Financial Clearance, which automates presumptive charity screening. The tool disbursed $26 million in charity care and covered more than 1,700 patients. On-demand webinar: Learn how Community Health System used Experian Data to drive financial assistance automation. Prioritizing patient-centered healthcare The way the patient experience is delivered may change, but its role as a driver of trust, loyalty and financial stability does not. As patients become more mobile and digitally active, they expect care that fits into their busy lives — available on demand and tailored to their needs. By using digital technology to offer choice, flexibility, and convenience, providers can make care easier to access, strengthen relationships and improve both health outcomes and financial performance.  Find out more about how Experian Health's digital solutions help healthcare organizations improve the patient experience. 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Published: February 20, 2025 by Experian Health

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