In an interactive session at Becker's 29th Annual Meeting: The Business & Operations of ASCs, Cathy McDowell, president and CEO of Karen Zupko & Associates, Inc., and Claude Royster, vice president and general manager of healthcare specialties at CareCredit, discussed the rising costs of healthcare and the financial burden it places on patients.
Ms. McDowell, who has more than 30 years of healthcare and clinical experience, emphasized the importance of financial counseling for patients, starting from their first encounter with the healthcare system. Mr. Royster highlighted the role of CareCredit in providing patients with financing options to manage their healthcare costs, as well as findings from the company's "Lifetime of Healthcare Costs" research study. They also discussed the importance of educating both patients and providers about available resources and solutions to manage healthcare costs, stressing the need for providers to focus on patient care rather than financial management.
Editor's note: Quotes have been edited for length and clarity.
Key takeaways:
1: Healthcare costs are rising, and the financial burden is shifting to patients.
Cathy McDowell: "About 30% of every encounter lands on the side of the patient — it is a true, trackable occurrence. When we go into provider practices, in most cases we're seeing there isn't anyone doing financial counseling on the front end. So we get asked not just about coding and audit education, but we're getting asked 'How can I do this better? How can I talk to my patients about their financial status upfront?'"
2: Providers need to improve their financial counseling and registration processes to drive better experiences, efficiency and revenue.
CM: "We find with many providers, their registration process is not automated; they're still doing it on papers, clipboards. So, sensitive conversations about finances are happening at the front desk of the office, which is an extremely awkward thing for patients. It doesn't feel good for the patient or staff. We have to think differently about how we process patients, how we bring them in and how we give them the opportunity to privately answer their questions about their finances."
3: Patients are delaying care due to costs — but with the right tools and financing options, providers can empower patients to better understand, prepare and ultimately pay for their healthcare bills.
Claude Royster: "It's important to offer tools that will help patients afford and pay for their care. When patients delay care due to costs, their conditions can deteriorate and they might develop comorbidities during that time — which will end up costing them more money down the line."
4: Building trust and offering flexible payment options can improve patient payment rates.
CR: "Education, awareness and transparency are key. It's important patients understand the resources available to them. A financing solution can allow them to pay their healthcare costs over time and compartmentalize that so they don't have to use up funds on other cards or not access the care they need. Being able to pay over time eases the burden for those patients."
To learn more about how partnering with CareCredit, a Synchrony solution, can benefit patients and healthcare providers, visit www.carecredit.com/beckersasc.