3 Strategies to Increase Patient Financial Literacy
One of the top concerns for healthcare practice managers and billers is getting patients to make payments in a timely manner. There are countless tips and resources with ideas on how to accomplish this, but one method is often missing — improving patient financial literacy. Understanding medical bills, insurance policies, and payment options can empower patients to take charge of their bills and help them better manage their healthcare costs. For providers, increasing patient financial literacy also streamlines administrative processes and reduces financial stress by shortening revenue cycles. Below, we’ll dive into how patient financial literacy (or a lack thereof) affects medical practices. Then, we’ll discuss simple solutions that you can start implementing today. Why Poor Patient Financial Literacy Is a Problem Healthcare bills can be confusing even for those of us in the industry. Despite this complexity, most patients have never had someone sit down with them to explain what di