Why Does a Positive Patient Financial Experience Matter - PowerPoint PPT Presentation

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Why Does a Positive Patient Financial Experience Matter

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For pretty much every kind of business, it’s not exactly a secret that patient satisfaction goes a long way in how successful you’re going to be in the long term, and this isn’t any different for healthcare organizations—particularly smaller ones that need to do all they can to keep their business in the minds of their patients. – PowerPoint PPT presentation

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Date added: 4 January 2025
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Title: Why Does a Positive Patient Financial Experience Matter


1
Why Does a Positive Patient Financial Experience
Matter?
2
  • For pretty much every kind of business, its not
    exactly a secret that patient satisfaction goes a
    long way in how successful youre going to be in
    the long term, and this isnt any different for
    healthcare organizationsparticularly smaller
    ones that need to do all they can to keep their
    business in the minds of their patients.
  • Obviously, your main priority as a healthcare
    provider is to provide quality medical services
    to all of your patients, but the cost of
    healthcare is a big concern throughout the
    country, so patient payments and their overall
    financial experience play a massive role here,
    too.

3
  • So, throughout this article, well be taking a
    closer look at why a positive patient financial
    experience is so important for your
    practiceincluding how outsourcing your medical
    billing and coding needs to a third-party company
    like PMN can be particularly helpful for this.
  • The Significance of Patient Financial Experience
  • Generally speaking, the financial experience for
    your patients tends to extend well beyond the
    actual medical services renderedit covers their
    entire journey, from the moment theyve scheduled
    an appointment and walked through the doors to
    the resolution of all their medical bills.

4
  • Lets explore why this matters in a bit more
    detail
  • Patient Satisfaction
  • In essence, making the billing process as
    effortless for your patients as possible
    (including being clear about their financial
    responsibilities from the start) is always going
    to lead to patient satisfaction.
  • Some of the larger practices out there dont
    always have the time to level with their patients
    about all their individual responsibilities, so
    as a small practice owner, being transparent
    about this sort of thing is far more likely to
    leave them with a positive perception of your
    practice.

5
  • Timely Payments
  • Following on from the last point, your patients
    are generally more encouraged to pay their bills
    when youve been upfront about them and supported
    them along the wayin turn, meaning youve got
    far fewer A/R days since youll receive their
    insurance coverage faster.
  • Reduced Administrative Burden
  • Aside from the impact on your patients,
    streamlining the billing process is something
    thats only going to be praised by your
    healthcare staff, given that youve reduced a lot
    of the administrative workload on their behalf.

6
  • Ultimately, this means its a lot easier for your
    physicians to focus on actually doing their job
    rather than constantly having to deal with some
    of the complications that come with delays in
    payments.
  • Competitive Advantage
  • Lastly, and this is naturally especially
    important for small practices, giving your
    patients a positive experience financially is a
    key way your practice can stand out in an
    otherwise hyper-competitive market.

7
The Role of Medical Billing and Coding
  • Moving forward, your overall process for medical
    billing and coding is, of course, central to the
    patients financial experience, which, as youll
    know, is all about translating the healthcare
    services youve provided into medical bills that
    reflect the amount of money owed to you by the
    patient and their insurance provider.
  • Heres where medical billing and coding come into
    play

8
  • Medical Coding
  • Your physicians obviously perform a pretty varied
    range of different procedures and diagnoses, so
    each of these is going to come with its own
    specific codes that youve got to include on your
    claims.
  • So, your medical coders then need to obtain this
    information from your other physicians and
    translate it into procedure/diagnosis codes,
    which basically ensures the healthcare services
    are documented properly.
  • Medical Billing Process
  • Then, once your medical coders are finished, your
    medical billers make insurance claims and send
    them over to the patients insurance company.

9
Why Outsource Medical Billing and Coding Services
to PMN
  • To round things off, lets talk a bit about how
    having a specialized medical billing and coding
    service by your side can make a huge difference
    to your overall patient satisfaction rates
  • Expertise
  • Not only does PMN have 20 years of experience
    aiding small medical practices throughout Californ
    ia, but all of their staff are highly trained,
    meaning your patients billing process is
    generally a lot smoother.
  • Accuracy and Compliance
  • PMN are massively helpful for ensuring your
    medical claims stay accurate, so your patients
    dont ever have to worry about being overcharged
    for any of the services youve provided.

10
  • Cost-Efficiency
  • Generally speaking, only the larger practices out
    there with an abundance of resources are
    financially able to hire and train an in-house
    billing and coding team, so outsourcing is a much
    more cost-effective solution for a practice of
    your sizeultimately letting you save on
    personnel costs, training, and software expenses.
  • If youd like to hear more about what PMN can do
    for your practice, get in touch with their team
    today at (949) 215-5055 or visit their office in
    person in Laguna Hills, Orange County, California!
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