PwC’s Health Research Institute has released a new report saying that the healthcare industry’s payment system needs structural change to meet consumer demand.
As summarized by Becker’s Hospital Review, here are “four strategies from PwC that incorporate six consumer-oriented principles patients are looking for: convenience; transparency; affordability; reliability; seamlessness; and quality.”
1. Accelerate the migration to digital.
2. Partner with a sidestepper. “Many consumers today find the claims process confusing, as well as costly, PwC points out. Therefore, PwC encourages healthcare providers and insurers to consider partnering with nontraditional companies offering services that sidestep claims.”
3. Embrace simplicity. “Given that many consumers don’t understand their insurance benefits and are confused by their medical bills, online payment sites, mobile apps and aggregated billing can all help bring about a simplified consumer experience, according to PwC.”
4. Multiply payment options. “Providing multiple payment options and helping consumers plan for costs can reduce bad debt and days in accounts receivable.”