5 Ways for Medical Practices to Reduce Financial Anxiety

Financial anxiety is a prevalent issue for many patients when it comes to seeking medical care. High healthcare costs, insurance complexities, and unexpected bills can lead to significant stress and apprehension.

As medical practitioners, it is essential to address this concern and find ways to alleviate financial anxiety in patients. By implementing strategies that enhance transparency, affordability, and support, medical practices can create a more patient-centered approach and improve overall patient satisfaction.

Medical personnel, such as nurses and doctors, frequently concentrate on their patient’s physical health, but they also need to consider their complete well-being, which includes their emotional state.

Concerns about a patient’s ability to pay for care in the future, as well as overall worry and misery brought on by their low finances, can be the focus of their anxiety. Patients seeking to manage their health while unemployed run a major danger if they lack the money to pay for medications, for instance. 

Heart rate variability and cortisol levels have been linked to worry and anxiety, according to Frontiers in Psychology. As a result, treating patients’ mental health can improve their physical health and fit into your larger mission to provide the best caliber of services to individuals in your care.

1. Check the Details About Costs in Your Electronic Health Records Software

A quick glimpse at a patient’s records in an EHR, or electronic healthcare record system, is all that is required of healthcare providers. You should be able to rapidly review information on drug pricing as well as the expenses of various procedures and testing here.

It is helpful to have this option in EHR software since this kind of data can be used as a jumping-off point to estimate a patient’s share of the financial burden. You may be able to identify potential causes for patients to worry about their ability to pay if you are aware of the financial implications of your diagnosis and recommended course of treatment. After that, you can decide whether to discuss money with patients in the exam room.

2. Bring Up the Topic of Finances With Your Patients

You might want to bring up this topic for all of your patients, not just those you know or believe could be struggling financially. 

Simply ask patients whether they would like to discuss healthcare costs. You might provide a “deferral strategy” to postpone the most expensive therapies if they are not urgent, according to Fierce Healthcare. A case in point would be delaying an MRI to determine the reason for discomfort that the patient has been experiencing for only a few days in order to see whether the issue goes away on its own.

3. Make Estimates and Bills Easier to Understand

They might feel more in control if they know their out-of-pocket expenses and check to see if their insurance company has paid its portion of the bill. It’s vital to make the financial statements more understandable because patients frequently receive many statements from various providers on different dates, such as a doctor’s office and a hospital.

Examine your current statements to determine if there are any methods to redesign them so that they are easier to understand at a glance. Make it clear what the patient’s share and the insurance company’s share of these costs are as well. The options patients have for making payments should also be mentioned.

4. Offer Improved Self-Service to Patients Paying Medical Bills

Patients will feel more in control of the situation if you provide them access to self-service solutions for paying their medical expenses. This is particularly valid when you may apply for financial aid using your self-service alternatives (such as a patient portal that is linked to your EHR), according to MedCity News.

Having this option to ask for help will encourage patients to really start a conversation with the billing staff rather than just ignoring the invoices. Patients with limited resources will have a confidential and secure approach to address any issues. So that your customer support team may focus more time and attention on the unique specifics of each patient requesting assistance, the self-serve option helps take care of providing patients with the basic information.

5. Strengthen Your Customer Service 

Spending extra money on your customer service staff would be a good idea. If the customer service representative responds with empathy and can provide simple guidance on managing their bills and payment obligations, patients will feel less worried. 

Conclusion

Financial anxiety can significantly impact patients’ well-being and their willingness to seek necessary medical care. By implementing these five strategies – transparent cost estimates, flexible payment options, assistance with insurance claims, patient education, and enhanced communication – medical practices can help alleviate financial anxiety in patients.

By prioritizing affordability, transparency, and patient support, medical practices can create a more compassionate and patient-centered healthcare environment, ultimately improving patient satisfaction and outcomes.

Medical practice consulting services provide guidance and support to healthcare providers in optimizing their operational efficiency, improving patient care, and maximizing profitability. These consulting services offer expertise in various areas, including practice management, revenue cycle management, compliance, technology implementation, and strategic planning.