Providers Overhauling Patient Collections Strategies for COVID-19

Hospitals and health systems are finding that their patient collection strategies must be more flexible to accommodate evolving patient needs. The survey found that 70 percent of providers have increased patient payment options, 74 percent have adjusted bad debt placement timing, and 61 percent have delayed credit reporting.

Some providers also reported that their organizations are allowing patients to extend payment terms and delay payments, while others are considering more convenient payment options that allow for contactless payment.

“Healthcare organizations that are able to offer more payment flexibility and forgiveness will not only help patients in their time of need but build relationships with individuals based on trust and aligned priorities,” Gundling stated. “This patient-centered approach can help lay the foundation for a long-term patient relationship that is positive.”

Providers will need to foster more long-term patient relationships to improve patient collections, the survey indicated.