Consumer Financial Experience refers to a consumer, such as a patient’s experience of making payments for the services availed. Poor consumer financial experience can undermine a healthcare organization’s reputation despite providing high-quality care. The financial experience can be improved using patient payment technology that enables the patients to see the cost of the services and pay through digital tools and solutions without the provider’s help. Patient payment tools can help overcome payment hurdles, thereby improving patient experience. Providers are also benefitted from increased collections due to the ease of use.
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With growing patient demand for easy-to-use digital services in healthcare, revenue cycle leaders have begun focusing on creating empowering consumer-focused experiences. These experiences leverage the latest in artificial intelligence and machine learning technology to create a seamless path for patients across the revenue cycle, informing their engagement strategies, financial offerings and self-service capabilities. Looking to deliver their patients a more consumer-friendly approach, OSF Healthcare set out to improve its financial experience by capitalizing on these new advancements.
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