When providers don’t emphasize the importance of value-based care, your financials suffer.
According to a 2013 study, the value of a service is defined as the ratio of patient satisfaction with the service and its cost. And with reimbursement and pricing models constantly in flux, smart providers are focusing their energy on improving the former part of that equation.
As a healthcare provider, you’re probably already familiar with the medical aspects of value-based care improvements. A well-trained staff, quality equipment, access to low cost prescription medicines, and the necessary technology are each vital for patient satisfaction.
Yet non-medical improvements are just as important and often overlooked. These include improving accessibility for patients, reducing wait times, and increasing transparency and communication.
Another important non-medical factor is addressing the crushing burden of patient responsibilities. And the top answer to this problem? Providing patients more and better ways to pay for significant out-of-pocket costs with solutions like health care loans.
Health Care Loans for Value-Based Care
The financial health of providers depends on patients and payers. Seeing as the former are experiencing their own healthcare financial crises, it’s no wonder provider margins are dwindling.
Value-based care returns the patient to the center of your practice, making their satisfaction your top priority. And a top reason for patient dissatisfaction is having no way to pay for out-of-pocket costs in the era of HDHPs and individual mandate elimination.
Patients need to consume healthcare and you need them to pay for your services, regardless of the cost. At the same time, the quality of a patient interaction hinges on considering the patient’s financial needs. That’s where health care loans come in.
Patient loans allow providers to receive the cost for care upfront and in full. Meanwhile, patients pay off their out-of-pocket responsibilities within a timeline that suits their budgeting needs.
If you’re searching for a way to improve value-based care by increasing patient satisfaction, Epic River’s patient lending program can help. Get in touch to find out more about how our solutions give your patients better ways to pay for care.