Cutting Healthcare Costs Through Technology Solutions

Healthy employees mean saving both time and money

With the continuous rise of healthcare costs, many patients fear receiving the bill more than the actual hospital visit. The continuous rise of healthcare services are forcing a greater number of patients into debt as they incur medical bills they can’t afford. While there is little that individual companies can do to impact drivers of higher costs, savvy employers still have plenty of options for decreasing healthcare costs for their staff. Switching to more progressive platforms, utilizing new technology, and bundling new wellness programs into existing health plans will help save time, money, and keep patients living a healthy lifestyle.

No matter the reason for a doctor visit, healthcare costs are on a spiraling rise in the United States and there doesn’t appear to be a decline anytime soon. A 2016 survey by Copatient discovered that 72 percent of Americans are confused by their medical bills due to varying codes, descriptions and pricing. Additionally, the same survey found that 94 percent of consumers have received medical bills that they considered to be “too expensive.” This confusion and high cost make it difficult for patients to pay their bills on time and providers are forced to spend more time on collections.

Key drivers to rising healthcare costs include increased pharmacy prices, the move toward high deductibles, and general inflation. Overall, more people are consuming greater amounts of care and driving up prices. Many individuals quickly fall into debt due to the complex combination of confusing and expensive bills.

Updates in communications technology, such as new payment collection platforms, have emerged to help both patients and healthcare providers. New payment platforms provide patients with cost estimates as well as the option to set up payment plans. These simplified payment options make payments easier for patients to understand their bills and plan for the future by maintaining a budgeted payment plan customized to fit their needs. 

Another technology advancement healthcare providers are utilizing is behavioral based propensity-to-pay models. These new models collect data from multiple sources to create an accurate prediction of patients’ ability to pay before their high cost procedure. This enables providers to have an upfront conversation with patients and establish a customized payment plan that fits the individual. This customization shows compassion for the patient and improves the hospital’s chance of receiving payments in full and on time.

To enhance overall patient experience, employers can take action to leverage innovated solutions. Many employers are turning to transparency platforms to identify low costs and high quality providers. Another valuable resource involves consolidated statements of bills and Explanation of Benefits (EOB) to simplify the billing and payment experience. An EOB clearly lays out and explains costs and claim details so patients are able to see how much they owe their provider, how much of their deductible has been paid, and how much they saved. This simplification makes it easier for patients to see what they have paid and what payments are still outstanding, helping them make payments on time without missing a beat.

Additionally, implementing a wellness program can be a key component to keeping healthcare costs down. Wellness programs help identify employee health concerns early on and encourage employees to make healthy choices. New technology can track wellness results across the organization as well as individually. This offers the opportunity to create wellness competitions to boost morale, makes getting healthy fun, and supports a culture of wellness within an organization. Healthy employees mean fewer trips to the doctor, ultimately saving both time and money.

For companies looking to implement these solutions and renovate their health plans, it can be helpful to seek out a third party to get started. These organizations help consolidate billing statements, offer bundled payment options, and help set up payment programs to make it easier for patients to pay their bills while also driving value to healthcare providers, insurance companies and employers.