Want to boost patient financial engagement in your medical practice? Hire a patient financial counselor.
In an era of high deductible health plans, affording healthcare services continues to be difficult for many Americans. In fact, only 55% of all U.S. adults say they can access and afford quality healthcare when they need it, a recent survey found. It’s a complex problem that requires today’s medical practices to think creatively about how to support patients as they navigate their financial journey to improve the patient financial experience in healthcare. One way to do that? Hire a patient financial counselor.
What is a patient financial counselor? "
A patient financial counselor is a revenue cycle management (RCM) professional who helps patients understand their healthcare costs. Medical practices often hire this individual as part of a larger strategy to improve RCM through patient education and patient financial engagement. Similar efforts include designing consumer-friendly medical bills providing online payment options, promoting price transparency, and more.
How does financial counseling in healthcare benefit medical practices?
Financial counseling for patients helps improve the patient financial experience in healthcare while simultaneously decreasing patient accounts receivable and enhancing overall cashflow. They serve as an educational resource for patients who are often overwhelmed by a complicated financial system and can help steer them in the right direction so they get the care they need. Indirect benefits of providing individualized patient support and counseling may include attracting new patients and retaining existing ones.
How much does a patient financial counselor earn?
According to recent estimates, a patient financial counselor earns about $44,000 annually, though this amount may vary depending on geographic location and the counselor’s experience. The good news is that with the right strategy in place, these positions often pay for themselves through increased point-of-service collections and decreased patient accounts receivable.
What makes someone qualified to become a patient financial counselor?
Healthcare RCM experience and a solid understanding of insurance and claims processing are critical. So is top-notch communication skills, empathy, and the ability to listen to and engage with patients. A patient financial counselor might also have a credential such as the certified professional coder (CPC), certified revenue cycle representative (CRCR), certified billing and coding specialist (CBCS), or others. See p. 9 of this toolkit for a patient financial counselor job description.
How can medical practices best leverage patient financial counselors?
Medical practices can leverage these professionals in a variety of ways. For example, patient financial counselors can meet with patients to provide cost estimations and ask for payments up front. In cases of financial hardship, counselors can determine whether discounts may apply, set up a payment plan, or identify other forms of financial assistance. Patient financial counselors can also engage with patients who are shopping around for healthcare services and help them make the most informed, cost-effective decisions. Or they can answer questions about prior authorizations, primary and secondary insurance coverage, facility versus professional charges, and so much more.
Another way to leverage counselors is by tasking them with helping patients understand their medical bills after services are rendered. Once patients understand what they owe and why, they’re more likely to pay. Patient financial counselors can be particularly helpful in terms of working with pharmacies and pharmacy insurance programs to ensure patients can afford prescribed medications. This includes providing proper documentation for insurance coverage or securing grants or financial aid for those in need of additional financial assistance.
Finally, this toolkit suggests the following three ways to increase patient utilization of financial counselors:
For certain patients, standardize patient intake appointments with a financial counselor.
Create multiple access points for patient financial engagement with counselors.
Ensure coordination between clinicians and financial counselors.
Looking ahead
Financial counseling in healthcare plays a key role in addressing rising healthcare costs, and medical practices that hire them are those that prioritize transparency and patient empowerment. However, financial counseling for patients is just one piece of the bigger puzzle. Practices also need the right technology to move the needle on RCM operations and improve their financial picture. Learn how edgeMED can help and be sure to check the Healthy Snacks blog for more expert insights, best practices and industry trends.
