An estimated 70% of patients report being confused about their medical bills. Healthcare consumers who aren’t happy with their healthcare payment experiences are willing to switch to providers that have better systems in place.
If healthcare organizations want to retain patients and boost revenue, they need new payment systems that are easier and more convenient to use. Payment systems like Flywire that use artificial intelligence and advanced analytics can improve healthcare consumerism and the experience for both patients and providers.
Here’s a closer look at how AI and analytics can boost healthcare consumerism.
Benefits of Using Advanced Analytics in Healthcare
Payment systems that have advanced, sophisticated analytics have the ability to identify which healthcare services are bringing in the highest amount of revenue, and which contracts will offer the highest return. They can also help providers determine whether they are charging appropriate fees for services that cost them money to offer, such as lab work.
On the patient level, advanced analytics can help providers identify which services offer the highest benefits to certain patient populations. These providers can then expand on the services most used and needed by their patients, such as medications and treatments for common health problems.
How AI Can Improve Healthcare Revenue
AI can help reduce the amount of time healthcare workers normally spend collecting payments, sending bills, and sorting paperwork. This allows staff members to devote more time to patients and important tasks that cannot be performed by AI.
Payment systems that use this improved technology can also facilitate dialogues between patients and their doctors about out-of-pocket costs, insurance coverage, and other billing items that can be confusing for many patients. Healthcare consumers who have the ability to view their out-of-pocket costs up front are more likely to seek treatment from providers that offer this transparency. Patients who receive a personalized billing experience and who can fully understand the costs associated with their services are more likely to stick with their healthcare providers long term through a continuum of care.