Senior Vice President & General Manager, Specialty for Synchrony’s Health & Wellness
In the dynamic world of medicine, ophthalmologists are continuously striving to deliver top-notch care while also crafting a seamless financial experience for their patients. This twofold task is crucial when treating common eye conditions like refractive errors, which include myopia (short-sightedness), hyperopia (long-sightedness), astigmatism, and presbyopia.
In an ever-evolving healthcare landscape, it’s become more important than ever for eye care providers to build an effective and patient-friendly financial path for those with refractive errors.
Grasping the Financial Impact
The initial step towards building a positive financial journey for patients is recognizing the financial implications of their treatments. When it comes to refractive errors, patients often need to make multiple visits, undergo various diagnostic tests, buy prescription glasses or contact lenses, or even opt for refractive surgery. These costs can quickly pile up, placing a hefty financial burden on patients. Synchrony’s Lifetime of Healthcare Costs study found that 28% of Americans have said they delayed a recommended procedure due to cost – with 17% ignoring the recommended care completely.
Certain treatments for refractive errors, such as laser eye surgery, aren't covered by many insurance plans, as they are considered elective procedures. This leaves patients to shoulder significant out-of-pocket costs, which can deter them from seeking necessary treatment. The cost for LASIK is, on average, over $2,000 dollars per eye – making the total cost more than double what most Americans assume they will spend on healthcare in a given year, according to the Lifetime of Healthcare Costs study.
The Power of Clear Communication
Transparent communication plays a pivotal role in shaping a positive financial journey for patients. It's essential for patients to be given a clear picture of the costs associated with different treatment options, potential additional charges, and the practice's payment policies. This dialogue should also cover the costs of eyeglasses, contact lenses, and surgical procedures like LASIK.
By being upfront about costs, patients won't be caught off guard by unexpected charges, helping them make well-informed decisions about their treatment. This, in turn, fosters patient trust and satisfaction, enhancing their engagement and commitment to their treatment plans.
Leveraging Technology
We live in a digital age, where many have come to expect the conveniences offered by high-tech solutions. In healthcare, we see technology as valuable tool in streamlining the patient payment process, which has historically lacked in speed. Automated billing systems and patient portals offering online payment options are a few ways providers can introduce digital solutions that help their patients, while expediting time to payment for revenue cycle management teams.
Creating a better financial journey for patients with refractive errors requires flexibility and collaboration from providers and their staff. Ophthalmologists recognize firsthand the financial challenges their patients may face and taking the steps to implement these tools can help mitigate these obstacles.
Incorporating Flexible Payment Options
Giving patients a variety of payment options can greatly improve their financial experience as large, lump-sum payments can be overwhelming for many people. By offering alternative payment options that allow patients to pay for their services over time, the initial burden of managing the full treatment cost at one time can be avoided. Not only does this make life easier for patients, but it also increases the likelihood of providers receiving full payment, ensuring the financial health of their practice.
Working with third-party financers can be a game-changer for both patients and providers. These financing entities provide financing options, support complex billing processes, and help decrease time to payment for practices. By helping practices shoulder the administrative responsibilities around payment processes and financial support, ophthalmologists can focus on their primary mission—delivering excellent eye care.
Furthermore, third-party financers often have systems in place to navigate the complexities of healthcare financing. This extra layer of support can enhance patient satisfaction and ensure that treatments are not delayed due to financial constraints.
Financial counseling can be a cornerstone in a patient's financial journey. Third-party financing partners can provide helpful financial resources to guide patients through the maze of their insurance benefits, out-of-pocket costs, and any available financial assistance programs. Patients who are well-informed about their financial responsibilities and options are better equipped to manage their healthcare expenses, leading to less financial stress and a more positive overall patient experience.
At the end of the day, the goal of every ophthalmologist is to provide top-notch eye care. By crafting a positive financial journey, they not only facilitate access to necessary treatments but also foster trust and satisfaction among their patients. In this evolving healthcare landscape, creating a positive financial journey is not just about ensuring the financial sustainability of the practice. It's about putting patients at the center, understanding their needs, and empowering them to take charge of their health. This patient-centered approach will undoubtedly define the future of healthcare, shaping not just the way we deliver care, but also how we finance it.
Greg Pierce brings 30+ years of experience in financial services to his role as Senior Vice President & General Manager, Specialty for Synchrony’s Health & Wellness business, a position he has held since 2013.