Patient Financial Engagement Software Product Ranking Comparison

Patient Financial Engagement

Technology that supports the financial aspects of patient engagement by facilitating patient payments via a patient portal. Tools may also provide predictive modeling, segmentation, business rules, inbound/outbound IVR, and appointment reminders. Primarily patient-facing tools that benefit provider organizations by accelerating cash collections and reducing resource burden for business offices.

Perception

Patient Engagement 2023: Provider Perceptions on Technology Investment Now and in the Future

15 November 23

In an increasingly digital world, the healthcare industry continues to face increased costs and labor shortages. Patient engagement technology is top of mind for healthcare organizations as they work to improve the overall patient experience, increase volumes, cut costs, and create more provider efficiencies. <a href="https://www.bain.com/insights/2023-healthcare-provider-it-report-doubling-down-on-innovation/" target="_blank" rel="noopener"><u style="color:#4c8bc9;">In collaboration with Bain & Company</u></a>, KLAS recently identified patient engagement as a top-three priority for healthcare investment. For this report, KLAS engaged with executives from 93 unique healthcare organizations to better understand perceptions of the patient engagement market, including strategies for addressing challenges and goals today, which vendors are most aligned with provider goals, and future plans for investment to improve patient engagement.

Report Abstract

Key Findings:

Organizations Focused on Patient Access to Increase Patient Volumes and Loyalty
Future Plans Mirror Current Areas of Lowest Adoption; Press Ganey, NRC Health, Salesforce, Kyruus among Non-EHR Vendors Adopted Most Broadly Today
Despite Third Parties’ Increased Capabilities, EHR Vendors—Led by Epic—Remain Most Aligned with Organizations’ Patient Engagement Goals
Majority of Respondents Planning to Consolidate Patient Engagement Tech Stack, Especially Communications & Virtual Care Solutions

Performance Data

Overall Score by Product

Products Appearing in Decisions

Overall Score by Question Topic

Provider Facility Size by Product

Provider Facility Type by Product

Amid the pressures of today’s economic environment, healthcare organizations are investing heavily in patient engagement technology to help reduce costs, alleviate staffing challenges, and consolidate technology in other areas. Both provider and payer organizations seek to understand what patient engagement capabilities vendors offer that can meet their core needs. This study (along with additional deep-dive content that will be published on KLAS’ website) is an update to KLAS’ 2021 report and shows which vendors report the broadest capability sets, which vendors have made the most progress over the last two years, and how the industry as a whole has matured. For reader ease, links to relevant online content are provided where applicable. Note that the data in this study is based primarily on vendor-reported information, accompanied by a limited amount of KLAS performance data.

Patient financial engagement solutions help healthcare organizations deliver a more consumer-oriented experience and support patients’ financial needs. Patients are more likely to have a satisfactory healthcare experience when they have a strong understanding of their cost of care. This report examines customer satisfaction with patient financial engagement solutions—including functionality, integration, and the overall impact on patients.

Attempting to interpret a medical bill can be a frustrating experience for even the most informed patients, and the collaborators in this case study knew that this systemic problem could be solved only through a joint effort. The partners integrated billing information from the provider organization with claims, HSA, and EOB data into one platform. The platform provides patients/members with more transparency related to their financial responsibility and gives them options for immediate payment or, if needed, helps them select a payment plan. User satisfaction with the system is nearly 90%, and patient-responsibility payments have increased.

Patient Financial Engagement

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