Andy Talford, a senior director at Moffitt Cancer Center, explains why health systems must build compassionate, flexible processes to help patients manage costs when their financial situations change mid-treatment.
A patient's financial situation can change in an instant, even during the course of treatment. If a patient loses their job or their financial situation changes for any reason, rigid payment policies can serve as a barrier to collecting payment and potentially impact their outcomes.
In this episode of HL Shorts, Andy Talford, Senior Director, Patient Financial Services at Moffitt Cancer Center, discusses the need for compassionate and flexible payment systems that allow health systems to re-evaluate patients' need for financial assistance mid-treatment.
Luke Gale is the revenue cycle editor for HealthLeaders.
KEY TAKEAWAYS
Establish flexible processes that allow patients to report a change in their financial status, such as a job loss, during their treatment.
Use flexible and long-term payment plans to accommodate patients experiencing financial hardship.
Check in with patients who previously experienced a financial downturn to see if their situation has changed to allow them to pay off their balance sooner, potentially by offering an incentive.