Healthcare is undergoing a transformation in terms of how it is accessed by patients, who have become increasingly engaged with their own personal health journey. This has implications for health and dental clinics and also offers opportunities if they can they meet the expectations of this new generation of healthcare ‘consumers’.
Some of the key changes associated with the new landscape of patient power are:
- More patients are opting to self-pay for treatments, taking personal control of how and when they access healthcare and reducing their reliance on the NHS.
- Patients are actively ‘shopping around’ for treatments, basing their decisions on criteria, such as reputation of the provider, location, value, and finance options. There is an evolution where patients are coming to healthcare with a consumer mindset, where they demand choice, service and flexibility.
- Technology has changed both the patient interface and the speed and availability of many treatments.
- The line between essential treatments and elective treatments is blurring, with many patients considering their health and wellbeing holistically and becoming more engaged with everything from nutrition to aesthetics.
At Chrysalis Finance, we have been monitoring these trends carefully because we need to adapt to changing needs in the area of self-pay and we want to support our clinics to adapt too.
What this new patient power means for clinics
The shift from a model with providers at the centre, where healthcare is dispensed to patients, to a world of patient power is well underway. Clinics are increasingly patient-centred and involve patients in making decisions about the treatments they undertake and how they access them. For many providers, this involves offering alternative routes such as self-pay and in particular payment options, so that they can incorporate the cost of treatments into their monthly budget. Here are some of the other adjustments that we must all consider in this changing landscape:
- Integrating technology
Diagnosis and treatment of conditions are being revolutionised with the growing use of AI. But it’s also worth noting the changing technology needs of your patients. Increasingly patients want to interact with clinics online and they want their appointments and communications to be seamlessly integrated into those little black rectangles they hold in their hands. In 2021, 88% of all adults in the UK had a smartphone, rising to 96% of those aged 16-24*. Compare this to 2008, when only 17% of adults had a smartphone, and you can see how integral smartphones are to people’s lives.
Therefore, people expect to be able to access all aspects of their communication with clinics through their phone (or at least online). And when it comes to spreading the cost of their treatment, the process of applying for payment options and setting up payment plans needs also needs to be online, quick and easy.
That’s how we have designed it at Chrysalis Finance. Our interface is human-friendly and the processing behind it is designed to work smoothly and efficiently. We have also invested considerably in making our technology fit seamlessly into the systems that you use to run your clinic. For your patients, this means they have one interface with you, from appointment to payment, all accessible via their smartphone or online.
- Embracing patient power
With patients at the centre of their own health and wellness journey, and increasingly willing to pay for treatments that improve their sense of wellbeing, meeting the patient on their own terms becomes ever more important. This may mean extending the range of treatments you offer or taking additional time to understand what a patient really wants. Healthcare professionals of course have always put patient care central to their ethos, but that care now extends beyond the treatment room and into all your interactions with the patient.
In terms of self-pay patients, it means ensuring your finance provider is also patient-focussed. At Chrysalis, we specialise in healthcare finance so we know how to meet patient expectations while also understanding how the purchase of treatments differs from the more traditional consumerist model. That is why we have a patient charter that reassures patients we hold their interests at heart.
- Standing out
With patients acting more like consumers, clinics must act more like brands. Advertising and promotion are becoming increasingly important, as is the ‘brand experience’ – that is the experience patients have with your clinic at every touchpoint, from making appointments to sitting in the waiting room, to treatment, aftercare and any other communications.
Another important element to standing out is ensuring you have a unique selling point that meets the needs of your patients. An easy win here is to offer payment options. Not only does this give you a point of difference from clinics who do not offer it but it is also helps to retain business and increase self-pay revenue.
Patient power is here to stay
The healthcare provider is longer the sole decision-maker in a patient’s care. Patients are now more informed, more empowered and more demanding – and more likely to shop around for their healthcare. They are using the same service-based criteria that they use for other purchases, so the use of technology to make bookings and communications easier, a positive patient experience, and flexibility in payment terms are all integral to their decision-making.
In short, you are competing for their custom in a way that you never had to before and when you get it, you need to deliver more than just their treatment. They demand high levels of service, streamlined digital processes, quick access and flexible payment terms. Talk to us at Chrysalis Finance today to see how we can help you put digitally integrated payment options into place at your clinic as a key part of your service offer, future-proofing your business in line with patient demands.
https://chrysalisfinance.co.uk/contact-us/
Tel: 0333 32 32 230
Email enquiries@chrysalis.com
*Source: Uswitch, UK mobile phone statistics, 2023