While the patient financial process is traditionally considered as coming at the end of the patient journey, it is in fact, a crucial element in pre-service, point of care, and post-service. Patient financial management has, in many ways, moved from the back office (coders and billers) to the front office (receptionists and registrars). Healthcare leaders are intently assessing the crucial role played by financial relationships in improving the patient experience, and while the clinical encounter is central, the total experience is greatly shaped by what happens in surrounding administrative interactions.
CommerceHealthcare® actively assists healthcare providers in offering financial solutions that support their integrated patient financial engagement models. The solutions support patients throughout the entire patient payment journey. Patient lending and patient payment engagement solutions by CommerceHealthcare® support healthcare providers and their patients with convenient, personalized solutions. These solutions provide expanded access to care for patients through securement of payment options prior to or at point of care; expanded access to payment solutions beyond the typical payment plan; ease of concerns for patients regarding financial constraints of medical care; easier access to digital payment solutions and communications; and expedited revenue to providers that reduces the cost and time to collect.
“Organizations, particularly specialty hospitals, have reached out to us looking for solutions to better support their patients through a patient engagement perspective,” says Stephanie Barnett, vice president, national healthcare executive for CommerceHealthcare®. “Historically, patients have paid after services are rendered, and the solutions we offer provide transparency from the beginning, so patients understand early on what their responsibility is. There are ways to secure lending opportunities so the patients can be comfortable that their services are paid for before they have a procedure. Plus, the organization has the win they need because it immediately has the revenue. Our solutions provide organizations with better opportunities to engage with their patients.”
CommerceHealthcare® is the dynamic healthcare vertical of Commerce Bank, something Barnett says is unfamiliar to many healthcare organizations. “We have multiple products under our suite,” Barnett says. “One of the challenges we have faced in the Dallas market is brand recognition. Our full suite of products is what differentiates us. We have the resources of a big bank with the feel and relationships of a community bank. We have enjoyed getting the Commerce name out in Dallas by helping healthcare organizations with their lending needs. In the past 10 years, we have been very engaged with healthcare providers, physicians, and hospitals here. When you look at consumers today — and patients are consumers — they want a convenient, easy, personalized approach, such as paying bills online, making payments that won’t go on a credit report, zero percent interest opportunities, and more. When a healthcare organization can provide these things, it’s more likely a patient will choose it because the hospital positively engages with them. Not only does it help patients, it helps drive standardization and optimizes revenues quicker for the organization.”
The trends fueling concentration on patient engagement and overall experience make the time ripe to adopt a holistic payments strategy. The technology, services, and support from a banking partner are available now to help all providers take a giant leap forward by creating a better patient financial experience.
About Commerce Bank
With $33.9 billion in assets as of June 30, 2021, Commerce Bancshares, Inc. (NASDAQ: CBSH) is a registered bank holding company offering a full line of banking services, including payment solutions, investment management, and securities brokerage. Commerce Bank, a subsidiary of Commerce Bancshares, Inc., leverages more than 150 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., Commerce Bank currently operates full-service banking facilities across the Midwest including St. Louis and Kansas City metropolitan areas, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City, and Denver. It also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial offices, ATMs, online, mobile, and through a 24/7 customer service line.
About CommerceHealthcare®
CommerceHealthcare® develops long-term banking relationships with healthcare providers through automated payment solutions, patient financing, lending, investing, and asset management. To deliver the best patient care, health systems, hospitals, and physician practices need financial results, not promises. Tailored, ROI-based solutions enable providers to find cost savings, improve cash flow, and leverage new opportunities in everyday processes. From remittance processing to patient loan programs, cash flow to money management strategies,
CommerceHealthcare® helps providers improve processes, increase margin and reduce financial risk. CommerceHealthcare® solutions are provided by Commerce Bank.
Learn more about CommerceHealthcare® solutions and lending opportunities at www.commercehealthcare.com.
