Health Plans Can Endear Members via Positive Payment Experiences

By October 11, 2019Blog

Research shows that the customer experience is playing an increasingly powerful role in the healthcare industry.(1) With millions of dollars of revenue tied to CMS Five-Star Ratings and HEDIS and member satisfaction scores, health plans are looking for ways to create positive experiences that lead to customer retention.

A 2018 report examining what kinds of experiences drive customers away showed that “brands are failing to create the positive, emotional experiences that drive customer loyalty.”(2) The report revealed that 67% of customers have become “serial switchers” – customers willing to switch brands because of poor customer experiences – resulting in a loss of $75 billion.

With member satisfaction now playing a significant role in revenue generation, health plans must find ways to endear members to them and avoid a negative reputation if they want to be successful. We know that health plan members want:

  • Digital features in their health plan services, including payments
  • Digital interactions with health plans
  • Positive payment experiences via flexible, convenient payment options
  • Financial transparency about transaction history

Payspan Offers a Solution to Meet a Variety of Payment Needs

Payspan has created a flexible, user-friendly Premium Payments service that is delighting members and opening the door for health plans to build positive relationships with members:

  • Flexible payment options including credit cards, ACH, AutoPay and one-time scheduling
  • Online multilingual options that support 26 languages
  • Ability to easily update dependents and automatically adjust premiums accordingly
  • Ability for members to view invoice and transactional history in one place

Payspan also offers multilingual phone payment options for members without internet access and integration of physical checks.

While a customer’s experience includes a number of factors from start to finish, the payment experience in any industry is a powerful influencer of whether a consumer becomes a brand loyalist. No matter what a consumer is purchasing, the payment experience is always at the center of the overall experience.

Learn how Payspan leverages Premium Payments as the foundation to retain members and build brand loyalty.

 

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(1) McKinsey & Company, “Great Customer Experience: A Win-Win for Customers and Health Insurers,” 2016

(2) NewVoiceMedia, “Serial Switchers Swayed by Sentiment: How Bad Emotive Customer Experiences are Costing Brands Billions,” 2018