A few years ago, Patient Pay Segmentation and Analytics was a nice thing to have. Today, when risk is being shifted towards the consumer, it’s a necessity. Because providers inherit the risk far too often. Most healthcare consumers are willing to pay, but it’s vital to understand who can make partial payments, who would pay the full balance if they had financing options, and who should be identified as charitable debt.
That is exactly what our Patient Pay Analytics does. It microsegments receivables down to the individual consumer, and assigns the most productive action for each, so it dramatically improves net realization of cash from Patient Pay receivables. Since revenue capture is a team sport, we also deliver collaboration, content management, and learning management tools that help office staff work together more effectively.
We enjoy intensive collaboration with our clients to understand the most granular details of their revenue cycle operations. This leads to advanced workflow segmentation that improves patient pay liquidity outcomes.
– Stephen Delaney
SVP, Rapid Deployment
Now you can segment Patient Pay receivables into the categories that are most likely to produce positive outcomes, focus on those, and create prioritized, actionable workflows that increase collections and maximize credit for financial aid writeoffs. Here’s how that process looks in action:
Our home screen shows you how patient pay receivables are aging and how collections are proceeding, compared to target. We have built-in metrics that show how your collection flows are working, so you can focus on the outliers.
Some of these accounts are likely to pay given the opportunity, some will qualify for partial or full financial assistance, and others will not be productive. The intelligent scoring of our solution helps you identify each.
Even though customers’ ability to pay varies, most are willing to do what they can. In this report, the green section highlights patients who are most likely to pay their bills with just one or two statements. There’s no need to include them in a call campaign or send them to an outside collector.
For patients who can’t pay, this solution processes accounts to see if they qualify for financial assistance. We build your organization’s policies into this solution and run all accounts through it, to get your patients into the right collection flow.
After you see what’s going on, our built-in patient workflows let you do something about it. That’s the full power of our Patient Pay solution – segmentation, analytics, and WorkFLO™. It helps you realize extra revenue by focusing on the accounts that have the highest potential.