May 31, 2018
Patients do not want emails, calls, and notifications flooding their devices to continually remind them to pay their bills or respond to appointment confirmations. According to a study by Deloitte, people want to access their healthcare information when and where it is convenient for them.
The study goes on to explain: “The use of technology to measure and manage health care is growing. A Deloitte report in 2015 that explored utilization of digital applications in health care found that the number of consumers applying technology to their care management had risen from 17 percent to 28 percent from 2013-2015, with millennials far more likely to find digital sources more advantageous.”
As time goes on and technology advances, tailored healthcare communication preferences will continue to rise. RevSpring provides intelligent revenue cycle management (RCM) and engagement solutions that support patients, giving them the flexibility to control their healthcare journeys.
Back-end Data and Analytics Drives Front-end Results
Back-end data refers to technology that runs in the background to make processes more efficient for patients and health systems. Patients don’t see the technology, such as analytics and data modeling, but they receive the benefit.
Front-end results are efficiencies and revenue gains that health systems can experience when they implement back-end technology and effectively use analytics to extract intelligence from data.
Influencing Front-end Results with Tailored Payment Solutions
The following are five solutions that push front-end productivity by offering patients a tailored billing/payment experience:
Intelligent Print Statement Design
Strategically create print statements to gently push the customer to move forward and take action. Given an easy, aesthetically pleasing path to follow based on back-end data patterns, patients can quickly identify what is essential and what needs their attention. Simple, smart statement design helps make interpretation easier, and patients are more likely to pay their bills on time.
Online Patient Payment Portal
Patients want to access their healthcare information when it suits them, and they expect a flawless process. Nine out of 10 consumers want to pay their healthcare bills online. With an online payment portal, patients can make secure payments, look at payment history and plans, and check their account balances, on any internet-connected device.
An Athenahealth study found a positive correlation between greater patient portal adoption and patient pay yield—the proportion of total patient obligations a healthcare organization collects. Practices that increased portal adoption rates by 20 percentage points or more over 12 months saw a median increase in patient pay yield of nearly 5 percent.
Making payment available online by offering payment portals, in addition to digital medical records, further augments payment yields.
Inbound Interactive Voice Response (IVR)
We understand how valuable time is, especially in healthcare, and we know people are frustrated with the process of calling customer service. An inbound IVR solution permits patients to use an automated, intuitive, pay-by-phone system. This gives patients and caregivers on-demand access to pay at any time.
The status quo for average days from patient statement print to payment is 21.7. With RevSpring, it’s 15.1 days. By using advanced analytics and business intelligence, your team can gain insights to track patient behavior and enhance your engagement workflows accordingly for top efficiency.
Point-of-Service Payment Estimation
Many patients delay paying service bills that they don’t understand or were not anticipating. Shockingly, according to a 2014 report, 63 percent of consumers did not know they had payment responsibility during a visit. Payment estimation tools, when combined with other RCM communication solutions, improve end-to-end patient engagement, increase payments, and reduce billing surprises.
RevSpring Can Help
These are five of many services RevSpring provides that work smoothly and tirelessly in the background to improve the patient experience immensely on the front end.
Integrated payment communication is part of RevSpring’s DNA. We tailor the payment conversation to influence behavior and inspire action. Our segmentation rules and workflows help you become hyper-focused on patients, understanding their ability to pay and mapping their financial obligations to repayment pathways.
If you’d like to learn more about our comprehensive patient engagement and billing solutions, we’d love to help you. Request a demo to see how we can help your organization meet its goals.