As patients continue to take on more personal responsibility for their healthcare finances, hospitals and health systems are busy trying to crack the code for quick patient payments. It’s no wonder, considering providers collect only 17 cents on the dollar of what is owed on average. Even so, revenue cycle leaders often wait months to determine whether adjustments to their billing strategy are effective.
We like to think about patient payments from the driver’s seat – literally. Imagine steering your dream car (mine’s the Tesla X), but all you can use to navigate is therearview mirror. You can’t exactly enter insane mode when you have no idea where you’re going. To drive forward with confidence, you need to look ahead.
Enter the revenue cycle version of GPS: probabilistic modeling. This statistical analysis tool estimates, on the basis of historical data, the probability of an event occurring again. By testing real-time payments data against a model built from millions of settled payments, the algorithm measures the impact of any new billing behavior before the full billing period is even complete.
Here are three best practices from high performing organizations that always look ahead:
According to the CDC, 40% of US American adults with employment-based coverage are insured by high deductible health plans… and that number is on the rise. It’s important to think ahead and adjust your organization’s revenue cycle management on an ongoing basis. Don’t settle for yesterday’s performance.
Sync your business rules with patient U/X. By equipping patients with technology for fast, convenient payments, you can guide them down a clear path to payment. Revenue cycle optimization happens when patients have the right tools and the right rules.
Use data to analyze your current revenue cycle and gather insights that you can push across the enterprise. Comprehensive reporting gives you greater visibility to the road ahead.
Probabilistic modeling can help you make faster, more agile decisions to positively impact patient satisfaction and collect more patient payments.