Get the Most Out of Your Healthcare Payment Technology
The right healthcare payment technology can turn patient payments into an economic growth engine for your Health System. But, to do so, healthcare payment technology cannot act as a mysterious little black box, where key functionalities and reporting features are too complex for the average user to actually leverage.
Instead, Health Systems need an intuitive platform that provides actionable data. This gives providers a deeper understanding of the health of their patient revenue cycle. When making this investment, it’s also crucial to partner with a vendor that takes a consultative approach. In other words, you need someone that identifies opportunities for improvement, as well as executes on those opportunities. This blog will detail some of the capabilities you should look for in healthcare payment technology and what your partner should bring to the table.
Your Health System should be able to use its healthcare payment technology to analyze total collections by payment source. Depending on what payment channels are offered, this could include point-of-service payments, automated phone payments, lockbox and online payments. This can help you see which methods facilitate the most payments. Furthermore, your healthcare payment technology should allow you to drill deeper to determine how many payments were initiated by revenue cycle staff versus how many were initiated by patients. By using technology that tracks and reports these metrics, Health Systems can more effectively influence patient engagement and payment behavior.
Total Billed Dollars vs. Bill Amount Paid
When investing in healthcare payment technology, make sure you can evaluate the total billed dollars and bill amount paid over a given time period. This will help identify trends in bill payment amount relative to the billed dollars. For instance, if you notice an increase in billed amount paid without a substantial increase in the total billed dollars, you can assume your patient payment strategy is working. Or, if the total billed dollars increases, but the bill payment amount stays flat, you should reassess your strategy. Additionally, monitoring total billed dollars by statement amount can prove beneficial. Your Health System may have a majority of billed balances ranging from $1,000 to $5,000. By drilling down and looking at payment rates for a specific balance threshold, you can determine whether different payment options are needed to increase payments.
Since the billing and payment process is a Health System’s last touch with a patient, your healthcare payment technology should monitor and report on the patient experience. It should reveal the number of patients that feel their financial experience with your Health System was positive or negative. This is essential, as a negative billing and payment experience can completely negate a positive clinical experience. In fact, most patients, 79 percent, consider the billing and payment process when choosing a provider, according to Patientco’s latest survey. Without tracking patient satisfaction, how can you improve the experience and ultimately, nurture patient loyalty?
Take a Consultative Approach
These metrics are just a few examples of data that can help you better understand your revenue cycle. Next time you’re looking to invest in new healthcare payment technology, make sure the solution provides access to actionable data. Beyond consumable data-driven reports, seek a technology partner that engages your Health System in consultative conversations that improve your results.
Patientco does this with our enterprise Health System clients on a regular basis, through quarterly or monthly performance review meetings. These productive meetings allow us to advise our clients on how to improve patient financial engagement and drive payments. Our team analyzed payment plan adoption rates for one Health System and suggested they adjust payment plan thresholds. This resulted in a 10x increase in patient adoption of payment plans. While this is just one example, it’s a powerful indicator of what can be achieved with the right partner and data-driven reports. Schedule a demo to learn more: Schedule a Demo