As the co-founder and CEO of Patientco, I’ve witnessed first-hand how hard our team has worked to create a better patient financial experience for patients, while focusing on building loyalty for health system providers. Over the years, revenue cycle leaders across the country have shared with me how Patientco® has delivered meaningful results for their team members and patients. I’m always proud when other leaders recognize our team’s innovation and hard work. However, I take special pride in our most recent industry recognition. KLAS named Patientco a top performer for patient financial engagement platforms in their Patient Financial Experience 2020 report (pages 4-5 of report).
The Patient Financial Experience 2020 KLAS Report
A positive financial experience for patients contributes to a steady stream of revenue for healthcare providers. Therefore, maintaining revenue is crucial for today’s health systems as they navigate the financial uncertainties brought on by COVID-19. For these reasons, KLAS compiled its Patient Financial Experience 2020 report. The report analyzes patient financial engagement platforms and determines how different vendors compare. KLAS scores vendors based on customer satisfaction, which capabilities customers find most beneficial, and what benefits have been achieved for patients.
In the KLAS report, Patientco achieved an overall performance score of 95.7. Our score is higher than the segment average of 89.3 and industry software average of 81.9. (KLAS Patient Financial Experience 2020 report, pages 4-5). Our score is highest among the other patient financial engagement vendors evaluated. The other patient financial engagement vendors KLAS evaluated for this report include Cedar, Flywire, RevSpring and VisitPay. KLAS calculated the scores for Cedar, Flywire and VisitPay with “limited data.” This is a result of the few customers and respondents that have experience with their technology and purported results.
KLAS Scoring Methodology
To calculate scores, KLAS gathers a comprehensive client listing from proposed vendors. Then, KLAS conducts in-depth interviews with multiple stakeholders within each client. During these interviews, customers shared how they use their vendor’s product, why they chose their current vendor, and answered other satisfaction questions specific to the patient financial experience market.
KLAS organizes these questions into six customer experience pillars to measure:
This scoring methodology helps other healthcare organizations more easily understand high-level differences in vendor performance. Additionally, this provides context as to how each product compares to other offerings in the market. Patientco achieved exceptionally high ratings across each of these pillars. In fact, Patientco exceeded the market averages for all six customer experience pillars.
KLAS Report Highlights
When interviewing our customers, KLAS asked each executive if they would purchase Patientco again and 100% said they would (KLAS Patient Financial Experience 2020 report, page 18). Our customers showed appreciation for several specific features from Patientco as well. Customers value our platform’s ability to simplify the payment process and offer patients a single view of charges across different providers and facilities. Customers shared that this functionality has increased patient satisfaction (KLAS Patient Financial Experience 2020 report, page 4).
What else did our customers say?
The KLAS report reveals details about why customers select each vendor. Customers most often selected Patientco for our platform’s ease-of-use and overall functionality. Likewise, our ability to support integration goals for health systems was another key differentiator (KLAS Patient Financial Experience 2020 report, page 5). Below is selected provider commentary about Patientco’s patient financial engagement platform in September 2020. Visit klasresearch.com for a complete view.
“I have been extremely pleased with Patientco because of the clarity of their statements that they send out for us related to our patients. Patientco has been easy to work with. They have been responsive to any improvements that we would like, any inquiries, and any problems that we have encountered. I would probably hold Patientco up as the epitome of how a vendor partnership should work.” – CFO, September 2020
We’re Patientco Proud
As a leader, few things are more rewarding than when your team is recognized for their commitment to creating a better financial experience for patients. Patientco’s vision is to empower patients with transparency, understanding, and control of every financial interaction with the healthcare ecosystem.
Our recognition from KLAS demonstrates Patientco’s position as a market-leading patient financial engagement platform. However, we refuse to sit still and our team is still working hard each and every day. We will continue to listen, learn, innovate and build technology that rises above the status quo in order to provide a positive financial experience for every patient across the U.S.
To access the full KLAS Patient Financial Experience 2020 report and each vendors’ scores, visit https://klasresearch.com/report/patient-financial-experience-2020/1527.