At Patientco, we’ve always believed that measuring patient engagement and payment activity is key to optimizing the revenue cycle. By consistently measuring patient engagement and payments, Health Systems can better understand the factors that influence revenue cycle performance. So, how does Patientco measure patient engagement for our Health System clients? With PEAs! Yes, you read that correctly, but we’re not talking about the little green legume.
So, what is PEAs?
PEAs stands for Patient Engagement and Activity Score. PEAs allows us to measure patient engagement and payment activity across a variety of spectrums, including payments, clicks and digital adoption as well as a variety of buckets, like bill amount and propensity to pay. This metric gives us a way to “pulse check” how our clients are performing year over year. Meanwhile, this provides us with benchmarking data that we can slice and dice on multiple levels. In other words, we can look at PEAs overall, for different bill balance buckets or for specific types of Health Systems.
What goes into PEAs & how does it measure patient engagement?
To get an accurate measure of patient engagement, we look at several factors. First, we analyze days to pay. To do this, we determine the bill date and the earliest the bill was paid. From there, we aggregate this data as an average using a geometric mean. This is because we have a lot of skew in our data. Most people pay in 30 days, while some people pay 300 days later. Geometric mean calculations help us prevent outliers from skewing our results!
We also measure engagement rate. To do that, we check to see if a patient engaged with a specific bill or communication and count the number of patients who engaged. Then, we divide this by the overall number of contacted patients to get our engagement rate. It’s worth noting that we count engagement differently per communication channel. For instance, with paper bills and eBills, we consider a message to a provider, an opened email, a clicked email or text link, and a payment made via our IVR or Digital Mailroom as engagement.
In addition to days to pay and engagement rate, Patientco looks at committed and collected dollar percentages. This means we look at what percentage of billed dollars have been collected. As for committed, we analyze how many dollars patients have committed to pay through payment plans or financing options.
By gathering and analyzing these metrics, Health Systems can get a clear measure of their patient engagement and payment performance. Moving forward, Health Systems can compare their PEAs scores from previous years or months to their current score. This allows our clients to better understand the factors that influence changes to their PEAs score.
Invested in PEAs
Measuring patient engagement and payment activity doesn’t have to be difficult. If your Health System is looking for a new patient billing and payment partner, make sure they have an established metric in place for measuring success. At Patientco, we want our data to excite and inspire others. Our teams are constantly thinking of ways to influence patient engagement and payment activity for our clients. PEAs gives us a way track Patientco’s impact on our clients’ performance and as a result, PEAs helps everyone improve over time. Speaking of improvement, for more tips on enhancing patient financial engagement and payment rates, check out our CEO, Bird Blitch’s tips in HFMA.