A product is only as good as the people behind it. Keep this in mind if your Health System is considering investing in new technology to enhance patient financial care.
After all, such an investment requires optimizing systems and workflows. Furthermore, it involves training staff on the new solution, alerting patients of the newly available tools and more. This cannot be accomplished with one person – you’ll need several stakeholders within the Health System.
You’ll also need a trusted product expert that empowers your organization to make the most of its new technology following implementation. Improving patient financial care should be an ongoing initiative. Implementing the right payment and billing software is the first step. Beyond implementation, a dedicated account manager should collaborate with your Health System to help your team fully leverage its new solution and maximize ROI.
This should not be a general customer support representative or help line you can call if an issue arises. Instead, this person should serve as a strategic resource that meets with your team regularly and creates ongoing value for your Health System. Patientco’s account management team does this through regular update calls and account reviews, including quarterly in-person reviews.
These quarterly reviews are valuable opportunities to examine and consistently measure patient engagement and payment performance. This helps identify ways to optimize the billing and payment process.
To improve patient financial care, strategize with existing engagement and payment data.
At Patientco, we understand that better patient engagement supports improved payment performance. That’s why we include engagement as part of our quarterly reviews. Each account manager regularly pulls data to analyze how patients respond to their Health System’s financial communications. Therefore, when it’s time for a quarterly review, the account manager can detail how many eBills, texts and paper statements were sent in a given time period and how payment rates were impacted. Over time, you can identify trends in engagement. Are more patients opting to receive eBills instead of paper? Have text notifications gained popularity with patients? If you send eBills, how many paper statements are or could be suppressed? Our account managers can answer these questions and as a result, follow up with the appropriate strategic counsel to improve patient financial care.
Additionally, our account managers examine payment performance. This enables Health Systems to understand which factors influence payment rates. We break down payments by source, which makes it easier to determine how patients typically pay. Likewise, this can shed light on how many patient payments are self-service versus staff-assisted. If your Health System offers payment plans, our account managers can also showcase the amount patients have committed to pay compared to the amount already paid on those plans. Other useful pieces of information can be obtained, like the average length of a payment plan or the average payment amount. Interestingly, through these reviews, our team has found that patient-initiated payment plans see higher monthly payments than provider-initiated payment plans.
Are you reaching your full potential?
Evaluating patient engagement alongside payment performance highlights opportunities for Health Systems to optimize patient financial care. By conducting these reviews, sharing valuable intel based on data and building strong relationships with each Health System, our account management team remains focused on our clients’ successes. At Patientco, our success hinges on our clients’ success. The next time your Health System invests in new technology, make sure it’s with a partner who will help you make the most of it.