Consumerism empowers us to shop around for the best products and services to fit our needs. We’re familiar with patients shopping around for physicians and services. Health system executives are shopping around too: for technology vendors. Executives are looking for vendors that will best suit their needs and deliver the best outcomes. However, it can be overwhelming to weigh the pros and cons of all the options on the market. Studies show that the buyer’s journey is 57% complete before actually talking to a vendor. Assuming that’s true, Patientco wants to make it easy to see the value we provide to your patient payment process versus those “other guys.” If your health system is looking to optimize the patient financial care journey, there are certain capabilities to look for in a potential partner.
Here are 4 things you should look for when optimizing the patient payment process:
#1 Integrations built specifically for healthcare.
Healthcare is a booming industry and many non-healthcare companies want in. However, integrating with healthcare-specific platforms and tools requires a deep understanding of the healthcare industry.
Patientco was built from the ground up over 10 years ago, specifically for healthcare. Whether it’s your HIS, your estimator, or another RCM tool, Patientco has an out-of-the-box integration for it. We make it easy for your health system’s processes and platforms to work together in an intuitive way. This helps simplify your patient payment processes, creating a frictionless experience for your RCM team and your patients.
#2 Guaranteed, in-house reconciliation.
When you have multiple vendors involved in the patient payment process, there’s greater likelihood for error. For example, imagine you have one vendor for processing, one for patient communications and one for online bill pay. If a patient pays online, but there’s an error in processing the payment, the bill pay portal and/or your HIS may inaccurately reflect their balance.
Because Patientco handles every component of the patient payment process, we are able to guarantee data quality and accuracy to the penny, every single day. While this may seem like a back-end benefit that automates manual processes and reduces administrative burden, there’s actually a significant patient benefit as well. If your system’s data is accurate, it means patients will see accurate balances on their statements and in their portal. Accurate balances instill trust, which leads to loyal, happy patients.
#3 Focus on compliance.
In 2019, more than 41 million patient records were breached. No matter what type of vendor you are looking for, be sure to ask how employees are trained to maintain a high level of awareness of security and compliance requirements. Security should be top-of-mind for all employees, especially those closest to the data and processes controlling it.
One of Patientco’s core values is Focus on Compliance. This means Patientco adheres to the highest security standards in the industry in order to protect our clients’ data. Our PCI security certification, validated point-to-point encryption (vP2PE), and SSL/TLS encryption are just a few ways we do that. Patientco also has a SOC 2 Type II certification, which outlines our sophisticated approach to security, availability, processing integrity, confidentiality, and privacy. In addition to all these certifications, Patientco requires quarterly HIPAA training for all employees. This ensures that data security and compliance is always top-of-mind. As a result, you can rest assured that your patient payment process is secure and any sensitive patient financial information is protected.
#4 Consultative approach to client success.
A vendor who doesn’t measure themselves to the same success metrics as you has different priorities and objectives. This often results in misaligned expectations and products that don’t grow with the needs of your organization. Before you select a patient payment vendor, confirm the service structure and the exact resources that will be available to you.
When you partner with Patientco, your metrics are our metrics. This approach ensures a productive working relationship that paves the way for the results that are most important to you. Your success is our top priority, from implementation to ongoing support. In addition, our Client Success Managers proactively monitor your data to discern actionable insights and spark meaningful conversations with your team to ensure continuous improvement across your organization. Our goal is to make the patient payment process frictionless for everyone, from the team members that collect payments to the patients making the payment.
Do As Consumers Do: Shop Around.
Whether you’re just starting your research or narrowing down to your vendor of choice, make sure to pick a vendor who truly cares about your success. We encourage you to take full advantage of the consumerism movement. Shop around and ask other patient payment vendors about these topics and see if they have data to support their answers.
Have questions about how we’re different from those other guys? Just ask by scheduling a payment consultation with us. We’re here to help, and we have the data to back it up.
Lauren Dailey works on Patientco’s product team. She is an expert on trends impacting revenue cycle management and the patient financial experience.