Most healthcare leaders I speak with genuinely believe that improving their patients’ billing and payment experience is the first step to receiving more payments. However, most also admit not knowing where to start. One leader remarked, “We may have a data lake, but I only have puddles of usable information.” Enter smart technology.
While ‘smart’ originally described self-monitoring hard drives, the definition of smart technology has evolved. Now, smart means technology that has the ability to ‘learn’ through data analysis. At Patientco, we define smart technology as technology that maximizes engagement by dynamically adjusting to continuous analysis of patient payment data, consumer preferences, and health system-specific business rules.
To distill it down to its most basic element – it means that the technology can analyze what gets patients to engage (and what doesn’t). As it ‘learns’, it can automatically adjust variables to do more of what works. There are hundreds of data features that can impact outcomes. These features include: bill balance, past engagement, demographics, census data, patient preferences, health system business rules, and more.
Smart technology is complicated but the outcome is simple: Happy patients and more payments.
In our latest white paper: Improving Patient Financial Experience Through Smart Payment Technology, we dive into how this innovation can be used to automate incremental, yet material improvements in the patient financial experience.
The interesting thing is that smart technology is not a ‘silver bullet’ so to speak. Instead, it’s a critical part of a culture of continuous improvement. At Patientco, we believe that is what differentiates great healthcare systems (and businesses) from the rest. In fact, Improve Each and Every Day is one of our core values. We get better every day. Patientco smart technology gets better every day. Additionally, our health systems’ patient financial experiences get better every day.
We’d love to help you make your patients’ financial experience better with smart technology too. Drop us a line to learn more!
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