Patient-focused Finance Trends at 2017 HFMA ANI

At this year’s HFMA ANI conference in Orlando, the patient financial experience was the clear focus and rightly so, as the patient is the fastest growing payer. Patientco exhibited again this year driving the conversation by releasing a new whitepaper, Accelerating Patient Revenue Capture with Probabilistic Modeling and announcing Enhanced Epic Integration for Patient Payments. Our new Chief Strategy Officer, Alan Nalle, gave an interview to Health Exec magazine on how predictive modeling can improve patient billing.

For healthcare finance leaders who were unable to attend the show, here are 3 patient-focused trends we noticed in both the educational sessions and the exhibit hall:  

Improving the Patient Financial Experience

Patient experience is now a central focus for provider CEOs and that focus extends to the patient’s financial journey. The shift in the payer mix has required providers to update each step of the patient revenue cycle process from scheduling to depositing and posting the final payment. Emphasis was on educating the patient up front about potential costs that would not be covered by a payer such as copays and deductibles as well as requesting an initial payment upfront for certain circumstances and the tools to facilitate these payments.
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A Peek into ANI 2017: Collaborating for the Future

Each year, HFMA’s ANI show brings together the best and brightest in healthcare finance. This year’s theme is “Collaborating for the Future,” and we couldn’t be more excited at Patientco. When people come together to work collaboratively and inclusively, everyone wins!

And in that spirit, we’ve spent time collaborating with both patients and providers to create a payment-processing solution that meets everyone’s needs.

Visit us at ANI (booth 1635) to look ahead to happier patients and more payments

 When patients have a poor experience, they’re less likely to pay their bills. The payment process itself is, unfortunately, often inconvenient and riddled with confusion. Our platform is designed to make the patient payment process a simple one that keeps patient satisfaction and payment collection rates up. Patients can expect:

  • Dynamic, easy-to-understand statements
  • Multiple payment options to suit patient preferences
  • Secure, intuitive online tools to help manage expenses

While we’re focused on the patient experience, we’re also committed to delivering a better payment tool for providers. We understand that you don’t need more tools – you need one tool that does more. The Patientco platform delivers:

  • Centralized and automated financial information flow
  • Financial visibility across the entire enterprise
  • Actionable reporting and business intelligence

Don’t take our word for it. Pre-schedule a demo at ANI, and you’ll be registered to win a Kindle Fire at the show.

We look forward to collaborating for the future, together. See you at booth #1635!

 

Patient Payments and Patient Experience: A Chicken & Egg Scenario

Have you ever heard the expression, “Life imitates art imitates life?” Like the classic chicken-and-egg conundrum, it’s hard to know what came first. The same can be said for the complex, symbiotic relationship between patient payments and patient experience.

Patients who have a positive experience are more likely to pay their bills. Patients with access to simple payment processing have a more positive experience. And around and around it goes.

A symbiotic relationship

Patient experience and patient payments are closely intertwined. To ensure high satisfaction levels and collect more payments, it’s critical to make the financial experience itself a positive one. Here are three ways to improve the patient experience through a superior financial journey:

  • Offer flexible payment methods. There are a number of tools today that improve the patient experience, from scheduling visits to automating the check-in process. This level of convenience is not as common from a financial perspective. Healthcare organizations have the opportunity to help patients understand how much they owe and make it easy for them to pay outstanding balances. Providing patients with several ways to pay — whether by cash, check, payment plan, or debit/credit card and in the office, online, over the phone or by mail — improves the patient experience and boosts payment collection rates.
  • Communicate with patients regularly. Offering convenient payment methods is only effective if patients are aware they exist. It’s important to highlight self-service payment options and communicate the financial process with clarity and transparency. At each stage of an episode of care, providers should remind patients they have the ability to manage, track and pay their expenses both offline and online. Providers can also call out these options on patient statements and on their own website.
  • Use a comprehensive, single solution. Revenue cycle management vendors are not the same as payment processing vendors. A single, qualified partner should handle patient payments and the patient data that accompanies those transactions. A single solution streamlines billing and communication processes, and it gives providers the ability to use data to optimize the process for an even greater experience.

The payment process is often the last touch-point that patients have with their providers, so it’s important to make it a positive one. Improving the patient experience at each stage of care, including the patient payment process after discharge, will result in happier patients and more payments.

But really, what came first – the chicken or the egg?

4 Tips to Automate Your Patient Revenue Cycle

By Bird Blitch

At HIMSS17, I had the opportunity to participate in this year’s Interoperability Showcase as chairman of the HIMSS Revenue Cycle Improvement Task Force (more on that here!). Two common themes I noticed in the showcase were automation and visibility. Given that Patientco helps providers take advantage of both concepts to maximize patient payments, I thought I would share four tips to speed up your patient revenue cycle.

Treat patient payments like claims

Few practices look at patient payments the same way they view insurance claims. As a result, there’s been little emphasis on standardization. Now is the time to standardize and automate patient payment processes, just as with insurance claims.

Track patient payments

Staff often need to go outside the practice management system and into another program in order to process patient payments. Those payments then must be reconciled through yet another system and posted back to the accounting system. Managing these multiple payment channels can cause a lag in reporting, which in turn delays the ability to track payments and make data-driven strategic decisions. (more…)

Leverage Your HIS Investment With the Right Payments Infrastructure

Are you getting the most out of your HIS investment? Most we talk to aren’t, specifically when it comes to patient payments.

It’s understandable, really. HIS systems were designed originally to marry the clinical and business data of hospitals, not necessarily to increase patient engagement or help get more payments in the door. With the HITECH act in 2010 and ICD-10 documentation in effect, documenting and creating charges is mostly straightforward. The nuances of collecting the revenue on those charges is what keeps CFOs up at night, the source of which is rapidly shifting from the payer to the patient.

According to this analysis, the average provider’s patient accounts receivable for insured patients is increasing while collections remain flat. Patient A/R has increased consistently since insured patients began switching to high deductible health plans (HDHPs) in the mid-2000s. Now, providers are facing incoming policy changes that could cost up to $1.7 trillion dollars in uncompensated care costs over the next decade. (more…)

HIMSS RCITF Unveils the Patient Financial Experience of the Future: A Continuing Journey

The 2017 HIMSS Revenue Cycle Improvement Task Force (RCITF), of which Patientco is a member, has launched a microsite offering a virtual walkthrough of a consumer-friendly patient revenue cycle experience from start to finish. The site is built upon the ideas laid out by last year’s RCITF and turns the proposed framework into a chain of actionable technology-enabled steps.

The task force collaborated throughout the year on a theoretical patient’s journey through an episode of care to demonstrate how health IT of the future will support decision making for the patient, her husband, and their medical team as it relates to their financial experience.

The microsite is an interactive walkthrough starring a woman who falls in her kitchen, injuring her knee. Leveraging the technologies that will be featured at the HIMSS17 Interoperability Showcase, she and her healthcare providers are able to treat the injury in a way that is both clinically and cost effective. (more…)

Looking to Improve Your Patient Financial Experience at HIMSS17? Don’t Miss the Interoperability Showcase!

The HIMSS Revenue Cycle Improvement Task Force (RCITF) will showcase a patient’s full financial journey through a particular episode of care at the HIMSS17 Interoperability Showcase.  Attendees will have the opportunity to interact with market-leading revenue cycle technologies every step of the way and see how these technologies can work together to create a better patient financial experience. Patientco will be showcasing our enterprise payment platform alongside other members of the Task Force to help you design a patient revenue cycle solution that works together to best fit your needs and those of the patients you serve.

The technologies featured in this year’s RCITF showcase include:

  • Search tools that take into account a patient’s health plan, deductible, location, and other factors to steer patients to in-network providers and avoid costly mistakes and network inefficiency.
  • Price transparency and estimation tools that can deliver a customized quote to the patient at the time of registration.
  • Eligibility and verification tools that take into account a patient’s past EHR records and two-factor authentication
  • Healthcare-specific point-of-service payment tools to accept multiple payment methods at the time of care and securely store payment information to streamline future transactions.
  • Tools that allow the patient and provider to determine follow-up care that takes into account the patient’s insurance status.
  • The latest advances in patient-friendly billing including self-service payment plans and online payment tools that allow clear communication between patient and provider.

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New Report Suggests Increased Patient Financial Responsibility Impacts Provider Net Revenue

By Patrick Creagh, Marketing Specialistshutterstock_88642495

In past blog posts we looked trends in patient financial responsibility for patients covered under employee-sponsored insurance plans. One post examined increasing out-of-pocket costs and the other looked at increasing premiums and deductibles for patients covered under employer-sponsored insurance plans. While the trends of the cited Kaiser Family Foundation survey imply that overall patient financial responsibility is increasing, we could only speculate on these trends effects on provider financial health.

Now, a new benchmarking study from Crowe Horwath claims that increasing patient responsibility after insurance negatively affects provider net revenue. In other words, when the payer mix shifts towards the patient, provider revenue suffers. The creators of the report used a metric called Self Pay After Insurance (SPAI) to indicate the amount a patient owes after commercial insurance settles a claim. This is the same as out-of-pocket-costs except that it only measures for patients who are covered by commercial payers.

With 835 remittance data from 199 healthcare facilities, the study benchmarked the SPAI numbers against facility collection rates. They found that higher patient responsibility as a percent of the total charge resulted in lower net revenue for providers from Q3 2015- Q3 2016. This suggests providers have more success collecting from commercial payers than patients. This is significant because employer-sponsored coverage is moving towards models that result in even higher out-of-pocket costs for patients. (more…)

Post-election Outlook for Healthcare IT and Patient Payments

By Patrick Creagh, Marketing Specialistshutterstock_87321571

The results of Tuesday’s election were improbable, according to most forecasters and pundits. Aetna CEO Mark Bertolini claimed Wednesday that his team didn’t forecast the impact of a Donald Trump victory because it seemed so unlikely. Perhaps more consequential to healthcare than the Presidency alone is that the Republican party now also controls the house of representatives and the senate.

What does this mean for the multi-trillion dollar US healthcare industry? Beyond promising unspecified change to the current Affordable Care Act, healthcare was hardly discussed on the campaign trail and both candidates offered little specifics on their plans.. President-elect Trump announced that healthcare will be the first priority of his administration and reportedly named Andrew Bremberg to lead the healthcare transition team, along with Paula Stennard to help develop healthcare policy. Both Bremberg and Stennard are relatively established policy consultants who have worked for Republican politicians in the past.

Despite the mantra, “Repeal and Replace [the Affordable Care Act]” on the campaign trail, the President-elect has expressed desire for some parts of the law to remain intact: specifically, the ban on discriminating against patients with pre-existing conditions and allowing children to remain on their parents’ policies until age 26. Realistically, it will be up to both parties in Congress to discuss and compromise on specific tenets of any reform policy, as Republicans lack a ‘Supermajority’ to bypass Democrats on the floor. (more…)

What Do Increasing Premiums Mean For Patient Payments?

by Patrick Creagh, Marketing Specialist

In September we looked at high deductibles and their impact on patient payments. Healthcare providers look at trends in deductibles because that is where the majority of patient A/R originates. Premiums, on the other hand, are paid to insurance companies and do not directly impact patient A/R. However, premiums do affect the patient’s propensity to pay, and this can have downstream effects on satisfaction with the billing process, even if the provider is not responsible. For this reason, it’s worth looking at premium trends.

A Commonwealth Fund study was released last week that examined employer-sponsored coverage trends from 2006-2015. In the chart below [exhibit 5], you can see that premiums and deductibles increased as a percent of median household income in 2015 at roughly 10%. So an employee making the median household income will, on average, spend 10% of his or her income on health insurance. It’s important to remember that half of Americans will spend more than 10% given that they earn less than the median. (more…)