Congrats to our Client of the Quarter: Houston Healthcare

by Anna Hansen

Recently, Patientco launched an initiative to celebrate and honor our clients who are doing exceptional work within their revenue cycle operations.  After lots of ideas and planning, we are excited to announce our ‘Client of the Quarter’ program!

This past Friday, the Patientco team headed down to Warner Robins, GA to celebrate a very special client of ours and our first ‘Client of the Quarter,’ Houston Healthcare.

Houston was chosen as our very first Client of the Quarter due to their continual efforts to make the lives of their patients better by giving them easy tools to pay and excellent customer service throughout the often difficult experience of paying a bill.

To show our appreciation for all that Houston does for their patients, we we decided to take a special Patientco tradition to them. Each Friday, Patientco hosts a lunch for our entire team in order to reflect on the week and enjoy the fun and laughter of sharing a meal together. So we took the fun to the Houston team in the form of a catered meal for their revenue cycle team along with music, desserts and a small gift for each member of the team.

Thank you Houston for all you do for your community as well as being such an amazing client to work with. Your hard work has not gone unnoticed. Congratulations on becoming our first Client of the Quarter!

 

Forget the Rearview: Look Ahead to More Patient Payments

By Alan Nalle

As patients continue to take on more personal responsibility for their healthcare finances, hospitals and health systems are busy trying to crack the code for quick patient payments. It’s no wonder, considering providers collect only 17 cents on the dollar of what is owed on average. Even so, revenue cycle leaders often wait months to determine whether adjustments to their billing strategy are effective.

We like to think about patient payments from the driver’s seat – literally. Imagine steering your dream car (mine’s the Tesla X), but all you can use to navigate is therearview mirror. You can’t exactly enter insane mode when you have no idea where you’re going. To drive forward with confidence, you need to look ahead. (more…)

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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Patientco Announces Enhanced Epic Integration for Patient Payments

 

Next-generation payment platform expands accessibility and functionality for Epic users and their patients

ATLANTA–()–Patientco, the leading healthcare payments technology company that optimizes the payment experience for providers and patients alike, announced today enhanced integration between its dynamic patient payment platform and Epic’s market-leading EHR technology. The integration provides robust payment functionality, automated workflows, and payment processing through Epic solutions, including MyChart. Patientco’s payment platform can be deployed enterprise-wide to help health systems leverage their investment in Epic and improve the patient payment experience, while streamlining payment workflows for revenue cycle teams. (more…)

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!

 

Patientco Announces New Chief Strategy Officer, Alan Nalle

Accenture alum joins Patientco to advance its healthcare patient billing success

ATLANTA– Patientco, the leading healthcare payments technology company that optimizes the payment experience for providers and patients alike, announced today that Alan Nalle is Patientco’s new Chief Strategy Officer. Nalle will focus on guiding Patientco’s long-term strategy to grow its market share as the leading provider of next-generation patient billing and payment technology for enterprise health systems.

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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…)