The State of
Revenue Cycle
As healthcare costs and high deductible health insurance plans continue to grow, more and more of the financial burden is being placed on the patient. Providers and medical billing office companies have been engineered and optimized to focus on insurance payments.
Even though patient receivables have become a much larger portion of provider and facilities revenue, there has not been the same shift to optimize and improve the patient payment arena. Most healthcare is still episodic and transactional so when a patient comes in and has a multiple encounters, services, or treatments, the patient is billed separately for all encounters.
Results in...
Confused Patients
It is difficult for patients to understand their bill. Some call to clarify and others simply do not pay.
Higher Expenses
Too much paper and too many vendors involved in the process of billing patients.
Extra Labor
Each bill that comes from each encounter and each department is extra labor that could be avoided.
Making it Difficult for Patients to Pay
More steps and more friction in the payment process makes patients less inclined to pay.
Less Pay Options
Patients are unaware of finance options because all bills come separate. This reduces the amount of patients that pay their bills in full.
Gain control of the Entire
Patient Financial Experience (PFX)
Guarantor Based Billing
Combine bills from all encounters, departments and vendors in to one single interface.
Pre-Encounter
Begin to communicate financial policies, co-pay amounts and past due amounts with the patient in an automated way, pre-encounter.
Encounter
Collect more payments at the Point of Service when possible.
Post Encounter (0-120)
Accelerate communications and payments during this period through VantageOne.
Post Payment Billing (120+)
By not sending the patient immediately to collections, VantageOne is able to continue working with the patient in a cost effective way and collect a significant amount of money. Collection companies typically will not want to pursue many of these small dollar amounts.
Collections
VantageOne will use its PatientAI module to inform clients of which accounts should actually go to collections. Because Vantage will collect most of the accounts in the above two phases, the number of patients that could be placed for collections will be significantly reduced.
VantageOne
Why is PFX important?
The patient portion of the revenue cycle is now significant. The cost to recover a patient dollar has been estimated to cost ten times as much as an insurance dollar.
VantageOne is driving down this cost per dollar recovered by increasing collections and reducing labor. The Patient Financial Experience actually improves as the labor is removed. As the population ages and patients become repeat customers, a good financial experience will improve the perception of the overall experience.
20 Years Ago
Patients’ contributions used to be very minimal in that the cost of collection was higher than the dollars recovered and not worth pursuing.
Today Patients Owe More
The patient portion of the revenue is significant and increasing every year as healthcare cost rise.
Reduce Cost
It is pretty simple, VantageOne reduces the amount of paper bills by ~70% on average within the first 30 days. As the AI takes over, paper cost will be reduced even more.
For the average client, incoming phone calls are significantly reduced as well due to self service functionality provided to the patient through the platform.
Smart IVR intercepts additional incoming phone calls and handles those payments further driving down labor required.
AutoPosting of payments further reduces labor requirements.
Increase Patient Payments.
Get them Faster.
Reduce Cost.
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Reports & Analytics
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Increase Collections & Get them Faster
Typically, 7-12% of the patient AR is collected within the first 24 hours of the patient being notified, all before a paper statement is ever sent. With the goal of decreasing client labor and enhancing patient self-service, the VantageOne engine tailors message content, contact frequency, methods for each patient and engages them. It consolidates all departmental bills into one, employs intelligent tactics and utilizes SmartIVR for inbound patient calls. The system operates around the clock to speed up cash flow and enhances the patient’s experience.