Patient Financial Engagement

Encountering The Self Pay Experience With Ease

Empower patients through financial engagement

In an ideal world, everyone would have great coverage. All patients would fully understand their benefits. Healthcare would be affordable. And all care organizations would be financially secure. While no one company can change the realities of the healthcare landscape, we are doing our part to help providers bridge the financial and consumerism gaps created by ballooning patient balances.

Digital Outbound Engagement

Inbound Patient Support

Courtesy Payment Plan Adoption

Data Reporting & Analysis

CoverageID

Consumerism has emerged as a real differentiator within healthcare. Patient retention is becoming more contingent on the level of convenience, responsiveness and transparency care organizations are able to provide. It begins by engaging patients through their preferred channels. We offer customized, omni-channel campaigns which drive:

  • Increased responsiveness
  • Quicker revenue capture and resolution
  • Reduction in cost-to-collect
  • Reduction in bad debt

Combining a health episode with unexpected debt will induce some of the highest levels of stress and frustration a person will experience in their life. This reality sustains empathy at the foundation of our patient-facing value system. A compassionate team equipped with an advanced telephony system (IVR, predictive dialer, automated call distribution and digital recording) and continuous industry and payer training can produce:

  • Improved trust and understanding of medical bills
  • Increased patient satisfaction
  • Shorter hold time 
  • More clarity around FA policy and application rates 

Patient balances have been outpacing wages for over a decade now which is opening the door for banking institutions to capitalize on medical debt. It’s understandable. Banks have centuries of financing expertise whereas healthcare organizations tend to focus on providing care. But, what if there was an option to outsource the expertise while keeping the revenue in-house? Utilizing advanced propensity-to-pay modeling, we can assist with more effective plan structuring and management so you can keep more high balance accounts in-house. Our in-house plans have consistently led to:

  • Quicker plan pay-offs
  • Increased adherence terms
  • Less patient confusion
  • Higher patient revenue capture

There’s nothing worse for revenue cycle leadership than being anchored to a partner that provides low visibility and poor communication. We believe in utilizing the data at our disposal for inward examination for continuous improvement within opportunity areas, but also feel that open, consistent reporting can help drive better understanding of your patient behaviors and revenue patterns. Our capabilities with data analytics and reporting provide our clients with:

  • Real-time performance measures
  • Trend breakdown of patient payment behavior, impact, and shifts
  • Identification of upstream process improvement opportunities
  • Collection performance by demographics, payer buckets, department and service area

Accounts within the self-pay bucket have increasingly been allocated incorrectly due to missed insurance. From the point of registration up until the end of the billing journey, providers and patients alike face challenges identifying coverage opportunities and proper status. With an already heavy workload, hospitals must navigate complex verification processes, billing procedures, and mange denials which can lead to increased expense. We serve as an extension of the hospital, identifying missed coverage, in addition to applying at a guarantor level. Taking a proactive approach, streamlines the workflow and improves the patient’s financial experience, ensuring collection outreach is not attempted prior to the completion of the billing process. CoverageID adds value to the provider while also advocating for patients which leads to:

  • Decline in uncompensated care
  • Improved patient and provider experience
  • Reduction in A/R days

Related Resources

paying-bill
The Power of Consistent Engagement
According to the Federal Reserve, consumer debt approached a record $16 trillion at the end of Q4 2021,...
Read More
customer-service
How Reliability Becomes Revenue
In today’s fast-paced world, long queues and extended wait times have become the norm, whether...
Read More
bad-debt
Healthcare Consumerism and Reducing Bad Debt
Navigating the complex terrain of healthcare finances has never been more challenging, with a confluence...
Read More

Ready to Enhance Patient Satisfaction?