COVID-19 Update: Read our messages to employees and clients

COVID-19 UPDATE

A New Approach to Collections – Utilizing Care Team Assistants at the Point of Care & Innovative Technologies to Recapture Your Revenue

A recent study noted that medical bills confuse 70% of consumers, and ultimately two-thirds don’t end up paying their bills of $500 or less. All the while, health systems exhaust countless hours preparing, mailing and attempting to collect payments, ultimately to receive pennies on the dollar. EDs are often caught between two seemingly opposing goals – improve efficiency while better engaging with patients. That same study noted that most patients would seek out a different health system for a better payment experience. So how do we improve the payment collections process in a way that creates a better experience for the consumer and more efficient for the health system?

Introducing Point of Service Collections. The POS Collections program utilizes Care Team Assistants integrated at the point of care and light technology that helps scale conversations and improve the payment experience. A proven solution for EMR documentation and other administrative tasks, CTAs allow you to rely on a low-cost, integrated and highly skilled team member to capture key patient information at the point of care. Conversational AI chatbots then engage with patients, providing reliable, updated information, and deliver a simple mobile-payment option once the bill is ready.

Benefits:

Point of Service Collections drives performance improvements by moving back-end, siloed processes to the point of care. Today’s consumer driven environment takes a dedicated approach to patient experience. But improving patient engagement doesn’t need to be difficult, or costly. Our Point of Service Collections program helps you improve your payment collections while alleviating the confusion of the medical billing process for patients. Happier patients and improved operational efficiency? Now that’s a win-win.
1
Care Team Assistants are integrated at the point of care to optimize workflows and gain insights into your populations. CTAs connect clinical and back-office operations in real-time. They’re the human glue that allows you to introduce a successful collections program while your care team is freed to works top-of-license.
3
Gain greater transparency into patient volumes and reimbursement metrics with a dashboard designed to increase visibility with actionable revenue cycle data. By replacing costly paper invoicing processes, reduce duplicate bills and track payor types, from self pay to co-payments.
2
Avoid long collections process that often lead to partial revenue. Over two-thirds of patients don’t pay, or partially pay bills of $500 or less. But studies have shown that patients are more likely to pay when the billing process is quicker and easier, particularly if it is mobile-based. Cut down payment times and improve revenue with POS Collections.
4
Connect to your patients with platforms they’re used to using in their daily life. Consumers are more likely to complete payments when they have greater clarity regarding their responsibility, and an easy mobile-based payment platform. Build stronger engagement, and gain stronger customer loyalty with satisfied patients.
5
The real-time methodology reduces inefficiencies and improves communication. The Care Team Assistants integrated with technology help create a feedback loop between providers and patients. CTAs are able to track patient encounters for accurate coding, reduce Chart Suspensions, Discharged Not Final Billed (DNFB), and Days Sales Outstanding (DSO).
6
Transform the patient experience beyond payment capture. With the help of CTAs, patients enrolled in POSC stay connected to their care teams via text. From mobile bill payment to follow-up appointment reminders, the customizable platform allows for enhanced communication beyond department walls.

How It Works

Engage your patients and improve your payment revenue through a seamless mobile collections platform, facilitated by a Care Team Assistant at the point of care.

  • The CTA captures insurance information at check-in. The CTA integrated at the point of care allows the clinical and back-office operations to connect in real-time. CTAs have shown to reduce the number of suspends, non-compliant, and inaccurate documentation. Adding POS functionality further reinvigorates RCM.
  • Traditional collections do not adequately address patient engagement. The billing process is slow, often reaching patients by mail several weeks after care is delivered. By using an AI chatbot with a CTA, systems can seamlessly deliver bills and collect payments on mobile devices. Patients are engaged on a platform they already use to shop and pay bills on a regular basis, and have a point person should they have further questions.
  • Bills are delivered via the AI chatbot and payments are collected using a seamless mobile payment platform. This mobile payment option simplifies the payment process and reduces confusion so that patients are able to pay their bills in a more timely manner, and the overall amount of collected bills increase revenue. For patients who are unable or not ready to pay immediately, the chatbot feature allows for consistent on-going communication with patients to find the right payment plan for them. In addition to the payment process, Point of Service Collections allows care teams to follow up with patients around additional program enrollment, referrals, and patient satisfaction surveys.