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