Improving the Patient Financial Experience and Maximizing Patient Collections
“Patients are the new payers.”
If you’re like many providers, that’s a phrase you understand and, simultaneously, a fact you’re struggling to address. This ongoing shift in healthcare financial responsibility can be attributed to multiple marketplace dynamics:
- While the number of Americans covered by insurance has increased in the past eight years, 45% of U.S. adults ages 18-64 are still inadequately insured, nearly the same as in 2010¹
- High deductible health plans (HDHPs) now cover an estimated 25% of consumers who have employer-based coverage²
- Out-of-pocket healthcare costs continue to climb, increasing more than 53% between 2006 and 2016³
- As of 2019, consumers no longer face penalties for failing to purchase coverage as part of the Affordable Care Act⁴, leaving the size of the uninsured market in flux
Getting paid for services you provide to patients identifying as self-pay, covered by HDHPs, and/or with a high balance-after-insurance (BAI) is a complex challenge. You need a comprehensive, integrated, leave-no-stone-unturned approach to identifying sources of reimbursement and maximizing patient collections.
Patient Liability Management creates a comprehensive system around the patient financial journey that draws from industry-leading revenue cycle technology, advisory services, and outsourcing solutions. This patient-centric model helps health systems comprehensively shepherd the patient from financial clearance, price transparency, and coverage discovery through to billing and payments.
Transform Your Piecemeal Approach into an Integrated Patient Financial Experience
Comprehensive and Integrated
Many providers have individual solutions in place to address various components of patient financial liability, but that fragmented approach can fail to both identify all payment resources and drive collections, as well as result in a frustrating experience for the patient.
Patient Liability Management is a comprehensive, integrated solution that combines services with software to orchestrate and synchronize all patient-liability functions. This helps you to maximize reimbursement and collections and to deliver a streamlined, seamless financial experience where patients feel informed and supported.
Innovative and Advanced
Patient Liability Management is powered by:
- Advanced analytics that leverage data across the revenue-cycle continuum to provide a holistic, cross-functional view into behaviors, processes, and trends to facilitate timely decisions
- Co-management and consulting expertise to assess and redesign internal workflows for a cohesive patient-liability process. We also provide staff training and ongoing support to managers for continuous quality improvement
- The ability to collect, aggregate, and leverage consumer data from disparate sources to both identify hidden coverage as well as to deliver personalized billing communications via preferred channels (email, text, print) in a regulatory-compliant manner
Pre-Service to Final Bill
There are multiple facets to addressing financial responsibility, and each patient situation is unique. Our solution is structured to help cover all the bases, yet flexible so interactions can be customized to each patient.
Patient Liability Management includes:
- Patient education
- Insurance verification and clearance
- Identifying new reimbursement sources
- Helping with enrollment in government programs and charity care
- Asking for upfront payment of the full co-pay and deductible
- Setting up payment plans
- Customizing billing communications and channels to drive a prompt payment response
- Making it easy and convenient for patients to pay
- Collections support
From Silos and Gaps to Streamlined Efficiency
Patient Liability Management enables you to work with one vendor to handle all facets of the complex, challenging patient financial journey. Our integrated offering also drives efficiency internally by eliminating silos among multiple departments and replacing them with a streamlined, seamless patient financial experience. This A-Z approach helps to increase collections, improve patient satisfaction, reduce the cost to collect, and minimize the risk of bad debt.
To learn more about Change Healthcare’s Patient Liability Management suite, call 1-844-798-3017
¹Health Insurance Coverage Eight Years After the ACA. The Commonwealth Fund. Feb. 7, 2019.
²High-Deductible Health Plan Enrollment Among Adults Aged 18-64 With Employment-Based Insurance Coverage. Centers for Disease Control and Prevention. August, 2018.
³Rising Healthcare Costs Are Eating Away at Your Wages and You May Not Even Realize It. Marketwatch. October 10, 2018.
⁴The Effect of Eliminating the Individual Mandate Penalty and the Role of Behavioral Factors. The Commonwealth Fund. July 11, 2018.