Hospitals should not underestimate the importance of excellent customer service in billing and collections for self-pay accounts, especially given that such accounts represent an increasing portion of hospitals’ overall patient populations.
-Steve Levin “Acknowledging the Importance of BAI Accounts” hfm magazine
The past five years have seen an explosion of high-deductible health plans and an increasing out-of-pocket burden for patients. In many hospitals, collecting patient payments represents a fast-growing share of revenue, yet is the most difficult and expensive portion to collect. After decades of primarily relying on financial transactions with health plans, Medicare and Medicaid, hospital revenue cycle and patient access teams are often unequipped to effectively manage patient-friendly point-of-service collections.
For patients who are often underinsured, it can be mentally and financially overwhelming to receive expensive and confusing medical bills after discharge. Patients want a consumer-friendly billing experience, an accurate estimate of out-of-pocket expenses, and flexible options on how to pay their share without breaking the bank.
Better Patient Engagement, Better Point-of-Service Collections
Craneware’s Trisus® Patient Payment, powered by VestaCare, provides the technology to overcome these challenges for both hospitals and patients. Trisus® Patient Payment improves patient billing satisfaction while also improving point-of-service collection rates.
- Verify eligibility with the patient’s health plan and provide accurate out-of-pocket charge estimates prior to service
- Enroll patients into convenient payment plans that automatically adjust from estimate to final bill
- Provide flexible, web and mobile-friendly payment options to patients
- Simplify the billing process for patients with bill consolidation and text notifications
Patient Engagement: a Key to Value Cycle Success
The new, value-driven healthcare market is reorienting around best outcomes for best cost, while margin remains the most essential metric for business performance. The old revenue cycle must evolve into a value cycle, encompassing the larger systems that not only drive billing performance and compliance, but operational efficiency, quality of care, and patient satisfaction as well.
Part of your value cycle success is providing a patient-friendly experience that optimizes every opportunity to achieve the best outcome for the best cost. Lean more about the value cycle here: thevaluecycle.com