The healthcare revenue cycle is not getting any easier. Especially with increasing patient deductibles and costs, combined with the ever-mounting pressure of the pandemic on the economy and healthcare providers and their organizations.
Some healthcare organizations resort to suing their patients to collect on past due bills, and/or garnishing wages. One report found that “the amount of medical debt individuals owe is often a small sliver of a hospital’s overall revenue — as little as 0.03% of annual receipts — but can cause devastating financial burdens to working families.” 1
Needless to say, the way healthcare organizations collect money for their services is in need of an overhaul. Especially with a greater emphasis being placed on the patient experience. And perhaps the most overlooked part of the patient experience, is how the patient pays their bill.
Most healthcare organizations rely on the traditional model of sending bills through the mail again and again, hoping that maybe one of those bills will arrive on a day when the patient feels like they can pay it.
But it doesn’t have to be that way.
Revenue cycle doesn’t have to be the bad guy in healthcare. Instead, with our software patients can understand their costs up front, and receive notifications of how much they owe and when through text and email notifications. They can also pay through texting, making the payment process easier than ever. And if the patients aren’t able to afford their bills at the time, they are able to set up self-automated payment plans that work with their finances and their schedule.
One critical access hospital found unprecedented success in their patient revenue collection efforts through using our software.
Over the period of about 6 months, they experienced a 17% increase in average monthly patient revenue year over year, even though their number of encounters decreased over that same time period by 12%.
This hospital had a 132% increase in patient self-created payment plans, which freed up hours of time and allowed their revenue cycle department to focus on other priorities.
In that same period, they also saw a 31% decrease in average days since service for receipt of full patient payments. Which contributed to a 50% decrease in the number of invoices sent to bad debt.
These data points tell a profound story of how with the right tools, healthcare organizations can transform their revenue cycle and bill collection practices into a positive aspect of their patients’ experience.
Your patients are struggling with the complexity of paying for the healthcare you deliver, and by making that whole process easier, you improve the healthcare experience for them and your employees at the same time.
If you’re ready for your organization to collect more patient payments and improve your patient satisfaction, reach out and let’s talk about how we can work together to make that a reality.
There is a better way, and we’re excited to help you find it.
To your success,
The Team at Wixcorp