New service helps patients understand their financial obligations and make payments with ease
Little Rock, Ark., July 20, 2021— MedEvolve, Inc., a leading provider of data-driven solutions that provide unmatched transparency, automation and accountability for healthcare organizations, today announced the opening of its U.S.-based Patient Financial Engagement Services aimed at helping physicians improve patient experiences and capture more revenue. The new technology-enabled services will offer patient financial counseling services for physician groups along with mobile engagement services and a variety of digital payment options.
The new offering is in response to increasing difficulties for providers and patients amid continued growth of high deductible health plans (HDHPs) and greater patient financial responsibility. According to a recent report by Pitchbook, providers currently only collect 55% of what is owed by patients. Additionally, the report revealed that “collecting patient payments costs roughly four times more than collecting from an insurance company.”
“Patients who have previously relied on insurers to cover their healthcare are now faced with greater financial responsibility. They often need guidance to understand how HDHPs work and how much they owe,” said Todd Greer, CEO for Premier Gastroenterology Associates. “The MedEvolve financial counseling service provides an important liaison for our practice, improving patient financial experiences and helping us better capture revenue while simultaneously streamlining workflows so we can focus on healthcare.”
The new Patient Financial Engagement Services provide trained, empathetic counselors who proactively engage with patients via phone, text and email to help them understand their bills, their financial responsibility and offer payment options – including payment plans and discounts when immediate payment is not an option. The service center also takes incoming patient phone calls regarding patient statements on behalf of physician groups. The services help providers increase patient revenue while driving down overhead and hard collection costs associated with manning phones and patient outreach. More importantly, the services help patients understand their often confusing medical bills.
Providers who continue to use in-house staff to reach out to patients by phone or send paper statements are realizing lackluster return on investment, partially due to the nature of communication preferences today. A recent Trends in Healthcare Payments report suggests that 85% of consumers prefer an electronic payment for medical bills. MedEvolve’s Patient Financial Engagement Services are equipped with secure technology to identify collectible balances and proactively follow up using the patients’ preferred communication method and offer convenient payment options, including web, text and phone.
“We believe patients deserve the same high level of care for their financial well-being as they can expect for their health. At the same time, physician practices are facing some of the tightest operational margins in decades and need solutions that help them increase profitability and maximize revenue capture,” said Matt Rolfes, Chief Executive Officer of MedEvolve. “Our new Patient Financial Engagement Services address both needs by improving provider-patient partnerships and bottom-line performance.”
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MedEvolve Launches Patient Financial Engagement Services to Help Physician Groups Improve Patient Payments
MedEvolve, Inc., a leading provider of data-driven solutions that provide unmatched transparency, automation and accountability for healthcare organizations, today announced the opening of its U.S.-based Patient Financial Engagement Services aimed at helping physicians improve patient experiences and capture more revenue.
The shift toward greater patient financial responsibility is not slowing in healthcare. This trend—predicted by experts and underway for several years now—continues to tilt the reimbursement scale away from insurance claims and onto the patient.
Healthcare organizations face unique challenges when collecting patient payments. Increased financial responsibility and limited interaction with patients before or during a visit can make it difficult to collect patient balances. The right tools and technology can help drive more payments and relieve the burden on smaller front and back-office teams to collect.
When I ask clients, “Are all the scheduled visits coming in for Monday cleared based on the six points I just told you?”, the answer is “I think so”, but “I think so” doesn’t work anymore. “I think so” gets you overstaffed. “I think so” gets your net collection rate to be far below benchmark, which is negatively impacting your profit margin.
More patients than ever are on high deduction health plans & are responsible for payment of medical bills. MedEvolve can help collect balance with our digital engagement plus U.S.-based call center.