MedEvolve Patient Financial Engagement Services help providers increase patient revenue, drive down overhead costs associated with manning phones and minimize hard collection costs. Our US based patient financial service center offers 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.
The service center also takes incoming phone calls on behalf of physician groups to 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 most likely wasting valuable staff time and money. A recent Trends in Healthcare Payments report suggests that 85% of consumers prefer an electronic payment for medical bills.
MedEvolve’s in-house call center is 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.
According to a report by Pitchbook, providers currently only collect
of what is owed by patients.
“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 emergency medical services (EMS) industry is up against unique challenges when it comes to revenue cycle. Fast-moving, crisis situations make it difficult to obtain the patient demographic and insurance information necessary to file an insurance claim or collect payments from patients. For Falck US, one of the largest private EMS providers in the country, the inability to capture this data and collect patient responsible balances was occurring across nearly 50% of ambulance trips–resulting in growing bad debt.
Falck implemented MedEvolve’s financial clearance solution, patient financial engagement services and mobile communication technology to help staff collect the necessary information up front, which increased their ability to collect patient responsible balances later. The results speak for themselves:
First 3 months with MedEvolve Effective Intelligence, Falck achieved their highest collection months in March & April 2021, up 24% from previous 10 months.
Our patient engagement experts have found that implementing a texting option and a patient portal for payment significantly improves patient collections. We can provide a variety of collection methods and payment options besides the traditional “bill in the mail” for today’s digital world. Make sure you have a mobile number on file for all of your patients.
*May 2022 statistics from MedEvolve call center
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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.
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.
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.
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.
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.
Reduce RCM labor dependency with workflow automation, task management, & real-time analytics to increase margin.
Outsource your medical billing to us with over 20 years of revenue cycle experience incorporating Effective Intelligence in house.
Improve patient collection rates with account resolution services: call center, mobile engagement, payment portal & counseling.
Increase productivity and visibility into front & back office processes while keeping your staff focused.
Interview with Matt Rolfes, CEO/CFO of MedEvolve sharing advice for healthcare leaders trying to maximize their revenue with a reduced staff.
To better empower & motivate revenue cycle teams, provider organizations must have a foundation of real time effective intelligence.
Matt Seefeld offers a specific example of how MedEvolve’s software has led to a remarkable drop in labor expenses & a surge in performance.
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