Patients as Payers: Practical Strategies for Proactive Collections

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1 Patients as Payers: Practical Strategies for Proactive Collections June 6, 2018

2 Our Client Focus The combination of Navicure and ZirMed uniquely positions Waystar to simplify and unify the healthcare revenue cycle with innovative technology that allows clients to collect more with less cost and less stress, so they can focus on their goals, patients, and communities. + = 3

3 Today s Webinar Console Click on icon to access widget 4

4 Today s Speaker Lisa Waterfield E N T E R P R I S E R E V E N U E C Y C L E C O N S U L T A N T

5 Agenda Waystar s 2018 Patient Payment Check-Up Survey Research Finding Overview Solutions to Assist with Automating and Speeding Patient Collections Key Takeaways Q&A 6

6 Waystar 2018 Patient Payment Check-Up Survey Survey conducted by Waystar early in 2018 Compared differing perceptions in attitude and behavior of providers, those who bill for healthcare, and patients who are taking on increased responsibility for their healthcare bill Survey conducted by HIMSS Analytics in January, 2018 Nearly 900 personnel at provider facilities surveyed 1000 patients surveyed Survey focused on 3 key areas: Cost Estimates and Collections Financial Communications Billing Methods 7

7 Key Findings: 1. Providing patient cost estimates creates transparency that results in faster payment and happier patients 2. Patients continue to want electronic billing communications 3. Flexibility and convenience can make the difference with patient billing methods 8

8 FINDING #1 Providing patient cost estimates creates transparency that results in faster payment, happier patients, and increases the likelihood patients will recommend your organization.

9 Providing Cost Estimates Can Make a Difference When Receiving a Cost Estimate: Sharing Cost Estimates 46% of patients are likely to pay more of their bill before or at service 68% said they would be more likely to return for future care 69% said they would be more likely to recommend the organization to a friend 60% 87% of providers said they have the ability to share cost estimates 18% of patients currently receive an estimate without asking 60% of patients will ask for an estimate in the future Waystar 2018 Patient Payment Check-Up Report

10 Solutions to Assist with Cost Estimates Eligibility Verification Patient Estimation 11

11 Ensure Accurate Benefits Eligibility Automated benefit verification Reduce time staff spends verifying benefits Remind patients of high deductibles Increase cash from payments collected Make payment arrangements

12 Offer Credible Estimates Improve Patient Satisfaction by Assisting Patients in Understanding What They Will Owe Estimate patient responsibility and communicate it Accuracy is key to a good estimate. Use your historic payment and remittance data Provide printed estimates for patients Collect payment for the full estimated amount or set up a payment plan More than one-third of privately insured individuals received an unexpected bill within the past two years, and in excess of 33 percent did nothing to resolve it * * 3 Steps to balance collections and patient satisfaction, Becker s Hospital CFO, June 2016

13 FINDING #2 Digital communication options benefit patients and providers alike.

14 Digital Communications Benefit Patients Paying Can Be Inconvenient Sharing Digital Contact Info 1/3 of patients believe it s inconvenient to pay for healthcare services 45% said they prefer their bill to be sent by , portal or text message 80% of patients said they were comfortable sharing their address 78% of patients are comfortable sharing their cell phone number The age group shows the highest preferences for e-billing followed by the age group Waystar 2018 Patient Payment Check-Up Report

15 Key Billing Communication Insights Providers are only collecting 1/3 of what s due from patients Improving financial communications can help: Bring clarity to the billing process Reduce disagreements related to billing Reduce paper and mailing costs Improve patient AR Waystar 2018 Patient Payment Check-Up Report 16

16 Solutions to Assist with Payment Communications Intelligent Billing and Statements 17

17 Offer Consumer-Friendly, Intelligent Billing & Statements Improve Patient Satisfaction & Increase Likelihood of Payment Drive collections with easy-to-read statements that motivate payment behavior Enhance patient understanding of owed expenses through intentional callouts and color Draw attention to preferred payment options payment portal, credit card, lockbox etc. Send e-statements to those who prefer Unread e-statements should be dropped to paper to ensure they aren t ignored 75% of patient bad debt is attributed to patients who want to pay but have unanswered billing questions * Enable statement integration with a lockbox * APTA Podcast, Nancy White

18 FINDING #3 Paying by debit or credit card is the preferred payment method for patients and providers. Offering a variety of payment options greatly improves both convenience for patients and a provider s revenue cycle.

19 Credit Card Payments Offer Flexibility and Convenience Patients are most comfortable paying by credit card or debit card Patients prefer digital options over mailing in checks or paying over the phone Patients who would prefer to pay by phone <10% 16.5% Patients who want to pay by check or via their bank s website Waystar 2018 Patient Payment Check-Up Report 20

20 Credit Card Payments Offer Flexibility and Convenience Patients are increasingly open to methods that can be used to collect payment faster: 17% Paying by credit card on the provider s website 18% Patient portal 9% Automated payment plans provider sets up 9.5% Automated plans patient sets up online Waystar 2018 Patient Payment Check-Up Report 21

21 Don t Wait to Collect Waiting to be billed before paying the full balance due is the primary payment option patients say they are offered. This is a passive activity that can be improved! It can be solved with a combination of: Electronic billing Providing a cost estimate Training staff to ask for the full balance up front Establishing an automated payment plan Waystar 2018 Patient Payment Check-Up Report 22

22 Solutions to Assist with Patient Payments Online Bill Pay Credit Cards Automated Payment Plans Debit Cards, ACH, Paper Checks 23

23 Provide Online Bill Pay Options Maximize Staff Productivity Optimize for mobile Enable patients to pay from anywhere at anytime Reduce paper Offer electronic statements, online bill pay Offer convenient access Enable patients to view statements, pay bills, check real-time balances, set up payment plans all from one convenient place 10% If patients with insurance were given access to options and simpler ways to make a payment, only 10% of balance after insurance bad debt would remain uncollectable. * *A Three-Step Guide to Collecting More Patient Payments Up-front, Elite Print and Mail Blog

24 Present Patient-Initiated Payment Plans Reduce the Cost-to-Collect Allow patients to make payment arrangements without staff intervention Utilize a rules engine to guide minimum installment amounts and maximum payback terms Allow real-time patient balance without requiring username/password Reason for Non-Payment * 37% 19% 19% 17% 8% Lack of Financing Just received my statement Other Forgot/confused about what is owed Healthcare is a right, won t pay * McKinsey, Revisiting Healthcare payments

25 Offer Multiple Options to Pay Make Payment Easy and Convenient Credit cards Debit cards ACH Paper checks Present Past-Due Payment Options in Sequence: Offer payment in full by credit card Offer payment in full by check to the lockbox Offer a payment plan. Be prepared with acceptable payment amounts and a schedule

26 Ensure Secure Payment Processing at Point of Service Enable Secure Payment Processing 80% Ensure you are protected against the liability shift EMV chip card enabled readers add additional protection The 80% increase in data breach hacks in 2015 makes it clear that hackers are targeting healthcare with large-scale attacks affecting one in three Americans. - NAT KAUSIK, CEO, BITGLASS InstaMed Trends in Healthcare Payments Annual Report

27 Publicize Available Payment Options Market and publicize payment options via: Statements Your website Office signage Face-to-face conversations 28

28 Strategies for Managing Self Pay Patients

29 Reasons for Missing or Unknown Insurance Information Emergency Room Visits The Charity Problem Confusion Over Status Transported by Ambulance Retroactive Medicaid Disability Patients Dual Coverage Worker s Compensation

30 Outdated Ways to Battle Self-Pay Process Manually Labor intensive process Increases days in AR 270 / 271 Transactions Time consuming process Risk in not sending to correct payer Outsourcing Increases the cost to collect Loss of control once sent to outsourcing company Write It Off Missing out on revenue Inaccurately assign account to bad debt or charity care Legacy Insurance Search Tools Low success rate in finding missing coverage Heavy lifting implementation process

31 Automate Coverage Detection Find hidden coverage for self-pay patients to collect the revenue owed to you IDENTIFY hidden coverage Business Intelligence Engine processes requests against technology platform to identify hidden coverage. CONFIRM coverage is active Proprietary algorithms identify coverage on all patient accounts with preidentified payers confirming active coverage exists. DELIVER results to collect revenue Actionable results delivered to client, clearly articulating active and inactive coverage for all patients provided. Efficiently collect owed revenue by taking action with information delivered.

32 Key Takeaways

33 Value of Maximizing Collections Maximize Collections while Improving Patient Experience Decrease self-pay receivables by identifying active, billable coverage Lower security risk by processing with a Level 1, compliant platform Reduce collection costs by allowing patients to pay in multiple ways Optimize staff productivity by reducing labor-intensive patient follow-up processes Improve patient experience by providing easy-to-ready statements Reduce the need for outsourced collections on self-pay accounts, reducing sunken costs Ensure cash flow by enabling auto-payment set-up while reducing manual intervention Accelerate cash by identifying active coverage faster and collect owed revenue

34 The Waystar Difference Multiple solutions designed to maximize patient collections while improving the patient payment experience Estimation Estimate patient responsibility before rendering service Credit Card Processing Staff and patient self-generated payment plans, EMV, and End-to-End Encryption Statements & Lockbox Print and Electronic Statements customized for providers - securely accept checks that automatically deposit to bank account Patient Center One-stop shop for all patient interactions, collect payments with virtual terminal, and create payment plans M A X I M I Z E C O L L E C T I O N S Coverage Detection Identify and verify active insurance coverage that wasn t known at the time of service so you can bill payers for the care provided. Check/ACH Processing Securely accept personal checks in the mail, in person or over the phone Online Patient Notebook Pay anywhere with mobile-responsive site, create payment plans and get realtime balance or view statements Dynamic Reporting Create any custom report, on any schedule, and drop to FTP

35 Q&A, Contacts and Resources For more information, contact ZirMed at (888) or, visit us at Patient Payment Check-up 2018 Report will be sent to you following the webinar! 37

36 2018 Waystar, Inc. All All Rights Reserved.