![]() ![]() To further alter the patient experience, providers can also use the VisitPay platform to develop personalized payment plans for patients using VisitPay proprietary data, past payment behavior and other demographic and credit attributes. Offering multiple payment options, such as credit cards and electronic checks, gives patients more options to pay by their preferred method and can help improve overall payment rates and patient satisfaction. Offering incentives such as discounts for prompt payment can induce patients to pay sooner, thereby reducing the number of the days outstanding for a receivable. Health systems also need to be thinking about ways to offer personalize incentives and payment options for patients, Ivanoff says. Improving the billing experience is just the tip of the iceberg when it comes to helping health systems better manage their financial relationship with patients. “We can also flag any discrepancies that may arise before a bill goes out to a patient.” “Patients get one billing experience across all of a hospital’s billing systems, which increases customer satisfaction and reduces confusion,” Ivanoff says. Billing statements are delivered digitally to patients, who can then print them out if they chose. executive.īy enabling integration of disparate billing systems, VisitPay organizes all patient charges into a single bill that shows an explanation of insurance benefits and what portion of the bill is the responsibility of the patient. Supporting multiple systems not only creates a disjointed customer billing experience, but often a sea of paper that can be difficult, and even confusing, for patients to coordinate as the format of the bills generated from each system can vary, says Ivanoff, a former Capital One Financial Corp. It is not uncommon, for example, for a health system to support billing systems from financial and clinical management systems from Cerner, Epic and Siemens across its facilities. One of the biggest issues Ivanoff and VisitPay identified with legacy billing systems is that health systems often use different billing system across their facilities. “When the Affordable Care Act was passed in 2010, we realized that consumers would be shouldering more of their healthcare costs and that the legacy systems within health systems were ill-equipped to manage the changes taking place in patient financial relationship,” says Kent Ivanoff, CEO and co-founder of VisitPay. ![]() Developed to improve patients’ financial health, VisitPay’s platform enables health systems to integrate all billing systems across their facilities to provide patients with a single, understanderable bill, create personalized offers that influence patient payment behavior, and offer payment plans and financing options that fit a patient’s budget. The steady growth in patient receivables puts even more pressure on hospitals to get reimbursed promptly, because as every accounts receivable manager knows, the older a patient bill gets, the harder it becomes to collect.īoise, Idaho-based tech-start-up VisitPay is betting its cloud-based platform provides the remedy health systems need to increase patient payments by improving the patient billing experience. Since 2011, consumer out-of-pocket spending for healthcare has grown 8% annually, totaling an estimated at $486 billion in 2016, according to research firm Kalorama Information. Merchants & Consumers Weigh in: The 2023 Chargeback Field ReportĪs high deductible health plans become more widespread, increasing consumer’s out-of-pocket costs, health systems are grappling with how to better manage the rising tide of patient receivables. Why online shoppers buy (or don’t) in 5 key categories B2B Weekly Infographic: B2B electronic salesīack-End Integration for Customer Experienceī2B Distributors Continue to Grow EcommerceĮnvisionB2B | June 2023 | Chicago | #1 B2B Ecommerce ConferenceĪutomating Shipping Workflows for Next Generation Multi-Vendor Marketplaces
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