Determining Patient Propensity to Pay
Can determining “patient propensity to pay” improve collections and patient satisfaction? Yes!
In a recent blog post, “Treating Your Patients with Care,” we outlined how a larger and larger portion of healthcare financial responsibility is being placed on patients; and the ways in which AdvantEdge Healthcare compassionately and empathetically connects with individuals to help them meet their financial obligations. With that in mind, we want to address how AdvantEdge is leveraging proprietary technology to increase the number of resolved claims, so healthcare providers receive full payment as quickly and efficiently as possible.
Empowered by Technology & Outstanding Service
Leading-edge technology coupled with a forward-looking approach about the ways in which we can positively impact our customers is a fundamental principle at AdvantEdge. This is just one of many reasons why we remain a leading national medical billing company offering optimal service throughout the entire revenue cycle management process. Our skilled team is constantly upgrading and fine-tuning our Virtual Manager platform to incorporate new technology(ies) where one of our most important goals is to assist patients through the claims resolution process, so that clients get paid fast – and in full. For example, AdvantEdge is currently testing new services through text messaging and e-wallets that allow patients to receive billing statements directly to, and make payments from, their digital wallets to facilitate the resolution process.
Services that Literally Pay Off – the AdvantEdge Patient Propensity to Pay Scale:
AdvantEdge also leverages propensity-to-pay tools that provide valuable and relevant information to ensure they are availing patients to the right tools and resources to satisfy their payment obligations. Using this data, AdvantEdge can also apply the right tactics and prioritization based on their understanding of the patient’s ability and desire to meet financial obligations. A patient’s ability and desire to make payments tends to fall into one of four categories on the AdvantEdge Patient Propensity to Pay Scale:
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Realizing Optimal Outcomes
Using policies, tactics, and workflows that meet patients where they are (and where they potentially can be) enables effective collections for clients while treating patients with the compassion and empathy they deserve. As recent studies have illustrated, 18% of American’s are in the process of paying off medical debt. Adding to that debt doesn’t help AdvantEdge clients or their patients. Sophisticated technology, empathetic staff, and smart approaches tailored for each patient are designed to optimize outcomes for clients and patients alike.
Do you want your healthcare practice to realize optimal outcomes from your accounts receivable efforts? AdvantEdge invites you to learn more about how our clients benefit from the AdvantEdge promise: More Money, Faster; Client First Service; Compliance and Privacy; and Information Anytime, Anywhere. Visit the AdvantEdge website and stay up to date on AdvantEdge and medical billing news on our LinkedIn page.