With healthcare finances becoming increasingly problematic, medical practices are urgently reevaluating their patient payment systems. A startling analysis by Crowe highlighted that self-pay after insurance accounted for nearly 58% of bad debt in 2021, a significant increase from only 11% in 2018. This surge underscores the growing challenge of collecting patient payments effectively.
As the industry grapples with these financial pressures, the expectation for specialized external expertise to maximize revenue collection efforts has become paramount. PatientFocus stands at the forefront of this transformation, offering tailored, technology-driven solutions crafted by patient pay experts. These solutions are designed to bridge revenue gaps and enhance both financial health and patient satisfaction within healthcare organizations.
What Sets PatientFocus Apart
Tailored Patient Billing Solutions
PatientFocus recognizes that the one-size-fits-all approach to patient billing no longer suffices in today’s diverse healthcare environment.
- Configurable Portal: By building our proprietary platform from the ground up based on over a decade in the patient pay space, PatientFocus adapts to the unique needs of each healthcare organization, offering far more than the cookie-cutter solutions prevalent in the industry.
- Flexible Payment Options: PatientFocus offers flexible payment plans beyond typical EMR system constraints, actively managing each plan to completion—even following up on issues like expired cards or failed payments. This reduces the financial burden of high out-of-pocket expenses and helps patients better manage their financial obligations.
- Personalized Approach: With a modern propensity-to-pay model, PatientFocus keeps patients informed about financial responsibilities in their preferred form of communication based on behavior.
At the heart of PatientFocus’s operations are innovative technological tools that include:
Harnessing Technology to Revolutionize Patient Payments
- Text-to-Pay and Patient Portals: Simplify the payment process, enhancing convenience for patients.
- AI-Powered Conversation Analyzer: Our platform incorporates an AI-powered tool that offers real-time insights and enhances patient engagement. It listens for keywords, speech patterns, and tone to identify issues and opportunities, which ensures tailored interactions aimed at improving patient satisfaction.
- Automated Call Transcripts: These create consistency, ensure compliance, and allow our Patient Account Representatives (PARs) to focus on what matters most — patients.
Real-Time Insights for Smarter Financial Decisions
Immediate access to real-time data empowers healthcare providers to make informed decisions swiftly, enhancing both operational efficiency and patient care.
Proven Results
When comparing PatientFocus with competitors, our platform demonstrates clear superiority:
- Enhanced Collection Rates: PatientFocus has shown a 40% improvement in collection rates, ensuring faster revenue generation.
- Reduced Days in Accounts Receivable (A/R): Our strategic billing interventions have been proven to reduce days in A/R by 63% compared to industry averages, significantly boosting cash flow.
- Cost Efficiency: Our streamlined processes have lowered statement costs by up to 35%. Additionally, our Go Green initiative further reduces expenses by minimizing paper use, enhancing our commitment to cost-effective and environmentally friendly solutions.
A Smarter Way to Handle Patient Pay
Choosing PatientFocus means opting for a billing partner that understands the intricacies of healthcare billing and prioritizes your financial health and patient satisfaction. With our patient-centered approach, cutting-edge technology, and proven financial performance, PatientFocus is your best choice to navigate the complexities of patient payments.
Ready to revolutionize your patient billing process? Contact us today to see how our innovative solutions can enhance your financial performance while maintaining the utmost patient satisfaction.