An Innovative Solution to the Growing Patient Responsibility Problem
Patient payment responsibility has risen dramatically and continues to increase with the implementation of the Affordable Care Act due to higher deductibles and copays. Aetna CEO, Mark Bertolini, projects patient pay responsibility to climb to 50% by the end of the decade.
When patients are responsible for so much more out-of-pocket, the “sit back and wait” method of billing isn’t going to cut it. Patient pay portfolios are growing. Recovery rates are shrinking. You can’t just bill patients after services are provided and hope the checks will come in.
Getting reimbursed for the patient pay segment is now the single most important number on your bottom line. Your organization can’t afford to wait any longer.
What if you could increase revenue from patient responsibility by 50%? It’s time to take a more proactive approach.
MedData stands out from the competition’s early out through our unique “patient centered” approach that focuses on patient satisfaction and education. Connecting with your patients before they ever receive a bill, MedData makes sure they understand their bills, understand their payment options, and helps them navigate any insurance issues. When patients are treated with dignity and respect, they respond. They pay their bills.
MedData’s proven outreach strategy significantly boosts early out collections and reduces charity and bad debt.
Unique Patient Focused Approach
MedData connects and engages with patients throughout the entire patient financial lifecycle. Serving as a single point of contact, MedData communicates in a meaningful way that helps patients understand the how and the why – and then consolidates all their bills to eliminate any confusion. This clarity of communication is why our patient satisfaction response rate is more than 500% higher than national average.
- First call resolution – MedData addresses the patient’s need, resolving outstanding balances on the first call, eliminating the need for follow-ups.
- Customer service approach – Focused on patient satisfaction, our process includes patient welcome call, working with the patient and the insurance company resolving disputes, and setting up payment plans.
- Multi-channel, high-touch patient communication channels – Patient services representatives, easy-to-understand statements, and interactive voice response (IVR) optimize connectivity.
- 24/7 access – MedData’s online patient payment and engagement platform simplifies the patient pay process by consolidating all payments and balances into an easy to read dashboard where patients can make payments and set up payment plans.
- Dedicated call center – Extended and Saturday hours and the capability to serve over 95 languages to optimize patient access.
- Patient satisfaction surveys – Physician-focused surveys provide immediate perception of care feedback and identify potential patient problems before they escalate.
- Consolidation of bills – MedData’s billing platform is built at the patient level rather than the insurance level.
- Patient scoring & segmentation algorithm.
- Daily detailed reporting on patient satisfaction metrics and patient pay results.
Accelerate Your Revenue Cycle
MedData accelerates your revenue cycle process, improves patient retention, and increases revenue for healthcare organizations.
- Stronger reimbursement on patient balances – MedData physician and facility clients regularly see their reimbursement rates increase by more than 30%.
- Streamlines the revenue cycle process – We discover insurance on 15% of accounts categorized as patient pay.
- Reduces expenses – Far less sent to collection agencies.
- Physicians groups and facilities generally see 100% return on investment (ROI) within months.
- Builds patient loyalty by providing clarity of communications and increasing trust over time. Patients who are highly satisfied with a hospital’s billing are twice as likely to return.
- MedData enables you to achieve increased referrals through a streamlined billing process. Over 80% of patients who are satisfied with their billing experience are likely to recommend your organization to their friends.
- MedData streamlines the patient pay process so your billing team can focus on what they do best – bill insurance claims.
Repair your bottom line. Cut costs. Discover new revenue streams.
You deserve more from your revenue cycle.
Contact MedData today to learn how you can create a better experience for your patients and boost your bottom line.