Group Practice Journal
Healthcare IT News
Patient financial obligations are at an all-time high – accounting for an estimated $250 billion in provider revenue each year. Due to increases in co-insurance, co-payments and deductibles, patient collections has become more and more difficult.
Improve financial counseling communications with patients and better prepare them for out-of-pocket costs with Experian Health Patient Responsibility Pricer. This easy-to-use tool gives staff the detailed payment information they need to calculate accurate estimates that enhance preservice and time-of-service collections so you can capture more revenue and improve cash flow.
Without knowing exactly what the insurance company will allow, many providers postpone patient collections until reimbursement is received, putting them at serious financial risk. Patient Responsibility Pricer overcomes this obstacle by taking the latest contract terms, payment rules and fee schedules and then incorporating the relevant codes to determine insurance allowables. In addition, this solution includes a robust library of more than 1,900 inpatient and ambulatory procedure sets to jump start the implementation process and immediate use of the tool
Healthcare organizations can calculate patient financial responsibility quickly and accurately by adjudicating charges on demand, incorporating contract terms and payment rules, and applying up-to-the-minute benefit information through Experian Health’s integrated eligibility connections. Beyond helping to facilitate financial counseling discussions and increase time-of-service collections, this consolidated offering drives greater operational efficiency by dramatically reducing the need for phone calls or searches on payer websites.
Confusing and late bills are among the leading frustrations patients face when making payments. Providing a clear, accurate estimate at the time of service prevents costly misunderstandings and minimizes the risk of patient bad debt.