Healthcare IT News
Group Practice Journal
With higher patient payments here to stay, having customized payment plans can improve the overall patient experience. In fact, generic payment plans can have default rates as high as 40-60 percent because they don’t consider a patient’s individual situation or payment history. Such high default rates lead to bad debt as well as less-than-satisfactory patient-provider relationships.
Experian Health Payment Plan AdvisorSM helps mitigate default risk while enhancing patient satisfaction with a one-of-a-kind tool that uses data and analytics to develop an optimal payment plan that patients understand and are willing and able to follow.
Working in tandem with other Experian Health patient access and collections solutions, Payment Plan Advisor calculates the optimum payment plan based on the patient’s ability to pay and the organization’s payment plan guidelines.
Using robust data and analytics, Payment Plan Advisor creates a plan patients can afford, which yields a higher propensity to pay, on time and in full – benefitting both the patient and the healthcare organization. Once created, plans can be adjusted as new information about the patient’s financial situation emerges.
By understanding and applying the patient’s unique situation, Payment Plan Advisor’s personalized plans help your organization communicate that it has the patient’s best interest in mind from both a clinical care and financial perspective. The tool’s accuracy and efficiency enhance patient satisfaction while also improving workflows and productivity for staff and increasing patient collections.