Tag: patient estimates

Compared to other industries, healthcare tends to be more resilient to economic turbulence. But the weight of the pandemic, labor shortages, rising costs and increasingly complex reimbursement structures are squeezing hospital margins. A Kaufman Hall National Hospital Flash Report in July 2023 found that many hospitals underperformed, and the gap between high-performing hospitals and those struggling continues to widen. Providers must find new and effective ways to improve revenue cycle management, should any new uncertainties emerge. With pressure mounting to increase efficiency and reduce expenses, more providers are turning to automation and artificial intelligence (AI) to eliminate unnecessary manual work and optimize revenue cycle management processes. For example, Stanford Health Care leveraged automation to reduce their cost to collect. Banner Health improved patient collections with transparent price estimates. Schneck Medical Center zeroed in on claims management and incorporated AI to reduce denials. In the face of a cashflow crunch, healthcare providers increasingly turn to data-driven revenue cycle management (RCM) strategies that span the entire patient journey. This article lists six of the most effective income-generating digital RCM strategies that providers are using to maximize profits. Building blocks of a healthy revenue cycle At its core, revenue cycle management is about ensuring providers are fully reimbursed for the care they provide. The true ROI is much broader – efficient financial and administrative processes for patient billing, claims management and collections contribute to better care, satisfied patients, high-performing staff and good financial health. Realizing these benefits calls for revenue cycle processes built on three principles: Efficiency – streamlining processes to reduce resource utilization across the entire billing cycle Accuracy – ensuring all patient and claims data is correct and complete to avoid denials and delays Transparency – giving patients, providers and payers relevant and timely information, so they can act with confidence in each financial transaction. To achieve this, providers are moving away from slow, costly manual systems. Digital RCM tools are becoming non-negotiable. 6 data-driven strategies for effective revenue cycle management 1. Increase efficiency in patient access Revenue cycle management starts when the patient books their appointment and ends when the final bills are settled. Claim denials and delayed payments often arise from data errors and miscommunications in the early stages of the patient journey, which means patient scheduling and registration processes are critical to streamline RCM. With automated, data-driven patient access tools, providers can simplify tasks across the patient journey, so patients can move from one stage to the next with as little friction as possible. Fewer errors mean delays and disappointment are more easily avoided. Automated registration and online self-scheduling can also lead to savings through more efficient use of staff time and reducing the number of appointment no-shows. Experian Health clients find that online tools allow them to make relatively minor adjustments to their workflows, with a major impact on productivity. 2. Deliver accurate and timely patient billing Patients want the payment process to be as painless as possible. In multiple surveys, Experian Health has found that patients are worried about the cost of care, while 63% of providers believe patients frequently postpone care because of cost concerns. Clear, comprehensive estimates, billing and collections practices can make it easier for patients to navigate their financial journey. And with the end of continuous Medicaid enrollment, it's likely that more patients will find themselves unsure of their coverage situation, and in need of greater support to manage the financial process. For Stanford Health, the key to improving revenue cycle management centered around patient billing and collections. To achieve the dual goals of improving the patient experience and increasing collections, they used data-driven insights and automation to remove uncollectible accounts, prioritize accounts with a high propensity to pay, find missing coverage and reduce the manual workload. Collections Optimization Manager helped Stanford Health identify the best possible collections strategy, by scoring and segmenting patient accounts with the highest propensity to pay. Coverage Discovery® supplemented this strategy by checking for any unidentified primary, secondary or tertiary coverages that can potentially reduce self-pay amounts and avoidable charity designations. As a result, Stanford Health achieved a $4.1m increase in average monthly payments and efficiency gains of $109k per month. 3. Provide transparent price estimates Experian Health's State of Patient Access 2023 report suggests that fewer than three in ten patients know how much their care will cost in advance, while nine in ten consider it important. Delivering accurate pre-care estimates to help patients plan for bills could therefore be an easy win to improve the patient experience and recoup more revenue. Banner Health used Patient Estimates as part of a wider strategy to improve patient collections. This solution generates detailed estimates of the patient's financial responsibility along with recommendations for payment plans and financial assistance, if appropriate. Listen in as Becky Peters, Executive Director of Patient Access at Banner Health, talks about streamlining the patient registration process and improving patient access with pre-care estimates. 4. Effective claims management Perhaps the biggest opportunity to improve revenue cycle performance lies in claims and denial management, which accounts for a major proportion of wasted healthcare dollars. Summit Medical Group Oregon–BMC paired Enhanced Claim Status with Claim Scrubber to submit cleaner claims the first time and avoid lost revenue. These tools help providers submit accurate claims and monitor claim status to prevent denials and resolve issues quickly. For Summit Medical Group, this led to a 92% primary clean claims rate, and a reduction in accounts receivable days and volume by 15%. Experian Health also offers a new solution that leverages machine learning and artificial intelligence for predictive reimbursement. AI Advantage™ uses AI to predict and prevent claim denials based on historical claims data. In the first six months, this solution helped Schneck achieve a 4.6% average monthly decrease in denials and decreased time spent on denials by 4x. 5. Easy ways to pay (plus clear pricing and payment policies) How easy is it for patients to pay? This simple but important question points to another vital element of effective revenue cycle management. A compassionate and convenient patient payment experience that matches consumer experience in other industries can encourage earlier payments. Easy digital options are especially important for millennial and younger patients: research by Experian Health and PYMNTS found that 60% of younger patients are looking for digital services. Experian Health's patient-friendly payment tools are designed to help patients navigate their financial responsibilities with confidence and ease. For example, PaymentSafe® allows providers to securely collect payments anytime, anywhere, including mobile payments and patient portals. 6. Operational efficiency with automation, data and analytics RCM processes generate vast amounts of data, providing valuable insights into the organization's operational performance, revenue trends and areas for improvement. Being able to parse and translate this data into actionable insights is essential to determine the right strategies to pursue to optimize financial performance. But this in itself can be a major lift. Revenue Cycle Analytics is a web-based tool that breaks down data into actionable insights across billing, reimbursement and payer performance, presenting KPI data via comprehensive dashboards. Effective revenue cycle management strategies from start to end From labor shortages to rising costs, healthcare providers are finding creative ways to manage cash flow. While each healthcare organization’s needs and goals are different, understanding these six key strategies of successful revenue cycle management can help hospitals manage their revenue cycles more effectively and efficiently, while responding to new uncertainties. Find out more about how Experian Health helps healthcare organizations leverage automation and AI to streamline processes and boost revenue cycle performance.

With the ability to be applied across many different areas – from disease prediction to claims management and administrative tasks – data and analytics in healthcare is booming. In fact, according to a Grand View Research report, the global market for data analytics was valued in 2022 at $35 billion and is expected to increase at a compound annual growth rate of 21.4% until 2027. So, why the rapid growth? How can healthcare data analytics be used across the healthcare revenue cycle? The role of data and analytics in healthcare Historically, there has been a large amount of healthcare data being generated, but the industry has struggled to properly leverage this data into useful insights that improve patient outcomes, operations, or revenue. Today, with increasingly advanced data analytics, healthcare providers are using real-time data-driven forecasts to stay nimble and pivot quickly in rapidly changing healthcare and economic environments. And there is more data collaboration between healthcare organizations to convert analytics-ready data into business-ready information, thanks to the ability to automate low-impact data management tasks. Data-derived intelligence is also now easier to share with colleagues, third parties and the public. Types of healthcare data analytics methodologies and tools Healthcare data analytics involves several different types of methodologies and tools – all of which can be applied to various aspects of revenue cycle management. For example, descriptive analytics allows organizations to review data from the past to gain insights about previous trends or benchmarks. Predictive analytics, on the other hand, uses modeling and forecasting to help predict future results. When a strategic course of action is needed based on certain data inputs, prescriptive analytics is used. If a provider wants to take a deep dive into raw data to uncover patterns, outliers, and interconnection, they may employ discovery analytics. There are also generally three categories of technology-driven tools that can help collect and convert raw data into usable insights during the revenue cycle, including: Solutions that gather data from a wide variety of sources, such as patient case files, machine-to-machine data transfers, and patient surveys Programs designed to scrub, validate, and analyze data in response to a specific question being researched Software created to leverage the results produced by the analysis into actionable suggestions that be applied to meet specific goals Applying data analytics to maximize revenue “There are many things driving near-constant change in the healthcare revenue cycle, including shifting reimbursement, evolving value-based payment models, growing regulatory pressures, and increasing provider risk and patient responsibility,” says John Menard, VP of Product, Analytics, at Experian Health. “Healthcare organizations are also adapting to value versus volume reimbursement models, requiring revenue cycle leaders to lean into leveraging data analytics to improve not just operational efficiency, but patient financial experience and quality outcomes as well." Here's a closer look at how data analytics can help with revenue cycle management: Assessing patient finances From registration to collections, data analytics can play a key role at every step of the patient journey – and revenue cycle. Not only can the right data analytics tools help healthcare organizations better assess a patient's individual financial circumstances, but they can also help providers create accurate estimates and payment plan recommendations. Data-driven technology can help providers reduce surprise billing through more transparent pricing, helping patients navigate the cost of care and providing more timely patient communication. Digital solutions can help improve the patient financial journey by: Providing a self-service patient portal – With a solution like PatientSimple, patients get convenient 24/7 access to self-service account management tools. They can use the online portal to log into their healthcare account to securely process payments, request or review payment estimates, and schedule appointments. The portal also provides patient access to pricing information, plus the ability to apply for financial assistance or set up payment plans. With easy-to-use patient online tools, patients are more likely to meet their self-pay responsibilities and providers get paid more quickly as a result. Offering payment solutions – To collect payments with confidence, healthcare providers can utilize comprehensive data collection and advanced analytics through a digital solution like Patient Financial Clearance. With this solution, providers use a patient's financial data to quickly assess a patient's propensity and likelihood to pay prior to treatment. When appropriate, providers can then offer empathetic financial counseling and connect those that potentially qualify to financial assistance programs. By applying data analytics to this payment solution, healthcare organizations can increase point-of-service collections while reducing bad debt—in real-time. Providing patients with more accurate estimates – A recent Experian Health study found that 4 in 10 patients said they spent more on healthcare than they could afford. However, when patients know the expected cost of their care up front, they feel more empowered and make better decisions. Patient Estimates lets providers create more accurate estimates, eliminate manual tasks and improve patient satisfaction. Plus, it allows providers to automate and standardize their price transparency practices, which can help healthcare organizations meet regulatory requirements, create a more positive patient experience and increase revenue at the point of service. Reduce denied claims According to Experian Health's 2022 State of Claims survey, denied claims are on the rise with 42% of providers reporting that denials increased in the past year. 47% of respondents also said improving clean claims rates was a top pain point. Digital solutions can help providers reduce denied claims and increase revenue by: Automating claims management – With a solution like ClaimSource®, providers can automate their claims management systems – helping to ensure claims are clean before they are submitted to a government or commercial payer. Using an automated solution also allows providers to streamline the claims management process from a single web application. With ClaimSource, providers can easily analyze claims, payer compliance and insurance eligibility. Plus, it allows staff to prioritize their workload and focus on high-impact accounts – resulting in claims denial rates of just 4% compared to the industry average of more than 10%+. Optimizing efficiencies through artificial intelligence – Incorporating artificial intelligence (AI) into an automated claims management solution enhances the claims process in two key moments: before claim submission and after claim denial. AI Advantage™ integrates seamlessly with ClaimSource to continuously learn and adapt to ever-changing payer rules. The solution features two AI offerings, AI Advantage – Predictive Denials and Denial Triage, which can be customized to prioritization thresholds. Verify insurance and patient information Missing patient healthcare data can be a headache for providers to hunt down but looking for active coverage is often necessary. Providers must contend with a range of factors impacting patient coverage – including forgotten coverage, inadequate coverage, patients being misclassified as self-pay and regulatory changes, particularly with Medicaid and Medicare coverage. Implementing digital solutions can help providers use data to verify and find missing patient health insurance coverage, optimize patient collections, and boost revenue by: Utilizing automated, real-time insurance verification – Verifying patient coverage prior to service using a digital solution, such as Experian Health's Insurance Eligibility Verification. This tool can help providers experience fewer payment delays and claim denials. Plus, verifying insurance with automated insurance eligibility and benefits data improves cash flow, reduces claims denials and speeds up payments, including Medicare reimbursements. Patients also feel empowered with accurate payment estimates and accelerated registration, leading to a better patient experience overall. Improving collections with better data – With Collections Optimization Manager, providers can screen out bankruptcies, deceased accounts, Medicaid and other charity eligibility ahead of time. Through targeted collection strategies, providers can leverage actionable insights to focus on high-value accounts. Plus, predictive algorithms and data-driven rules help providers route and distribute accounts to the right collectors and agencies, controlling overall collection costs. This solution also connects providers to live support from an experienced optimization consultant that will help develop a tailored collection strategy through data evaluation and industry knowledge. Finding unidentified coverage – In 2022, Coverage Discovery tracked down previously unknown billable coverage in 28.1% of self-pay accounts, finding more than $64.6 billion in corresponding charges. Providers can use Experian Health's Coverage Discovery solution at any point in the revenue cycle to look for previously unidentified coverage – maximizing insurance reimbursement revenue and reducing accounts sent to collections, charity, or bad debt. Coverage Discovery also automates self-pay scrubbing and proactively identifies billable Medicare, Medicaid, and private insurance options, using a mix of search, historical information, proprietary data sources and demographic validation. See how the right data and analytics can help providers better understand their patients, streamline operations, and improve revenue.

In today's healthcare landscape, providers face the challenge of making costs transparent and understandable for consumers. The Hospital Price Transparency Rule has driven progress in this area, but there is still work to be done. In 2022, 70% of hospitals complied with the Hospital Price Transparency Rule, up from 21% in 2021, according to the Centers for Medicare & Medicaid Services. The Rule mandates hospitals to provide consumer-friendly pricing displays for more than 300 shoppable services, plus a machine-readable file with rate information. To address this challenge, healthcare organizations need to leverage price transparency solutions that empower patients throughout their financial journey. By equipping patients with advanced knowledge of treatment costs and coverage details, providers can facilitate informed healthcare decisions, expedite payments, foster patient loyalty, and gain a competitive advantage. Prevent confusion about costs with transparent healthcare pricing A recent KFF survey found that almost six in ten insured healthcare consumers have encountered problems paying for care in the last year. More than half said they found it difficult to understand their health insurance, while three in ten said their insurance paid less than expected. Confusion about coverage can lead to delays, denials and difficulties in accessing care. Two scenarios are common when patients are faced with unexpected and increasing healthcare costs: 1) they delay care until their year-end deductibles are met, or 2) they forego care completely. Neither is good for their health, and both can disrupt providers' revenue cycles. By arming patients with advanced knowledge of treatment costs and how these will be split between patients and payers, providers can help patients make informed healthcare decisions without worrying about sticker shock. And price transparency is not just a question of compliance - making healthcare billing more transparent can be a driver for growth, through expedited payments, patient loyalty and market advantage. Compassionate financial counseling, flexible financing programs, clear billing statements and simple payment options all play a role. What can providers do to improve price transparency? Step 1 in delivering price transparency is to ensure compliance with the Hospital Price Transparency Rule. Experian Health and Cleverley + Associates have partnered to help providers satisfy the requirements. Experian Health's Patient Estimates supports providers in compiling the required list of shoppable service items, while Cleverley + Associates delivers the machine-readable files quickly and at scale. Jamie Cleverley, President of Cleverley + Associates, says: “Trying to pull together all of the required information in one place led to a lot of complexity for hospitals, at a time when a lot were short-staffed. We became a natural resource for hospitals. Since we have the information and the technical capacity, we could relieve the anxiety around compliance.” Riley Matthews, Lead Product Manager at Experian Health, says the joint approach has succeeded in helping hospitals comply with both aspects of the rule: “We had a portal that we can integrate with our clients' websites, where patients are able to walk through a user experience that guides them to their price estimates. Cleverley came in with the complex machine-readable files and has been a fantastic partner from the start… We're able to solve both sides of the price transparency rule and provide a holistic solution that delivers value for our clients.” Hear Riley Matthews and Jamie Cleverley discuss how this strategic partnership will help healthcare organizations address the challenges with compliance: Utilizing healthcare price transparency solutions throughout the patient journey To round out the patient financial experience, healthcare organizations should consider proactive solutions that promote clarity and convenience at every financial touchpoint. For example: Patient Financial Advisor is the first solution in the market to provide consumers with a pre-service, mobile-estimated patient responsibility and payment experience. This allows patients to make easy, secure payments as soon as they're ready. Patients get a clear breakdown of everything they need to know about their financial obligations, delivered straight to their mobile devices. To solve for confusion around coverage, Experian Health's Coverage Discovery® solution helps patients find missing or forgotten coverage. Patients welcome their providers' help in identifying additional coverage options, so they aren't billed for costs unnecessarily. Providers can seek reimbursement through those plans, rather than sending accounts to collections. Providers can also promote clarity when it comes to payments. PatientSimple offers patients a secure, 24/7 portal to view and manage their healthcare costs in a straightforward and convenient way. Not only can they see accurate price estimates at the touch of a button, but they can also apply for charity care, set up payment plans, update payer information and make payments to multiple providers. Implementing healthcare price transparency solutions to meet regulatory requirements Creating a more transparent approach to healthcare pricing and billing can be a daunting task in the context of ongoing regulatory change and operational challenges. It's time to incorporate Experian Health's innovative solutions to navigate ongoing regulatory changes, overcome operational challenges, and enhance the financial experience for both providers and patients. Find out more about how Experian Health is helping providers comply with price transparency rules and exceed patient expectations for clear and comprehensive billing experiences.

Is the digitalization of patient access services losing momentum? Experian Health’s State of Patient Access 2023 survey suggests that both patients and providers feel there’s still work to do to open healthcare’s digital front door. Where are the gaps? And how can providers fulfill patients’ digital expectations? This article looks at the advantages of offering a digital patient access experience and three technologies that can help providers stay competitive and give patients what they need and want. What is healthcare’s digital front door? The term “digital front door” refers to the virtual gateway through which patients access healthcare services and information. It has become a synonym for patient access, encompassing the digital touchpoints patients interact with when they’re booking appointments, registering for care, verifying insurance eligibility, paying for services and checking their medical records. This can include a hospital’s website, mobile apps for registration and payment, patient portals, telemedicine platforms and online appointment scheduling systems. Digital services have become an integral part of daily life, and healthcare should be no different. Patients and providers alike are seeking streamlined ways to connect and engage. What are the benefits of opening healthcare’s digital front door?  According to the State of Patient Access survey, patients want one thing above all else: to see their doctor as soon as possible. More than three-quarters said online scheduling was a top priority. Being able to book appointments online sidesteps geographical and practical barriers to care, reduces wait times, and prevents more serious and costly health situations from arising. For providers, this is an effective route to patient loyalty as well as better health outcomes. Opening healthcare’s digital front door unlocks financial advantages, too. Registration forms can be pre-filled with verified patient data, eliminating the errors that can occur through manual processes. This saves time, effort and expense for patients and providers later. CAQH estimates that the efficiencies gained through automated processes across the entire revenue cycle, including patient access, could allow the medical industry to release savings of as much as $22.3 billion each year. As healthcare labor challenges continue, a third of providers also noted that digital technology can help offset staff shortages, easing pressure on staff by automating repetitive tasks. Clarissa Riggins, Chief Product Officer at Experian Health, says, "For those in the healthcare industry who have been hesitant about implementing technology due to fears about replacing workers, the current staffing shortage may be the catalyst they need to change." And with a wealth of insights about service utilization and staff workflows now at their fingertips, data-driven digital services can facilitate continuous operational improvements. Why has the digital momentum slowed? Despite these benefits, patients report a slowdown in the digitalization of patient access. While the acceleration of the adoption of digital services seen during the pandemic could be expected to level off, survey responses from patients and providers hint at a more significant dip. Only 17% of patients think patient access has improved over the last two years, and 47% of providers say it’s gotten worse. Riggins says, "Patients have increasingly high expectations for easy and efficient tech-enabled solutions when it comes to accessing healthcare services...The bottom line is providers must prioritize updating their technology to avoid being left behind. Patients, especially younger generations, are demanding a better 'digital front door' experience or they could look elsewhere for care. In fact, Experian Health's survey found that 56% of patients who believed the access experience was worse said they would switch providers because of it." How can healthcare providers improve their digital front door? Fulfilling patients’ digital expectations comes down to three things: 1. Quick and convenient self-scheduling Survey results show that 76% of patients want to schedule appointments online or via a mobile device. With Experian Health’s patient scheduling software, providers can offer patients the option to book, cancel and reschedule appointments from any device, at any time. This omnichannel platform acts as the central scheduling hub across an entire health system. Self-service scheduling and integrated text and IVR outreach campaigns reduce the number of calls to agents. And for those calls that are needed, guided search makes scheduling quicker and easier. 2. Mobile-enabled patient registration Data from Experian Health and PYMNTS found that a third of patients chose to fill out registration forms for their most recent healthcare visit using digital methods, while 61% said they’d consider switching providers to one that could let them manage care through a patient portal. Aside from boosting patient engagement, automated registration also reduces the risk of denied claims, by preventing data entry errors that occur during patient registration. With Experian Health’s patient intake software, providers can simplify registration for a better patient experience, reduced administrative costs and fewer denied claims. 3. Anytime, anywhere payments More than seven in ten patients say they want to be able to pay for healthcare using online or mobile methods. But before that, they also want to know in advance how much their bill is likely to be. The survey suggests that providers still struggle to deliver accurate, upfront cost estimates to patients. With tools like Patient Financial Advisor, Patient Estimates and self-service payment options, providers can help patients navigate the financial side of their healthcare journey, resulting in prompter payments and more positive reviews. Implementing new systems and tools can be daunting, but with the support of an expert vendor, providers can deliver the convenience and choice that patients demand in the most efficient and cost-effective way. As labor costs continue to rise, now is the time to invest in digital technology to ease pressure on staff, increase patient engagement and safeguard revenue going forward. Discover how Experian Health is helping to open healthcare’s digital front door with comprehensive patient access solutions.

To improve the patient journey, providers need to think like consumers. Patients are accustomed to convenience and choice in industries such as retail and banking, and expect the same of their healthcare experience. How quickly can they see their doctor? How easy is it to book appointments? Are they going to be handed a stack of paper forms when they arrive? From scheduling appointments to making payments, every touchpoint in the patient journey is an opportunity to meet and exceed expectations. To improve the patient journey, providers will need to utilize digital tools. Providers that put themselves in the patients’ shoes and find ways to make patient access as frictionless as possible will secure a competitive advantage. Learn how digital technology can enhance healthcare providers' ability to deliver flexible, efficient, and supportive care throughout the patient journey. This article draws upon the insights of Experian Health's State of Patient Access 2023 report to explore the benefits of utilizing digital tools and solutions in healthcare. In 2023, Experian Health surveyed more than 1,000 U.S. patients & 200 healthcare providers to learn about the state of patient access. Get exclusive insights: Before the appointment: how easy is it for patients to schedule care? The patient journey should begin with a welcoming “digital front door”. Demand is clear: according to the State of Patient Access 2023 survey, 56% of patients want more digital options to manage their healthcare. Specifically, 76% say they would like to schedule appointments online or via a mobile device. Creating an inviting, convenient and user-friendly online presence will encourage patients to book more appointments. A multi-purpose online portal gives patients the flexibility to take care of appointment bookings anytime, anywhere. Automated patient scheduling also reduces pressure on call center staff, who are then able to offer extra support to individuals who need it. Real-time status updates and automated appointment reminders ensure patients see their doctor as soon as possible and reduce the risk of no-shows. By creating a seamless transition between a provider’s online presence and physical office, tools like Patient Schedule can create an efficient experience for both staff and patients. Arriving for care: is pre-registration simple and streamlined? Patients deserve a seamless and stress-free experience when arriving for their appointment. Unfortunately, traditional paper forms can be tedious and redundant. Incomplete forms can also lead to delays in treatment. Online self-check-in options and virtual waiting rooms allow providers to move registration out of the waiting area and into the patient’s home or mobile device. With a digital front door, patients can complete pre-registration tasks, get accurate price estimates and even pay their bills before their appointment, via text or online portal. Automated tools can prefill identity information to keep errors and gaps at bay, and avoid claim denials and delays further on in the patient journey. A painless, paperless registration experience is easier and quicker for patients and saves time and resources for providers. Planning for bills: are patients getting upfront pricing estimates? Providers have many opportunities to improve the patient financial journey. Experian Health’s survey found that 40% of patients would cancel or postpone care without accurate estimates, yet 65% did not receive them. That price transparency isn’t the norm is surprising, given the legislative push in recent years. Medical bills can be extremely complex, so providing a detailed breakdown of expected costs is a great way to improve the patient experience. Patient Estimates is a web-based tool that allows patients to generate accurate estimates using their current insurance and benefits information, before or at the point of service. Patients can also be offered personalized financial assistance options including payment plans and charity care. For patients that prefer to take care of business via their mobile device, Patient Financial Advisor offers a similar service via secure text message. Patients get a clear cost breakdown and a link to make secure payments. When financial management is easier for patients, providers are more likely to get paid. Paying for care: do patients have a choice of payment methods? In addition to clear and upfront pricing, providers can enhance the financial experience by offering multiple convenient payment options. Digital-first consumers are looking for the same self-service, secure, one-click payment options that they use for other purchases. Providers that enable digital patient payment tools earlier in the process are not only delivering a more satisfying patient experience, but they’re also more likely to be paid sooner. With Experian Health’s Patient Payment Solutions, providers can collect payments 24/7 via mobile, web and patient portals. Leveraging digital technology to improve the patient journey Alex Harwitz, VP, Digital Front Door, at Experian Health, says that patient loyalty is increasingly tied to digital offerings: “Whether we’re talking about scheduling, registration or payments, the message from the State of Patient Access 2023 survey is clear: patients are looking for transparency, convenience and a significant amount of control. They’re more likely to choose providers that offer these benefits and switch away from those that don’t. For example, nearly a quarter have considered looking for a different provider because of a poor payment experience.” The realization that a better patient access experience results in better business outcomes is almost universal among providers. And with advancing patient access technology, providers now have more ways to deliver a consumer-friendly experience that allows patients to focus on their health, and not on the admin of care. Download the State of Patient Access 2023 – the Digital Front Door, to find out more about patient and provider perspectives on how to improve the patient journey.

The COVID-19 pandemic and economic volatility cast a spotlight on America's healthcare system, revealing many complications with patient access. Most patients and providers agree: patient access along with financial strain, are major contributors to patient burnout and delayed or lapsed healthcare. Healthcare providers can help ease the burden for patients by taking steps to implement digital solutions that make access to care easier. What's causing patient burnout? Today, there are many contributing factors causing patient burnout and most have to do with patient access, according to the latest Experian Health data. In fact, 21% of patients feel that patient access today is much worse than in previous years. And 80% of patients feel that the biggest challenge they face is seeing a doctor quickly. Frustrating experiences with registration and inaccurate estimating – all parts of patient access – are burning patients out, too. Nearly half of patients (49%) have trouble finding appointments that fit their schedule and 40% say the process to schedule an appointment is one of their top issues. And when they're finally able to be seen by a provider, patients are often met with understaffed offices, overworked physicians, long waits and rushed appointments. As a final blow, patients are also finding themselves faced with higher-than-expected medical bills thanks to inaccurate pre-treatment estimates. In fact, only 29% of patients say they received a cost estimate before care, and of those who didn't receive an estimate, 41% said the final costs for care were more than expected. Today's patients are seriously fed up, and providers agree. Nearly half (47%) say that patient access is worse than in the previous two years. Close to 90% of providers (87%) also feel that staffing shortages are contributing heavily to poor patient experiences along with outdated technology (21%). The State of Patient Access 2023 report is based on a new survey, fielded in December 2022, that gathered responses from 202 healthcare professionals responsible for patient access and 1,001 patients who engaged in care for themselves or a dependent in 2022. It is the third survey in a series fielded by Experian Health since 2020. Building a better patient experience A positive patient experience begins with simplifying patient access. In fact, according to a recent Experian Health report, more than half of patients want more digital options to manage their care (56%) and have even considered changing to a provider that offers better access. To retain existing patients and attract new patients, healthcare providers need to have digital patient access solutions in place. From the ability to register for appointments online to mobile payments, a digital front door can help providers create more satisfactory patient experiences. Not only can digital tools improve the patient experience, but it's also the starting point of the revenue cycle and accounts for registration, scheduling, gathering insurance information and collecting co-pays or deductibles. And it's where 30% to 50% of denied claims initiate, thanks to inaccurate patient information, lack of real-time insurance verification and manual processes, among other factors. Alex Harwitz, Experian Health's VP of Product, Digital Front Door, says, “When we think about how digital front door solutions can solve for patient burnout, the answer is simple. What's good for the patient is good for the provider. Our latest Experian Health study has shown us that patients want more access. They're looking for functions that are easy to use and don't take up a lot of time. When providers provide streamlined digital solutions, it leads to better patient access experiences that directly result in better business outcomes for the practice.” Introducing automated patient access solutions can help healthcare practices give patients more control over their healthcare, reduce claim denials and alleviate some of the issues caused by short staffing. Recent data from Experian Health and PYMNTS also found that a third of patients opted to fill out registration forms for their most recent healthcare visit using digital methods, while 61% of patients said they'd consider changing healthcare providers to one that offers a patient portal. Automated patient access solutions can offer high-quality service without limiting care options, providing an ideal win-win situation for both patient and provider alike. Automate patient access with digital solutions According to recent Experian Health data, over 46% of providers are planning to invest in digital front door capabilities in the next six months. This shows a growing recognition of the importance of digital patient access solutions among healthcare providers. Automated digital patient access solutions can help healthcare providers improve patient access, reduce waiting times, and increase operational efficiency, among other benefits. Some of the automated digital patient access solutions that providers can consider investing in include: 1. Patient registration and scheduling Using integrated registration and scheduling solutions, such as Experian Health's Registration Accelerator, Patient Scheduling software, and Patient Outreach, can help providers create a better patient experience before they even see a provider. Automating intake online can simplify registration processes, while reducing administrative costs and boosting revenue. When patients have easy access to schedule appointments online 24/7, there are fewer gaps in care and providers have reduced staff call times and more time to collect billing. Plus, providers can automate patient outreach messages and offer the ability to self-schedule via IVR or text – giving patients even more access. 2. Patient payment tools 26% of patients say that paying for healthcare is harder than ever, and 77% of healthcare consumers say it's important to understand the cost of their care before getting treatment. But it's still the norm for patients to go into procedures without knowing what they'll ultimately owe. A tool like Experian Health's Patient Financial Advisor can send patients accurate cost estimates and easy payment options ahead of time. Estimates using the Patient Financial Advisor are based on real-time patient benefit information, the provider's payer contracted rates and provider pricing. By giving individuals a clear understanding of their costs and payment prior to a medical procedure, providers can help their patients feel more financially confident. A built-in payment portal also offers methods to make a secure payment, resulting in fewer billing delays. 3. Patient estimates According to recent Experian Health and PYMTNS data, 4 in 10 patients said they spent more on healthcare than they could afford, but when they know the costs upfront, they feel empowered to make better decisions about their healthcare. Although there are measures in place to help ensure self-pay and uninsured patients receive a good-faith estimate up front, such as the Price Transparency Final Rule and the No Surprises Act, inaccurate estimates can still be an issue. Using a digital solution such as Experian Health's Patient Estimates, can help providers meet regulatory requirements, create a positive patient experience and bring in faster payments. Plus, estimates are more accurate as they account for payment plans, prompt-pay discounts, state-mandated discounts as well as other types of financial assistance policies for self-pay patients. Reduce patient burnout with digital front door solutions To reduce patients' financial strain and ease their frustration with access to care, providers must make it a priority to adopt digital solutions that better serve patient needs. These digital front door capabilities not only help increase access to care but also provide a personalized experience for each individual. Digital patient portals, online appointment scheduling, patient estimates – all of these can help deliver better outcomes and drive efficiency for both patients and providers. By implementing these digital patient access solutions, healthcare providers can create a more efficient and convenient patient experience, reduce administrative burdens, and streamline their revenue cycle management processes. Learn how Experian Health can help healthcare organizations implement digital front door capabilities that can improve patient access and minimize patient burnout.

Proactive price transparency could be a competitive advantage for healthcare providers, as a Kaiser Family Foundation survey suggests a majority of Americans believe Congress should prioritize the issue. The survey revealed that 60% of respondents think legislative action to make healthcare prices more transparent should be a “top priority” for the next Congress, while a further 35% said such laws were “important, but not a top priority.” Concerns about the cost of living are top of mind for many households, with 91% of respondents specifically noting their worries about rising healthcare prices. Providers can help meet the demand for more transparent pricing by implementing solutions to make it easier for patients to understand and plan for upcoming bills. Those that proactively meet and exceed patient demand for clearer pricing information will garner more patient trust and loyalty, and in turn, secure an important competitive advantage in a challenging economic context. Why are patients calling for greater price transparency? For many patients, the process of paying for healthcare is like trying to find their way through a maze, with numerous twists and turns and no clear path forward. Unlike most other purchasing decisions, patients lack upfront information about the options in front of them. Many do not fully understand the cost of care, and as a result, may not be aware of or prepared for the forthcoming financial burden. This lack of transparency causes uncertainty and unease, leading to postponed care or missed payments. With transparent pricing, patients can make more informed decisions and choose the most cost-effective options. Those with high out-of-pocket expenses can shop around for services that best fit their budget and estimate the cost of care in advance. Transparent pricing is especially important for patients with chronic conditions or those who require ongoing care. Are providers meeting the demand for price transparency? Many providers have embraced the push for transparent pricing, by introducing upfront patient estimates and tools to help patients understand and manage their bills. Transparency may be a requirement under the Hospital Price Transparency Final Rule, but providers are also incentivized by the promise of faster payments and fewer time-consuming billing queries. However, implementation of price transparency measures has been patchy: as of August 10, 202, only 16% of hospitals were compliant with the rule. In a podcast interview for Becker’s Hospital Review with Riley Matthews, Lead Product Manager at Experian Health, Jamie Cleverley, President of Cleverley + Associates, suggests two main obstacles: confusion around what information needs to be disclosed (more on this below) concerns that sharing pricing information could negatively affect revenue. The second concern is valid, but evidence suggests that disclosing prices to patients can save money, by reducing unnecessary hospitalizations, readmissions and emergency visits. Missed payments are less likely if patients feel in control of their financial situation. In fact, research by Experian Health and PYMNTS suggests that upfront cost estimates improve patient satisfaction by 88%, which encourages prompter payments. Delivering a better patient experience with accessible pricing information To help healthcare organizations meet patient demands for clearer pricing and ensure compliance with the federal rule, Experian Health and Cleverley + Associates have teamed up to provide a standardized solution. Listen in as Jamie Cleverley, President of Cleverley + Associates, and Riley Matthews, Lead Product Manager at Experian Health, discuss how a new partnership is helping providers comply with the Price Transparency Rule: Each organization brings its specific expertise to help healthcare providers provide clear and compliant pricing information: Experian Health’s Self-Service Patient Estimates tool enables compliance with the requirement to display payer-specific rates as a consumer-friendly list of 300 shoppable items. This tool gives patients upfront, accurate estimates that are easy to understand so that they can make informed choices about their care. Cleverley + Associates helps providers make pricing information available as a machine-readable file, quickly and at scale, so providers can fulfill the requirement to display such files on their website. The solution is neatly packaged to save providers from engaging in discussions with multiple vendors or scrambling to find internal solutions for each individual requirement. Cleverley says that working with the two organizations together can save providers time and stress: “We have the information and the technical capacity to offer a format we think is useful, which complies with all the rules. There’s anxiety around this – providers worry about whether CMS will view [their solutions] as compliant. But with us, they’re working with trusted partners that have had those conversations with CMS, that have released these files already and that have been through the audit process.” For Matthews, this adds up to a user-friendly experience that’s not only compliant but gives patients what they need: “We needed to provide a patient-facing estimate-creating solution that shows those top 300 shoppable services for a hospital or a doctor’s office. We were able to do that through our existing product, Self-Service Patient Estimates. We have this portal that we can integrate with our clients’ websites, which guides patients through the entire process. What we did not have – and where Cleverley came in – were those complex machine-readable files… So, we were able to come in from both sides with price transparency and say, ‘ok, now we solve both, and we’re here to provide a holistic solution.’” From compliance to competitive advantage Penalties for non-compliance with the Price Transparency Rule may have been limited to date, but this may change as the rule reaches its second anniversary. Furthermore, some states are starting to bring in their own legislative measures to protect patients from opaque billing practices. And with patient expectations clearly stated, the pressure on providers to deliver transparency is mounting. But as noted, this is about more than compliance. Patients are looking for a clear and compassionate financial experience and will reward providers that deliver this. Providers should consider how to keep patients informed and empowered at every stage of the financial journey. Experian Health offers a suite of payment tools designed to achieve this, which bring together accurate estimates, tailored payment plan recommendations and convenient payment options. Find out more about Experian Health’s Price Transparency Solutions or watch the video to hear more about Experian Health’s price transparency partnership with Cleverley + Associates.

Digital tools are gradually helping to modernize healthcare, but there are still many gaps to fill when it comes to meeting critical needs. Outdated billing, payment and pricing models continue to be a hindrance for healthcare providers and patients. In an article for Chief Healthcare Executive, Tom Cox, President of Experian Health, made the case for using digital tools and online payment software to help patients better understand, manage, and live up to their financial responsibilities. “At a hefty $140 billion price tag, medical debt in the United States is a growing crisis,” Cox wrote. “There are many contributing factors, but it doesn’t help that costs are often unclear upfront and confusing at best once the bill arrives, with a lack of seamless digital payment options throughout the journey.” Better digital solutions exist, including tools that provide clear, accurate pre-treatment estimates and mobile billing and payment options, but not all healthcare providers are up to speed. Meanwhile, a study by Experian Health and PYMNTS found that 60% of millennials are “very” or “extremely” interested in digital services; 61% of patients who are interested in using patient portals would change healthcare providers for more digital convenience. Managing healthcare expenses is a growing challenge for patients Too often, patients enter treatment without a clear understanding of what they’ll be required to pay. External factors contribute here: Many patients have changed jobs and insurance coverage or have moved to high-deductible health plans that carry greater out-of-pocket expenses. Receiving a personalized estimate that shows projected costs, insurance coverage, potential discounts, and payment options helps patients anticipate costs and plan for payment. Yet, Easing Digital Frictions in the Patient Journey, a collaborative survey of 2,333 consumers from Experian Health and PYMNTS, found that only a third of patients received cost estimates prior to their visits and another 14% only received estimates after requesting them. Knowing out-of-pocket costs in advance matters to patients. The survey also found that 82% of patients living paycheck to paycheck with issues paying their bills consider it “very” or “extremely” important to preview out-of-pocket costs before treatment. Among patients who received surprise bills, 40% spent more on healthcare than they could afford, compared with 18% of patients who did not receive surprise bills. A lack of modern payment options is an additional challenge. “Younger generations raised on digital banking expect immediacy and convenience in how they handle finances,” Cox said. A range of choices, including digital card payments, digital wallets, or personalized payment plans, gives patients tools for managing their healthcare costs. Online payment software removes friction and enhances the patient experience If providers are ready to offer a better digital patient experience, where do they begin? Giving patients accurate cost estimates before treatment, at the point-of-service, and via a patient self-service portal offers greater clarity and control. Experian Health’s Patient Estimates solution creates personalized cost estimates using the provider’s chargemaster, claims history, payer contract terms, and the patient’s insurance. Estimates may also include information on discounts, payment plans, and financial assistance where appropriate. Patient Financial Advisor enables patients to review estimates, make payments, and even set up payment plans using their mobile devices. “Reaching patients where they are—on their mobile devices—brings the patient payment experience in line with the way people already shop, manage money, and transact in other areas of their lives,” says Riley Matthews, Senior Product Manager at Experian Health. “Consumers who routinely see an upfront, detailed breakdown of costs when they order lunch delivery or hail a ride, then pay seamlessly on a mobile app, want a frictionless digital experience when they’re dealing with something as consequential as healthcare.” Confusion, unexpected costs, and a lack of payment options can all slow the collection process. Patients are more likely to delay payment if they don’t understand their charges—or if they aren’t able to pay anytime, anywhere using the payment method of their choice. But the cost of living may also play a role – as household budgets tighten, patients may need more time and better tools to handle expenses. “The good news is that providers have access to digital solutions that improve the patient payment experience. Implementing new technologies that provide patients with accurate cost estimates and familiar online payment options removes friction and makes it easier for patients to understand and pay their bills, which ultimately boosts the bottom line,” says Berenice Navarrete, Product Director at Experian Health. Patient experiences can speak to individual needs By helping patients succeed at managing their healthcare costs, patient-centered payments may also help speed up collections. Digital tools help, not only by providing clear up-front estimates and easy-to-use mobile billing and payments, but also by using data to get a broader view of patients’ financial situations. By better understanding individual insurance coverage and factors like a patient’s propensity to pay, providers can create patient payment experiences that speak to individual needs. “Digital solutions like Coverage Discovery and Patient Financial Clearance give insight into what a patient’s insurance will cover and whether they might benefit from a payment plan,” says Matthews. Effectively communicating with patients throughout the patient journey—all the way through to payment—is an additional consideration. Automated bill reminders, self-pay options, and text or voice messages keep patients aware of outstanding bills, especially when they may need extra time to process and plan. Improving the patient experience is part of patient care Ultimately, billing and payment are part of patient care. When providers bring greater clarity and ease to the patient payment experience, they eliminate barriers to both treatment and payment. And while implementing digital technology requires an investment, improving the patient experience, accelerating collections, and extending care with less pain in the process is valuable to patients and providers alike. Learn more about Patient Estimates, Patient Financial Advisor, and Experian’s full suite of online payment software solutions.

Healthcare has witnessed significant shifts over the last few years, driven by a combination of economic turbulence, legislative change, technological advances, and, of course, the COVID-19 pandemic. Thanks to contactless and remote care, it’s much easier for patients to speak to their doctor and manage their healthcare journey from any location. Personalized medicine and wearables are providing insights and recommendations tailored to every individual. Chatbots and AI are enabling fast and efficient interactions between patients and providers. All of these innovations have a common purpose – to improve the patient experience. The other feature these innovations have in common is that they’re all driven by digitalization. Digital technology has reshaped the way healthcare is delivered. Providers have more tools at their fingertips to create a great patient experience. Those that leverage digital technology will see a rise in patient acquisition and retention, better health outcomes, and increased profitability. This article suggests 3 strategies to help build a better patient experience – and one thing to stop – to improve patient satisfaction and secure a competitive edge in 2023. One practice that must change to improve the patient experience A 2022 report by Experian Health and PYMNTS analyzed responses from more than 2000 patients that revealed some common frictions in the patient journey. The results showed that patients are enthusiastic about digital technology but often can’t access the tools they’d like to see. Patients are frustrated by poor communications, clunky, opaque billing processes, and a lack of digital options (such as patient portals). There’s a clear message: outdated technology and manual processes are hurting the patient experience. If there’s one thing to stop in 2023, it’s reducing reliance on antiquated systems and technology. Opening the digital front door with automation, advanced data analytics, AI and self-service tools can offer patients reliable, personalized, anytime-anywhere access to the care they desire. 3 ways to leverage digital tools to build a better patient experience 1. Give patients control with on-demand patient access Patients are no longer passive participants in their healthcare experience; they're thinking and acting like consumers. They’re choosing providers that give them choice, convenience, and above all, control. This should start with their first interaction with the provider: appointment scheduling. In Experian Health’s State of Patient Access 2.0 survey, almost 80% of patients said they preferred to schedule their own appointments at any time and from any device. Sanju Pratap, Vice President, Product Management at Experian Health, says, “when patients have to wait for the office to open or negotiate with a call-center representative to make an appointment, scheduling feels like a hassle. For patients who are accustomed to online scheduling in other areas of their lives, lack of access could be a reason to look elsewhere for care.” But the digital front door doesn’t close when the appointment is booked. Patients will be frustrated if a great online self-scheduling experience is followed by a stack of paper registration forms to be filled out in the waiting room. Experian Health’s suite of patient access solutions offers patients a consistent and frictionless experience that includes online self-scheduling, mobile-enabled registration, automated price estimates and payment management. 2. Provide financial clarity and support with patient-friendly billing Many of the most common complaints about the patient experience involve payments and billing. Patients want clarity and will switch providers to get it. For that reason, one of Experian Health’s “predictions for 2023” is that patients will increasingly choose providers that offer a user-friendly financial experience. Healthcare providers can improve the patient experience by making it easier to navigate the payments side. This includes: Providing upfront Patient Payment Estimates so patients can predict and plan for their financial responsibility Locating patients’ missing insurance coverage (and reducing the risk of uncompensated care) with Coverage Discovery Using data to determine the right financial pathway for each patient and deliver personalized payment plans to take the stress out of healthcare billing Offering a variety of patient-centered payment options like contactless payments, mobile wallets and online portal 3. Personalize communications with targeted outreach Delivering a quality patient experience requires more than just offering good medical care - effective communication is key. For providers, it's essential to provide clear and personalized communication that speaks directly to the individual patient. Mass-marketing emails may appear more efficient but are often ineffective in conveying key information or fostering a sense of connection with healthcare providers. This leaves room for gaps in care, as well as confusion among patients. Targeted patient outreach can ensure patients get the right message at the right time, through their preferred communications channel. With the right combination of data and digital tools, providers can make sure their patients feel heard and understood throughout their patient journey. Bridging the digital divide Not everything can or should be automated. Patients still want face-to-face interactions. Automation and AI should be used to manage repetitive, process-driven tasks, so staff are free to support patients with more complex needs. To leverage the full potential of these digital tools, providers must understand how to use them to create a connected patient experience that flows seamlessly between face-to-face and digital domains, from scheduling appointments to paying for care. Find out how Experian Health is helping healthcare providers improve the patient experience in 2023.