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Customize payment policies based on a patient’s likelihood to pay medical bills and improve collections with Experian Health Propensity to Pay. This effective method for predicting a patient’s likelihood to fulfill out-of-pocket obligations employs healthcare-specific models to evaluate payment risk. With this information, healthcare organizations can determine the most appropriate collections policy and initiate more productive financial counseling discussions.
Today’s consumer-driven climate demands a more flexible approach to payment collections that reflects the rapid growth in patient financial responsibility. By utilizing Propensity to Pay, healthcare organizations can assess each patient’s unique financial situation, generate a rating of the patient’s likelihood to remit payment and view personalized financial counseling scripts. As a result, providers can explore alternative payment options with patients prior to treatment and minimize the risk of non-payment.
Incorporating Propensity to Pay into daily workflow allows healthcare organizations to employ a proactive approach to capturing all patient payments, including self-pay collections, starting at the front end of the revenue cycle. The result? Reduced patient bad debt, lower collections costs and improved cash flow.