Dan Wiens talks about how Experian's patient-facing estimation tool that allows patients to go directly to a website, which not only improves patient satisfaction, but also fulfills state regulations.
Pressure from governing bodies, combined with consumer demands about the cost of care, are driving a demand for meaningful price transparency. To remain competitive health organizations must step up to the plate and deliver.
Effective price transparency should involve the release of information that is clear, accurate, and actionable so that consumers can easily determine their cost of care. Most healthcare organizations already have the basic data they need to use automated technology to construct estimates for basic services. Experian Health has the technology to eliminate the need for manually updating price lists, and remove the guesswork and tedious manual processes, which often result in outdated, inaccurate estimates.
Patient Estimates is a user-friendly, web-based pricing transparency tool for hospitals, medical facilities and physicians that creates accurate estimates of authorized services for patients before or at the point-of-service. It combines data from the provider’s chargemaster, claims history, payer contract terms and the patient’s insurance benefits.
These estimates also incorporate financial assistance policies for self-pay patients, including prompt-pay discounts, state-mandated discounts and payment plans.
Patient Estimates, a patient-friendly cost estimation tool, calculates estimates based on several types of data—price information in your chargemaster, payer contracted rates and patient eligibility and benefits information. By knowing what they owe you prior to treatment, patients can plan ahead for expenses and pay you more quickly.
We’ve eliminated the need for manually updating price lists and removed the guesswork and tedious manual processes, which often result in outdated, inaccurate estimates. With Patient Estimates, insurance benefits are populated automatically, self-pay and prompt-pay discounts are applied and quotes are stored and easily retrievable. Your own hospital contracts and reimbursement agreements are used to value the estimate. Your staff can now confidently ask for payment up front knowing the estimate they’re providing is accurate.
Undoubtedly you’ve been monitoring progress toward legislation for healthcare providers to furnish patients with estimates for their cost of care. If it’s not already in place, there’s a strong chance your state will be next on the list to require price transparency. Patient Estimates help you comply with price transparency requirements.
Verify the accuracy of payment received from third-party payers.
Passport Eligibility lets healthcare organizations quickly and easily validate patient co-pay, benefit and deductible information at any point in the revenue cycle.
With Patient Self Service, Experian Health’s secure online portal, you give them the 24-7 control they’re looking for.
Better control your process—and increase patient satisfaction—by developing and adhering to consistent pricing policies, tracking potential vs. actual collections and ultimately, increasing up-front patient collections. Complete the form below.