With Patient Estimates, Saratoga Hospital increased cash collections by 400 percent from 2015 to 2018.
Surprises can be fun, but not when they’re in the form of a bill someone can’t afford.
Patient payment responsibility has increased and this requires healthcare organizations to optimize their collections from patients and payers simultaneously. By closing the gap in payer contracts and reimbursement, healthcare organizations can accurately provide transparent cost estimates throughout every patient’s continuum of care.
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 incorporate financial assistance policies for self-pay patients, including prompt-pay discounts, state-mandated discounts, and payment plans.
Patients should know how much they’re going to be responsible for before their appointment. Experian Health is here to help you help them avoid the sticker shock associated with unforeseen medical expenses.
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 have 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need for manually updating price lists and removed the guesswork and tedious manual processes, which often result in outdated, inaccurate estimates.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 payments received from third-party payers and negotiate successful contracts.
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.