alternative to traditional bad debt.
It may have taken a pandemic but 2020 has shed light on changes we needed to make. Changes as individuals, as care givers, as a workforce, as teachers and students, and even as revenue cycle leaders. And while new perspectives grew out of our response to crisis, many are here to stay.
One perspective that has been magnified is the understanding that patients need help affording their care, especially as economic woes continue. Relying on traditional collection strategies to manage patients with outstanding balances, is no longer relevant. An alternative is needed that maintains patient satisfaction scores while nurturing dialogue that resolves balances or identifies financial assistance.
Alternative Approach = Alternative Pricing
Revolutionary Subscription Pricing
$0.50 per week per account.
Average cost as a % of collections: 8%
eXtended Care Program
A unique configuration of propensity to pay analytics, presumptive charity screening, and responsive communication technologies. Following your organizations internal billing and outreach efforts, this solution screens and engages patients with affordable options to resolve their balance. By coordinating with hospital financial assistance policies, those that need help can get help before being placed with an outside collection agency.
Positioned at day 120 but before incurring the high cost and negative PR of traditional agency collections, the XCP is a non-disruptive program. Whether you insource or outsource self-pay, the strategy is a simple implementation, requiring minimal IT resources. Encore Exchange handles all the heavy lifting.
$0.50 per week delivers:
- Presumptive charity scoring
- Assessment of accounts based on your FAP
- Returned worklists of eligible accounts
- Outreach to patients via SMS text, interactive voice response (IVR), and mail
- Management of inbound patient calls to prequalify for financial assistance
- Empathetic collection agency letters and phone calls that respect your patients’ dignity and preserve your relationship
Do you want to change your traditional use of bad debt, cut costs, and improve your patient relationships?
Request a free collections assessment to see if the XCP can provide value to your organization.
Accounts are assessed for presumptive charity qualification. Hospital remains in control of any adjustments as we identify and report accounts that should meet your financial assistance criteria.
Modern outreach and engagement via first-party SMS text message and IVR alerts. This initial communication notifies all patients of their outstanding balance as your organization’s final and courteous attempt to resolve their account.
Accounts are segmented into categories: those that you adjusted, those that require further qualification or assistance, and those that likely do not qualify for assistance. Workflows and custom communications optimize resource allocations and patient satisfaction.
Mailed correspondence advises patients of assistance options or adjustments to their balance, and provide direction for additional requirements that may be needed. Agency letters gently prompt unresponsive patients to take action while still nurturing dialogue.
Integrated with Your EHR
Our partnership with leading healthcare information systems is the product of over four decades in the industry. Unique and proven integration means that hospitals can implement solutions in as little as 45 days with minimal IT involment.
The patient billing and financial experience should be more affordable, convenient, and easy to understand. To keep these values at the forefront of our work and ensure they are included in every patient communication and interaction, we have adopted the motto: