As hospitals and health systems face financial fallout from the COVID-19 pandemic, they have greater need to collect what is owed from patients to help offset lost revenue and higher expenses. At the same time, they must consider patients' financial situation, as many Americans have lost their jobs, been furloughed or taken pay cuts.
With this in mind, healthcare organizations must provide payment and billing options that are best suited for patients, while investing in technology that will boost cash flow. Here Casey Williams, senior vice president of payment applications for revenue cycle technology provider RevSpring, discusses how hospitals should provide a more ideal patient experience, and the types of investments they should make.
Question: As the U.S. experiences high unemployment levels, more patients are dealing with financial difficulties and may struggle to pay for medical care. What is one step hospitals and health systems can take to overcome this challenge?
Casey Williams: Greater understanding of each patients' financial situation is critical to balance patient empathy with the provider's need to collect what is owed. Typical engagement with patients is not intelligent enough to endure the financial difficulties and the level of patient responsibility. In order to scale personalized engagement AND optimize payments, engagement needs to be data driven. If we can take this one step in understanding we have to do more for our patients to guide them to their best outcome, we have the opportunity to overcome this challenge and be better for it. It is a critical time to create a fully integrated and intelligent revenue cycle.
Q: During the COVID-19 pandemic, how can hospitals and health systems provide a more ideal billing and payment experience for patients?
CW: We recommend that healthcare organizations provide the options that best suit each patient's ability to make payment and to provide an integrated and intelligent user interface that allows those same patients to self-serve in selecting those options. It is not enough to generate a propensity to pay score, this insight must be operationalized at every point of interaction, whether it's digital engagement, patient statements, point of service and call center interactions, or the self-service payment portals themselves.
We understand there is a new normal and we have to adapt and be more intelligent in what options we provide for patients, such as a patient that was just furloughed or experienced a pay cut, then we have the ability to communicate effectively with this patient to place the account on hold for three months until their financial situation recovers.
Q: What technology investments can hospitals make to increase revenue and offset financial damage related to the pandemic?
CW: Now is an important time for health systems and provider organizations to bolster their current investments with strategic investments that enhance payment outcomes, drive efficiency, and reduce the overall cost to collect. An example is tighter integration with the EMR/EHR platform, so providers can leverage those investments to do more.
RevSpring announced this groundbreaking type of integration with Epic this month. Integrating intelligence into their Epic MyChart and Hyperspace experience, for example, drives the proper workflows and patient interactions pre-service over the phone, or during self-service. This intelligence is seamless within the Epic platform.
In order to offset the revenue gap, we have to interact and optimize each touchpoint we have with the patient population. Health Systems need to invest in intelligence to understand their patients and to be able to provide the best pathway for their ability to make payment. If we as an industry can achieve this, it will allow for a patient engagement that is directed at that individual patient. When patient payment requests match what they are able to pay, we know from experience, that personalized engagement inspires patients to pay what they can, when they should.
Q: How should these investments make it easier for patients to pay their bills and boost patient satisfaction?
CW: People want to be understood, it is basic human nature. We find that when we provide patients with a financial experience that fits them, we can increase satisfaction and loyalty. That's the goal. Improve payments AND the patient experience. Patients want an experience that is frictionless, they want an experience where they see the options that make sense for them to be able to complete their financial obligation. Integration is key to accomplish this level of personalization.
At RevSpring, we've made it a priority to seamlessly integrate the EMR/EHR portal experience with intelligent touchpoints for the patient, so providers can better leverage all investments to drive a better patient experience and better outcomes. Integration with the industry leading platforms — Epic, Cerner and other — means we can deliver for your patients and your revenue. Patients need the correct payment option when they are taking an active participation in their financial responsibility. If health systems make these necessary technology investments to empower their financial experience, it will not only increase patient satisfaction, but it will increase the outcomes from those patients.