In our last post, we stated that Smart Big Data has the capability to transform the collection process in healthcare. By using Smart Big Data to trigger automated processes and real-time decisions at the staff level in daily operations, providers can collect patient payments efficiently, navigate the changes facing the healthcare industry – and ultimately, to thrive.
Finding Payment Assurance in the Healthcare Industry
When you stay at a hotel, are you able to check in without giving your payment card? Of course not. However, patients receive access to healthcare services with no assurance that they will pay their portion of the bill on time, or at all. As a result, you may spend up to 90 days, send multiple paper statements and even make phone calls to collect payments. And frequently, the payment is written off as bad debt. This is costing your business a lot of money.
Providers have opportunities to use Smart Big Data and technology to accurately estimate patient responsibility and automatically collect payments, which creates a level of payment assurance already happening in consumer-focused industries.
Transforming the Collection Process with Smart Big Data
Here’s how Smart Big Data transforms the collection process:
- Before the patient visit, verify patient eligibility information and generate an estimate of the patient’s payment responsibility, using data stored from payer remittance information.
- Automatically send a communication to the patient to set clear payment expectations upfront.
- Securely save the patient’s payment card on file.
- When the claim is adjudicated, automatically collect the exact amount due, or set up an automated payment plan. As a best practice, send another communication to the patient to remind them of their payment.
- Automatically post the payment to your accounting system.
When providers can leverage Smart Big Data to accurately estimate patient responsibility in real-time, it becomes functional on a day-to-day basis, enabling you to efficiently collect payments and thrive in the evolving healthcare industry.
Click here to read Using Smart Big Data to Transform the Collection Process.