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FinPay’s Patient Financial Management Solution (PFM) is Improving Healthcare Revenue Cycle Management

One of the biggest problems facing US consumers is the affordability barrier in healthcare. In the Black Book Revenue Cycle Management Survey, 83% of small practices reported that payment collection from patients with high deductible plans was their greatest challenge.

The issue of revenue collection is further complicated by an increasingly competitive healthcare market and the importance of patient retention. In an environment where patients can find another provider in minutes online, read customer reviews, and immediately schedule an appointment, maintaining a relationship with existing patients is more important than ever. Unfortunately, a single negative interaction over billing or collections may be enough to sour that relationship and lose future business.

The solution is to re-think your Patient Financial Management strategy.

 

 

The billing, collection, and patient self-service models don’t work. FinPay’s high-touch pre-care solution provides patients with the education and payment options they need to make healthcare costs more digestible and affordable to the patient. The results speak for themselves:

  • Thousands of patients gave FinPay a 99% satisfaction score on their financial experience with FinPay.
  • FinPay patients pay an average of 54% of their financial responsibility prior to care.
  • FinPay patients pay 83% of their total financial responsibility.

 

53%
In 2015, 53% of patients
failed to fully pay off medical bills
68%
In 2016, 68% of patients
failed to fully pay off medical bills
95%
By 2020, this number
is projected to rise to 95%

What is Patient Financial Management in Healthcare and How Does It Relate to Revenue Cycle Management?

Patient Financial Management or “PFM” is a specialized discipline that prioritizes the patient’s financial experience and how patient financial responsibility is managed. By separating patient financial management from all the competing initiatives in revenue cycle management we narrow focus and enable healthcare companies to vastly reduce patient bad debt and grow patient retention rates.

FINPAY’S INNOVATIVE PRE-CARE PATIENT ENGAGEMENT STRATEGY CONSISTENTLY DELIVERS PATIENT PAYMENTS PRIOR TO CARE THAT ARE 600% BETTER THAN THE NEXT BEST OPTION.

By separating patient financial management as its own core discipline, the patient’s financial experience can finally be a priority and the revenue cycle team can spend the highest and best use of their time on priorities related to payer reimbursements. The impact on both segments of the business will be immediately measurable in both dollars and patient satisfaction.

MAKE PATIENT FINANCIAL MANAGEMENT A PRIORITY FOR YOUR PRACTICE

Download our Free “Quick Start Guide to Patient Financial Responsibility” to learn why the patient’s financial experience is vital for your business. Start managing patient financial responsibility on the front end to produce more reimbursement dollars on the back end.

Download The Free Guide

How Should the Patient Financial Management Process Work?

FinPay’s pre-care patient financial management solution makes the patient financial experience a top priority. Combining cost transparency, strong patient advocacy, and education on healthcare financial literacy ensures that the patients remain engaged throughout the billing & clinical cycle and sustains loyalty to your organization.

FinPay’s best practices make the financial conversation the centerpiece of patient pre-care interactions. It may appear unseemly to make financial matters central to patient interactions, but the reality is that patients appreciate the forthrightness.

This is why thousands of FinPay patients gave us a 99% satisfaction score on their financial experience.

 

 

 

FinPay’s automated patient messaging keeps the patient engaged:

  • FinPay’s platform keeps the patient engaged throughout the billing
    & clinical cycle
  • Patients receive updates to their chosen payment program as they
    occur
  • A Patient’s financial responsibilities are bundled into one easy interest
    free monthly payment
  • All FinPay payment programs are 100% compliant with federal
    & state consumer protection laws
54%
FinPay patients pay 54% (average) of estimated patient financial responsibility before services are rendered
83%
Overall, FinPay patients pay over 83% of their total patient financial responsibility
99%
Thousands of patients gave FinPay a 99% satisfaction score for their financial experience

Improving Patient Financial Experience

It is no longer sufficient merely to send a bill to a patient and blindly expect them to pay it. The healthcare market is rapidly evolving and patients are having to foot a larger portion of their medical expenses, however, the required healthcare financial literacy and affordable payment options necessary to meet these increased obligations have remained flat.

FROM 2012 TO 2017, THE PATIENT BALANCES AFTER
INSURANCE (PBAI) ROSE 88 PERCENT, AND THIS TREND
IS LIKELY TO CONTINUE IN THE FUTURE.

Providers now need to move from a confrontational position to one of a partner. As patient financial responsibility continues to increase, the provider has a responsibility to provide the education and affordable payment options that patients need if they expect them to independently pay their obligations. Premier PFM platforms like FinPay recognize this and have developed solutions that deliver a hyper-personalized financial experience that builds brand loyalty while breaking down the barriers of affordability and financial literacy. Patients are more likely to pay their obligations if they know beforehand what to expect and if they have a plan to make affordable payments.

Just a short time ago patients remained with a single provider for years at a time, therefore patient retention was not much of an issue. In the current healthcare environment, however, patients have a growing number of tools and incentives to find new providers.

The financial conversation provides a unique opportunity; instead of being fearful of the financial conversation, when done right, there is a tremendous opportunity for a provider to differentiate themselves by providing an enhanced, more comprehensive financial experience for the patient.

Keep reading to see how we help providers cultivate a highly-effective pre-care patient financial management strategy.

Patient Pre-authorization

Pre-authorizations for services are a standard practice between providers and payers. However, pre-authorizations also presents a valuable opportunity to earn trust, through education, from the patient. The pre-authorization process is a great natural segway into the conversation about financial responsibility and helps to manage expectations to avoid surprise billing.

Once patients are educated on what they owe, why they owe it, and how their responsibilities were determined, it is a perfect opportunity to enroll the patient in a pre-authorized payment program and to keep the patient engaged throughout the process. FinPay’s platform provides automation of educational content and payment program enrollment so the patient engagement is smooth and seamless.

$459,000,000,000
CONSIDERING TOTAL OUT-OF-POCKET HEALTH CARE EXPENSES FOR
CONSUMERS IS PREDICTED TO SURPASS $459 BILLION BY 2022 HEALTHCARE
PROVIDERS CAN NO LONGER PRACTICE BUSINESS AS USUAL. IT IS TIME TO
RE-THINK YOUR PATIENT FINANCIAL MANAGEMENT STRATEGY.

Source: Center for Medicare and Medicaid Services, Office of The Actuary

 

The Fundamentals of Patient Financial Management

As a leader in patient financial management, FinPay has pioneered new strategies that have routinely delivered a 600% increase in patient payments prior to care.

 

The fundamentals of this innovative approach to the patient financial management process include:

RISK STRATIFICATION

FinPay uses historical patient payment data to reveal the patient situations that consistently create high financial risk to the provider. FinPay’s platform  uses this data to target & segment patients based on their situational risk.

FINANCIAL CLEARANCE POLICY BUILDER

FinPay’s platform creates a roadmap for developing financial clearance policies and a rules engine for patient engagement, educational curriculum, payment rules, and pre-authorized payment programs, including workflow and technology mapping.  

PRE-CARE PATIENT ENGAGEMENT

The most important time to engage patients regarding their financial responsibilities is pre-care whenever possible.  Finpay’s educational curriculum library empowers the provider to educate patients on everything related to their financial obligations:

    • Review of provider financial clearance policies
    • Manage patient expectations on billing & claims process
    • Cost saving strategies (HSA, FSA, HRA)
    • Healthcare benefits review & explanation (V.O.B. & Estimation)
    • Pre-authorized payment programs
    • Compliance

PAYMENT PROGRAM AUTOMATION

Finpay automates all payment program enrollment, documentation, and recurring payments to minimize billing and collection costs.  Providers have a variety of pre-authorized payment programs to offer their patients:

    • Single Payment Programs
    • Installment Plan Programs
    • Non-recourse Consumer Medical Loans
    • Recourse Consumer Medical Loans 
    • Financial Assistance Programs
    • Grants  

CONSUMER PROTECTION & COMPLIANCE

Complying with state, federal and industry consumer protection regulations adds cost and complexity to an already expensive enterprise. That is why FinPay’s platform automates requirements for consumer protection laws consistent with the provider’s approved financial clearance policies.

PATIENT FINANCIAL MANAGEMENT ANALYTICS

The best PFM platforms offer enhanced functionality like enterprise-wide visibility into your patient payment data and actionable intelligence to guide the continuous improvement process. 

INCOME VERIFICATION AND CAPACITY TO PAY REPORTING

Healthcare is a crisis obligation, not a planned purchase, so traditional credit scores and propensity to pay reports don’t provide the right type of actionable intelligence. FinPay’s platform uses actual IRS tax data to verify income and to measure consumer income resources in order to determine the consumers capacity to pay. 

WANT TO LEARN MORE ABOUT PFM?

Download our Free eBook “A Complete Guide to Patient Financial Management, Improving Healthcare Revenue Cycle Management” to learn more about how FinPay can improve your revenue
collection rates.

Download the Complete Guide

Patient Financial Management Reporting

With FinPay’s robust reporting functionality, you can maintain visibility into your patient payments data on an enterprise level or by individual patient, enabling you to accurately measure and monitor the success of your patient financial management strategy.

The FinPay Analytics platform utilizes Machine Learning capabilities to help uncover hidden insights and trends in your data, identify key drivers, and forecast business metrics. You can also consume these insights in natural language narratives embedded in your dashboard. You can understand your data at a glance, share your findings, and discover the best decisions to achieve your goals, without developing teams and technology to create the necessary machine learning models and algorithms.

 

FinPay’s reporting functionality maintains visibility across
your enterprise:

      • Access real-time updates instantly
      • Easily share your data and insights with your team
      • Discover insights that provide actionable intelligence for
        continuous improvement

LEARN MORE ABOUT HOW FINPAY CAN HELP.  SCHEDULE A TIME TO SPEAK WITH OUR HEAD OF SALES, RYAN CORCORAN.

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