First Pst after migration to Cloud in Health care Blog

Being able to settle bills anytime, anywhere, is one of the reasons why 110 million Americans switched to “digital-first” payment methods last year. Today’s consumers can pay household bills with their mobile devices while cooking dinner or waiting in the school pick-up line. They can pay for their morning coffee by tapping their phone at the point of sale. Imagine their frustration when paying for healthcare still involves paper bills, multiple phone calls, and limited payment options. But the healthcare industry can make the same “anytime, anywhere” payment promise. Berenice Navarrete, Director of Product Management for Patient Payments at Experian Health, says: “We’ve seen healthcare make great strides in using automation and digital tools for scheduling, registration, and telehealth, fueled in no small part by the pandemic. As consumer payments are constantly evolving, there are huge opportunities for improvements in the patient payment experience too.” “We’ve seen healthcare make great strides in using automation and digital tools for scheduling, registration, and telehealth, fueled in no small part by the pandemic. As consumer payments are constantly evolving, there are huge opportunities for improvements in the patient payment experience too.” -Berenice Navarrete, Director of Product Management for Patient Payments Experian Health’s recent Payments Predictions white paper identifies seven emerging healthcare payment predictions and trends heading into 2022. This blog offers a preview of the top three insights that will be of interest to providers intending to leverage – or considering – digital tools that simplify payments and speed up healthcare collections. Prediction: Patients want fast, secure and smooth payments to match their experience in other industries. According to Experian Health’s State of Patient Access 2.0 survey, providers are feeling more confident about collecting payments from patients now, compared to a year ago. However, the collections landscape is always changing; providers should continue to find ways to match consumer expectations with tailored communications, flexible payment options and automated payment methods. Listen in as Matt Baltzer, Senior Director of Product Management at Experian Health, explains why providers feel more confident about patient collections. He also discusses how automated healthcare solutions can help providers shore up these gains and optimize healthcare collections – especially as consumer behavior returns to pre-pandemic patterns. As cash usage declines, patients are looking for a wider variety of payment options – a trend that’s likely to gather steam as digital payment platforms like Apple Pay and Google Pay continue to gain traction. Providers must keep pace with these advances in consumer payment technology. Utilizing Patient Financial Advisor is one way to give patients the flexible experience they want. This solution sends personalized text messages with links to convenient and contactless ways to pay.  Patients may have different preferences about payment methods, but they all want to feel confident that their payment is secure. With PaymentSafe, healthcare providers can collect any form of payment securely and quickly, regardless of the payment option a patient chooses. Prediction: Patient loyalty will be tied to a convenient and compassionate payment experience. A poor payment experience will leave a bad taste in the patient’s mouth, regardless of how good the rest of their healthcare journey has been. With 70% of consumers saying healthcare is the industry that makes it hardest to pay, any provider that offers a smooth, supportive and transparent payment experience is going to stand out from the competition and foster greater patient loyalty. Comprehensive consumer data can give providers early and accurate insights into a patient’s specific financial situation. This information can help providers direct the patient to the most appropriate financing options. Automation can then be leveraged to send timely reminders of open balances, improve patient engagement and minimize the risk of missed payments. Tools such as Patient Financial Advisor and Patient Payment Estimates can help providers give patients transparency, control and reassurance from the very start of their financial journey, so bills are settled quickly and easily. Prediction: Automation will be used for an increasing number of payment-related tasks. Artificial intelligence and automation aren’t just for cars and the metaverse. Technological advancements are opening up a wide range of benefits to healthcare providers, from faster patient payments to fraud prevention. Automation also enables operational efficiencies in reporting and reconciliation, while protecting and processing unprecedented amounts of patient data. For example, Collections Optimization Manager uses extensive datasets and advanced analytics to segment patient accounts according to each individual’s specific financial situation. Patient satisfaction will improve because patients receive the right support at the right time. Additionally, providers will be able to use monitoring and benchmarking data to spot previously unseen opportunities and further improve collections. Keeping that “anytime, anywhere” promise COVID-19 was a catalyst for the evolution of healthcare payments. Digital payment solutions that give patients easy, convenient, and safe ways to pay not only help meet changing consumer expectations but will also allow providers to boost loyalty and revenue for years to come. Download the white paper to discover a full list of healthcare payment predictions and find out how to create a modern payment experience that meets patient expectations.

Mass relocations during the pandemic caused seismic shifts in healthcare markets. With millions of Americans moving and reshuffling to be closer to family or take advantage of remote working opportunities, healthcare providers have extra work on their hands to ensure their patient base holds steady. Some attrition is inevitable; however, as more patients relocate, providers may see more patient churn than usual. Unfortunately, this means more dollars in lost revenue. On top of this, consumers have changing expectations and more choices when it comes to healthcare, which means even more patients coming and going. Providers must find new ways to differentiate themselves in an increasingly competitive market for patient recruitment and retention. In June 2021, our State of Patient Access 2.0 survey revealed that attracting and retaining patients was a top revenue recovery strategy for providers hoping to make up for the shortfall caused by the pandemic. An Interview with the Expert, featuring Mindy Pankoke, Sr. Product Manager of Patient Identity and Care Management at Experian Health, sheds some light on the opportunities that lie ahead for patient recruitment and retention. Pankoke also explains how consumer data can help providers deliver an outstanding patient engagement experience. Watch the interview below:   How have patient recruitment and retention been affected by the pandemic? The pandemic changed how patients live and work. Many have relocated, while others have overhauled their lifestyles to find a better work-life balance and/or to pay closer attention to their health. Pankoke explains that these changes not only push patient recruitment up the priority list, but also require providers to take a bird’s eye view of their evolving markets in order to develop a better understanding of who their patients are. She says, “Waves of employment, unemployment and remote working mean patients’ locations and lifestyles have changed. As the dust settles, we’re starting to see how the market has shifted. It continues to be highly competitive, with multiple health systems fighting for the same patient base, so it’s important to know who’s new to your market, who might have moved out, and how COVID-19 may have impacted their lives. You can use that data to better engage with them and offer the most relevant communications.” How can data help providers with patient recruitment and retention? Understanding patients’ needs and preferences call for fresh and accurate consumer data. But which specific data points are most useful when it comes to patient engagement and recruitment? Pankoke suggests three areas to focus on: “Accurate contact information will make or break your patient recruitment strategy. Providers need to be able to reach the patient they’re intending to contact. Then, you can enhance demographic data by making sure you’re speaking to patients in their preferred language. Finally, marketing data can offer non-clinical insights about patients’ lifestyles so you can reach out and engage them more effectively.” Pankoke says it’s important to consider how the content and format of marketing communications might resonate with different patients. For example, a 50-year-old diabetic patient who has a job and lives in a multi-generational household will have a completely different lifestyle to that of a 50-year-old diabetic patient who is retired and lives alone. Consumer data can help providers see the full picture of a patient’s life, so they can offer the most helpful, sensitive and personalized information. Using data to “meet patients where they are” One way to stand out from the competition is to demonstrate an understanding of what patients need right now. Data on the social determinants of health (SDOH) can be used to enrich patient records, by providing insights into the non-clinical aspects of care and lifestyle factors that can affect a patient’s access to services. This is especially important given that socially and economically vulnerable groups were among those hardest hit by the pandemic. In our survey, 23% of providers said they were planning to or already implementing SDOH programs, up from 13% six months earlier. With SDOH data at their fingertips, providers can tailor their communications, so patients are supported to access the services they need at that moment in time. Reliable consumer data also helps providers communicate that information in the most appropriate way, to improve engagement, outreach and access. Pankoke suggests that some patients may prefer to learn about healthcare services through TV advertising, while others may prefer a leaflet or brochure through their door. Knowing your patients’ level of comfort with technology also means you can make better decisions about who to direct to patient portals or telehealth services. Get in front of patients before they start looking In today’s consumer-driven and competitive healthcare market, every touchpoint matters. Communications that are consistent, relevant and personalized are key to attracting and retaining patients. With the right data and digital tools, providers can anticipate patients’ needs, address obstacles and reach out to help patients stay on track with their healthcare journey. They can offer convenient and flexible options to register, schedule and pay for services – using a format that best suits each patient. In some cases, this means knowing what the patient needs before the patient knows it themselves. It’s a lot easier to get in front of patients with useful healthcare information before they start looking. Consumer data gives providers a head start so they can integrate SDOH and other patient information in patient recruitment and retention strategies that are proactive, rather than reactive. Watch the full interview with Mindy and download our State of Patient Access Survey 2.0, to find out how your healthcare organization can incorporate consumer data to communicate the right message in the right format to attract and retain loyal consumers.

In the sixth article in our series on how the patient journey has evolved since the onset of COVID-19, we look at three ways to prevent claim denials and reduce the time to payment. Faster claims processing is at the heart of a better patient financial experience and reduces revenue leakage for providers. For more insights and strategic recommendations to improve the patient journey in 2021 and beyond, download the full white paper. Nearly seven in 10 healthcare leaders say claim denials have increased in 2021, with an average denial rate of 17%. Inefficient claims processing and claims management systems were already struggling, but the pressures of the pandemic are causing even more rejections. Vaccination programs, rescheduled electives, and residency relocations contributed to fluctuating patient volumes, putting extra strain on reimbursement workflows. Patients switching health plans, and missing codes for COVID-19 vaccinations and treatment caused further delays and errors. Payer rules for reimbursement of treatment for “Long Covid” remain unclear: the absence of research and standards means claims are rejected because there’s no agreed “medical necessity.” Slow processes, incorrect patient identities, and poor data management mean the upward trend in claim denials seen over the last five years shows that it is likely to continue. Denials create a fragmented experience for patients because they don’t know how much they’ll need to pay for care, and leaves providers battling to recoup revenue. An effective claims management system is critical for maintaining provider revenue, securing patient reimbursements, and promoting positive patient-provider relationships. Here, we recommend a three-part strategy that uses data and automation to get claims right the first time. Prevention is better than cure One of the primary frustrations for claims management teams is that the majority of denied claims are preventable. Many of the errors that trigger denials could be avoided if databases and records systems could talk to each other. Instead of a reactive response, providers should invest in tools that can proactively prevent mistakes and errors, to ensure they collect every dollar owed. Digital tools can analyze data to help providers weed out the vulnerabilities in their processes and keep up with payer changes. Incorporating such tools is a sensible first step toward reducing and recovering expenses. One option is ClaimSource, which helps ensure that all hospital and physician claims are clean before being submitted to a government or commercial payer. It unlocks access to extensive federal, state, and commercial payer edits, allows custom provider edits, and incorporates automation tools and customer support. Providers can become confident that their claims will be correct the first time. Improving the likelihood of approval is critical to provider profitability and makes for a smoother patient experience. Prioritize eligibility checks for cleaner claims the first time Experian Health’s revenue cycle management experts say that the number one reason for denials is inaccurate eligibility. A 2020 poll by the Medical Group Management Association (MGMA) backs this up: 42% of providers said inaccurate or incomplete prior authorizations were a top cause of denials. Most providers use a medical claims clearinghouse or have systems to check eligibility beforehand. However, if patient identities aren’t verified properly at every touchpoint in the healthcare journey, mistakes can creep in and cause confusion about eligibility. Similarly, if the patient needs additional treatment that isn’t covered in the initial authorization, the resulting mismatch could lead to a denial. Tools such as Prior Authorizations and Insurance Eligibility Verification can help providers validate patient coverage in under 30 seconds. These solutions integrate with ClaimSource to fill in the gaps of patient information and streamline the claims process. Patients will get better insights into what they owe, and providers can increase efficiency. Automate workflows to eliminate time-consuming errors with claims processing Providers are well aware that manual processing slows reimbursement and increases the risk of errors. Tools such as Prior Authorizations and Insurance Eligibility Verification can help by using data and automation to improve accuracy and efficiency. The Council for Affordable Quality Healthcare suggests that automation can shave 20% off claims processing times, which could translate to thousands of hours saved each month. With those extra hours, claims teams will be freed up to complete their lengthy to-do lists and focus their efforts on other priorities. In addition, automated workflows can help assign work to the right specialist, keep track of payer changes, and incorporate repeated identity verification checks to drive down denials. With a Denial Workflow Manager, providers can automate and optimize their entire denial management process to get real-time insights on denied claims. This system can eliminate manual reviews and quickly identify accounts for resubmission or appeal. It can be integrated with tools such as ClaimSource and Enhanced Claim Status, so providers can monitor claims, denials and remits on the same screen and accelerate the workflow. As the pandemic continues to pressure profits and patients come to expect more from their healthcare journey, it’s no longer reasonable to accept denials as a cost of doing business. To find out how Experian Health can help your organization reduce denials, recover pandemic losses, and improve the patient experience, contact our team today. Missed the other blogs in the series? Check them out: 4 data driven healthcare marketing strategies to re-engage patients after COVID-19 How 24/7 self-scheduling can improve the post-pandemic patient experience COVID-19 highlights an acute need for digital patient intake solutions Automated prior authorization: getting patients the approved care they need Getting a holistic picture of patients with social determinants of health