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When it comes to paying for healthcare, “compassionate” is probably not the first word that comes to mind for patients. As they foot a greater portion of medical expenses, it’s often an experience rife with stress and uncertainty. Providers try to give accurate price estimates, but when patients switch coverage plans or payers change their policies, it’s difficult to be sure the original estimate matches the final bill. And what if a patient simply can’t afford to pay? When 56% of consumers say they would not be able to pay an unexpected bill over $1000, this not only indicates a tough ride for patients, but points to why so many providers are struggling to collect in full – around two-thirds of patient balances over $200 go uncollected. It’s unsurprising, then, that more healthcare organizations are looking at ways to create a better financial experience for patients. Understanding the collections process from the patient’s perspective and moving away from a “one size fits all” approach may be the key to a healthier revenue cycle. Could a more compassionate approach to billing help patients meet their financial obligations? How providers are turning to compassionate billing to help patients and improve revenue Thanks to advances in data analytics and technology, providers have a host of tools at their disposal to improve the patient financial experience. The following three strategies are generating some great results for providers: 1. Use data to give patients the right payment options A common pitfall across healthcare billing is to treat every patient the same. But sending a bill and hoping it gets paid is clearly not a reliable collections strategy. A compassionate billing approach means you look at each patient’s current financial situation and consider their ability and likelihood to pay. With the rich data analytics now available, you’ll know whether a simple statement will be enough to prompt payment from the patient, or whether a little extra handholding will be needed. Are there other payment plans that might be more appropriate? Would they benefit from a call or text to remind them of the next task they need to complete? Data analytics let you tailor the process so you can help your patients pay their bills in the way that suits them best, including finding missing coverage. Novant Health used Collections Optimization Manager to automate and increase patient collections. With this solution, Novant Health saw a 5.8% increase in unit yield year-over-year, and an overall recovery rate of 6.5%. Overall increased revenue and cost savings amount to an impressive rolling average return on investment – 8.5:1. 2. Personalize the way you communicate with patients Data analytics don’t just help you offer payment plans based on the individual, they allow you to determine a patient’s preferred method of communication. Do they prefer to get a statement in the mail or via email? Are there particular communication messages that will resonate with different patient groups? Paying bills can be a sensitive topic, especially if someone is struggling financially. Being able to create personalized messages at each touch point in the process is a helpful way to build compassion and consumer trust into the financial experience, so patients are more likely to engage with the process. The University of California San Diego transformed their patient financial experience by using Collections Optimization Manager to segment patients, as part of a broader exercise to improve collections. Knowing more about individual patients’ circumstances meant they could offer more relevant communications and build a more sensitive patient engagement strategy. 3. Make it convenient and easy to pay Every patient will thank you for a quick and painless payment process. Offering flexible payment options including online, in person and phone is critical. According to Kyle Wilcox of Grinnell Regional Medical Center, this is all about the ‘golden rule’ of patient payments: treating patients as you would want to be treated. He says: “At GRMC, we provide consumers with a range of choices to make payments, such as in person, by mail, electronically online or via mobile technology, and by cash, credit or debit card. Doing so allows them to pay in a way that is most convenient for them, improving their satisfaction and the hospital’s likelihood of receiving payment.” What’s more, efficient payment tools can improve your staff workflows too, giving them more time to help patients who need extra assistance and reducing the cost to collect. Heather Grover, Vice President of Product Management for Patient Collections, Experian Health, said: “We had a small community-based hospital use Collections Optimization Manager product with PatientDial. On average, the cost to collect for many of our clients is anywhere between 7% and 15%. They saw theirs decline to 5% and over a two-year period, their cash collections increased to 42% prior.” Ultimately, there are some patients who can pay and some who can’t. It’s a sensitive topic to navigate, but when patients feel supported, they’re more likely to be able to meet their financial obligations. Collections Optimization Manager lets you figure out who’s who and offer them the most appropriate support to get their healthcare bills paid, so they can get on with life.

Before brands like Apple and Amazon became synonymous with consumer culture, the healthcare experience didn’t have much motivation to change. If you felt ill, you’d go see a doctor. The doctor would check you over, make a diagnosis and set you on the appropriate path to treatment. It was on you to initiate contact: your physician’s only job was to provide whatever care was needed, once you were in the system. Today, the healthcare journey can look quite different. Patients have options. In an increasingly crowded market, it’s now up to providers to reach out and woo healthcare consumers. To stay ahead of the competition, providers must seek innovative ways to attract new consumers and inspire loyalty among existing members. Chris Wild, Experian Health’s Senior Director of Consumer Engagement Solutions, says: “Health systems have started taking a good, hard look at how they engage with patients, whether that’s marketing to new populations or encouraging patients to come in when they are sick. It all comes down to data. With a complete picture of the patient, you can loop together clinical information with insights about their lifestyle and attitudes, so you really know who they are and what they’ll need from your health system.” Three ways consumer data can help you attract and retain patients Data-driven marketing and engagement is a growing opportunity for providers. With the right data platform, it’s easier than ever to leverage reliable, high-quality data and analytics to better understand and serve your patients. In fact, Wild suggests there are three main ways marketing data can benefit healthcare providers (you can watch Wild talk about these on video): 1. Marketing to new and existing members Why should prospective patients choose your hospital or physician’s practice? What would prevent existing patients from being tempted to switch providers? Understanding what makes your patients tick lets you pinpoint the exact benefits, priorities and language that will resonate with them most. As Wild says: “If you’ve got five health systems competing in a town of 1.5 million people, how are you going to differentiate yourself? Once a patient picks up a provider and they’re relatively satisfied, they don’t change a lot. They’re starting to look at things like quality. They’re starting to look at cost and what’ll give them the biggest bang for their buck, but getting to them first is a big first-mover advantage for sure.” ConsumerView bundles up reliable information on around 500 demographic, psychographic and behavioral attributes to help you get to know your target market, so you can get the right message in front of them at the right time. 2. Engaging with patients to improve health outcomes Even if you’re the only health system in town, there’s still a need to engage. You want your patients to achieve the best possible health outcomes and often that requires them to take ownership of their health. You can help them do that by encouraging them to come in when they are sick, or by pointing them toward services that could make it easier for them to access care. To do this effectively, you need to know what your patients need. ConsumerView has around 1500 verifiable data points on 300 million US consumers, covering about 98% of the US population. These can be used to discover how your patients think about their health and how they make their buying decisions. When that’s merged with your own information about their clinical journeys, you can give them a truly personalized healthcare experience. 3. Future-proofing your services Finally, you can use these analytics to better understand your current patient population to make smarter decisions about the investments you need to make in future. Where are the bottlenecks in the patient’s healthcare journey? Where should you put new services? Robust data analytics help you say, “we need to invest here and this is why.” Wild says, “I’m working with one analytics team that’s looking to better understand where they’re going to allocate physical and human resources so they can follow up with their patients more completely. They’re digging in deep to understand what their current patient population looks like, and then using that data to understand what their future population may look like.” Data analytics helps you predict demand for services, so you can direct resources accordingly. You’ll be able to identify trends in patient pathways, so you can engage with patients earlier and make sure they get prompt care and support, giving them a better chance of a good outcome and saving your organization time and resources. Learn more about how your organization can drive marketing results through customer segmentation, targeted messaging and analytics

It’s amazing to look back at how far medical science and digital technology have come – and how those two worlds are increasingly intertwined. Ten years ago, the idea of managing your healthcare bills or making appointments through an app on your phone would have been unthinkable. Now we take it for granted! But having all these tools at our fingertips means there’s more data being shared between different services and platforms. As a healthcare provider, you might be accessing and sharing patient data multiple hospitals, primary care services, pharmacies, patient portal providers, payers and more. It’s vital to make sure that data is accurate. Research by RAND Corporation revealed that between 8-16% of patient records are duplicates. Trying to provide care on the basis of unreliable data is inefficient and expensive for providers, who lose staff time and revenue trying to match up records and reconcile the data on file with the patient in front of them. According to RAND, a mid-size health system absorbs as much as $96 for each duplicate. What this means for patients is even more worrying. According to the US National Institutes of Health, “195,000 deaths occur each year because of medical errors, with 10 of 17 being the results of identity errors or wrong patient errors.” In a value-based system where patients are covering more of the costs themselves, the financial impact of having unnecessary repeat tests or longer-in-patient stays due to delayed treatment is an added pain. Currently, standard health IT products have some catching up to do, as only 10% of duplicates are spotted. But looking ahead, the future of patient identities is promising. Unique patient identifiers are key to unlocking value-based care The twin trends of value-based care and healthcare consumerism are bumping up patient expectations. They expect a seamless experience. They expect their records to be updated immediately. They’re confused when one department doesn’t have access to information that was just shared with another. And they definitely don’t want to see different services working off different versions of the same record. The answer for many high-performing health systems is to introduce unique patient identifiers (UPIs). This allows a patient’s record to follow them throughout their healthcare journey, ensuring that at every touchpoint, clinical and admin staff are confident in the accuracy of the information they hold. But transitioning to any new system can involve a bit of culture shock for those involved, and so careful planning is essential. What steps can providers take to make sure they implement a patient identity management strategy that’s built to last? How to future-proof your patient identity platform 1. Make sure everyone’s on board with the plan First, whatever solution you’re using to manage patient records, it’s essential that your patients, staff, payers and any other parties involved all buy in to the new approach. Changing the way you handle data and introducing new digital tools such as UPIs can often call for a mindset shift in the way your team and consumers think about data. Be sure to communicate the benefits of UPIs to patients, payers and staff. For example, UPIs can: improve patient safety, by preventing duplicate and inaccurate recordslower healthcare costs, by eliminating inefficiencies and errorssafeguard patient privacy, by keeping records securecreate a better patient experience, by supporting patient-centered carehelp staff access up to date information about their patient’s healthcare situation 2. Choose a UPI system that works within and outside your network Some providers use hospital- or practice-based patient identifiers, where a master patient index is used to link all versions of a patient’s record held within a single organization. An enterprise master patient index (EMPI) does the same, but across several facilities or services. A cross-enterprise solution makes it much easier to manage patient identities across your entire network, without having to wrangle disparate records that don’t interface well with each other. When this system is based on ‘referential matching’, which uses wider data sources and UPIs to build a more connected and accurate data ecosystem, you’ll get a much more complete view of your patients and far fewer inaccuracies. 3. Use data analytics to improve decision-making UPIs bring another advantage: they enable you to analyze health, credit and consumer data for a single patient, giving you useful insights about your patient population as a whole. A network of interoperable data can help you spot trends in the social and economic factors that affect health and wellbeing, so you can target your resources more effectively. As the world of public health data matures, it’s highly likely that UPIs will become the norm. Data-sharing remains a challenge, but by using digital tech to your advantage, you can improve the way patient records are managed in your health ecosystem. Learn more about how UPIs could help close the patient data gap in your organization.