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Hospital margins remain below pre-pandemic levels, leaving providers needing a revenue-boosting remedy. According to a recent report commissioned by the American Hospital Association, margins for 2022 may be down by 37% (at best) compared to before the pandemic, with expenses heading in the other direction. Could automated collections software offer some relief? Expenses are predicted to increase by nearly $135 billion over 2021, of which a significant slice is labor costs. At the same time, healthcare has a vacancy rate second only to the hospitality industry. Resource-saving solutions are essential to ease pressure on existing healthcare staff and maintain operational performance. Patient collections stand out as a ripe opportunity to use automation to improve efficiency, increase revenue and allow staff to make the best use of their time. By streamlining the billing and payments workflow, automation can facilitate faster payments, improve the patient experience and reduce the heavy lift on staff. How should providers leverage automated collections software to maximize the benefits and build a strong foundation for 2023? Automated collections software in practice: PatientDial One example of how automation can improve patient collections is PatientDial, Experian Health’s cloud-based dialing platform. Instead of relying on manual processes to call patients about outstanding balances, providers can use PatientDial to automate patient outreach with inbound interactive voice response (IVR) and data-driven outbound collection strategies, and take payments after hours. This offers three major benefits to providers: 1. Saves staff time and maximizes resources Making phone calls to patients is resource-intensive and time-consuming, especially when patients are increasingly hesitant to answer calls from unknown numbers. Alex Liao, Product Manager at Experian Health, says, “You have a significant portion of the population that won’t answer their phone, but you still have those that do. With a solution like PatientDial we can automate these contact attempts, so collectors don’t have to spend time dialing and leaving voicemail messages.” PatientDial offers inbound, outbound and blended call environments that can accommodate both live agent and messaging campaigns. In 2021, the automated dialer saved clients 900,000 labor hours, while automated voicemail saved more than 1.5 minutes per voicemail. Automation helps to streamline collection efforts and gives staff time to focus on accounts most likely to pay. To leverage this, PatientDial integrates seamlessly with Experian Health’s Collections Optimization Manager. This solution uses advanced data and analytics to segment accounts and routes them to the right collectors and agencies, further maximizing staff time. 2. Increases cash flow and new revenue opportunities The biggest advantage of automated collections software is expediting the payment process. Like many providers, Dayton Children’s Hospital faced difficulties growing in-house collections during the pandemic. Making patient calls was their most effective way of collecting payments, but it had become a lengthy and cumbersome process. After integrating PatientDial, staff was able to increase the number of calls per day from 50-60 to 600, resulting in a corresponding uptick in collections. New patient appointments increased by 70%, creating more opportunities to bring in additional revenue. Liao says, “One of the key takeaways here is that automated collections tools like PatientDial allow you to cast a larger net and maximize collections. The uptick in daily calls was a direct result of the ability to make automated contact attempts, leave messages, and connect those who answered the phone with a live agent standing by.” PatientDial helped clients collect over $50 million in 2021, collecting an average of $176 per transaction. 3. Improve patient engagement with automated collections software Jason Considine, Chief Commercial Officer at Experian Health, notes that it’s not just operational costs and staffing shortages that are giving providers cause for concern. He says, “Federal aid packages are being unwound and the country’s opening back up, so people are spending money on things they weren’t spending money on before. To compound that problem, we have inflation coming in at levels we haven’t seen in decades.” Pressure on household finances could cause patients to start missing healthcare payments. Any steps providers can take to make it easier for patients to understand, plan and manage their bills will pay off in the long term. Automated collections software such as PatientDial removes hurdles for patients so they’re more likely to pay and more satisfied with the process. “We have seen that when patients are provided with the right options, they typically do want to pay. But life gets in the way,” says Liao. “Having phone call reminders and self-pay options through a payment IVR helps increase collections by giving patients additional options that they can use when convenient for them.” PatientDial is just one tool in the box. When used alongside other patient-friendly digital tools, the results will be exponentially greater as the overall patient experience improves and further efficiencies are unlocked. For example, PaymentSafe® is a natural fit. This automates payment processing so patients can pay at any point in their healthcare journey. Every patient encounter becomes a collections opportunity. While financial forecasts may be daunting, there are opportunities to streamline and simplify patient collections to boost revenue and reduce expenses. Automated collections software punches above its weight by providing neat solutions that make better use of limited staff resources, improve patient engagement and boost revenue. Find out more about how PatientDial and other automated collections solutions can help healthcare organizations increase collections in 2023.

With 2023 just around the corner, healthcare executives are teasing out their strategic priorities for the next 12 months. Where should they be focusing their attention? Here are the top 3 healthcare predictions to watch in 2023 and the actions needed to help providers prepare. Prediction 1: AI and automation will continue to gain traction “The time is now for providers to get ready, prepare and implement these technologies.” – ­Jason Considine, Chief Commercial Officer at Experian Health Automation came to the forefront during the pandemic, enabling essential access to care and filling in gaps created by staffing shortages. By now, the use of remote and digital tools is pretty well-established. Automation is the norm, but there’s room to leverage these solutions for an even greater ROI. As Jason Considine says, investing in technology that makes it easier for providers to get paid will be a particularly effective use of digital tools. One such example is in the digitalization of healthcare claims. Healthcare claims management processes have typically relied on manual systems. These can be slow and error-prone, creating avoidable extra work for staff and friction for patients. In the State of Claims 2022, 78% of executives said their organization would be likely to replace their existing claims management solution if convinced something else can deliver better ROI. Eliminating inefficiencies and optimizing reimbursement would certainly check that box. Tools like Denials Workflow Manager, Enhanced Claim Status and ClaimSource® use automation and detailed analytics to improve claims management performance. More claims can be processed more accurately, resulting in fewer denials and faster reimbursement. With denials increasing by 10–15%, claims automation is likely to be a top priority for many providers in 2023. Prediction 2: Patients will increasingly choose providers that offer a user-friendly financial experience  “The immediate path to better billing and payment processes may escalate pressures on providers right now, but it will yield better financial outcomes in the future for patients.” – Victoria Dames, Vice President of Product Management at Experian Health The economic downturn has put pressure on providers and patients, which we can expect to last into 2023. Patients are concerned about healthcare costs, but they’ve also come to expect a more transparent and compassionate financial experience. Experian Health's top healthcare predictions finds that reliable pricing estimates, support to find the right payment plan, and convenient and flexible payment options will be table stakes in 2023. For providers, implementing digital payment options to meet these needs may be challenging, but it’s an investment that will yield positive long-term results. More than 6 in 10 patients who have received an unexpected bill or inaccurate estimate would switch healthcare providers for a better experience in future, placing transparent medical billing at the core of attraction and retention strategies. The medical billing software outsourcing market is already experiencing historic growth as providers respond to patient demand for a digital financial experience: the market’s value is expected to grow over the next decade, from $11.1 billion in 2021 to $55.6 billion in 2032. Experian Health leads the way when it comes to creating a patient-friendly billing and payment experience, with solutions such as Patient Financial Advisor and Patient Estimates. Giving patients greater control over their financial journey with upfront estimates and tailored payment plans makes it easier for them to prepare for payments. Prediction 3: Providers that fail to create a welcoming digital front door could be closing off revenue opportunities  “Deliver convenience. People are consumers before they are patients.” – Tom Cox, President at Experian Health Automation offers opportunities for optimization throughout the revenue cycle, but one of the most crucial points is in patient access. Making patient access easier is on the list of top healthcare predictions, and for good reason – a frictionless first impression can have a powerful lasting effect. What should this look like? Cox advises that providers should “anticipate the needs of digital-first customers.” Patients expect the same personalized service they are accustomed to in other sectors, with convenience, choice and control at the center. Administrative “relics” such as the traditional waiting room clipboards and repetitive forms must be minimized where possible. A report from Experian Health and PYMNTS found that a third of patients chose to fill out registration forms for their most recent healthcare visit using digital methods. 61% of patients even said they’d consider changing healthcare providers to one that offers a patient portal. Online scheduling software and self-service registration makes it easy for patients to complete these tasks in advance. Providers can then round out a user-friendly patient experience with Patient Payment Solutions. This gives patients a choice of payment methods, leading to faster payments. Providers have realized that many patient access functions can be achieved more efficiently and cost-effectively using self-service and remote digital tools. By streamlining intake operations, organizations can make better use of staff time, reduce errors and increase productivity, while improving the patient experience simultaneously. As revenue cycle technology continues to develop in 2023 and beyond, providers need to ensure they are capitalizing on the latest software to improve their bottom line, deliver on patients’ service expectations, and keep pace with healthcare predictions. Learn more about Experian Health's revenue cycle management solutions and contact us to find out how these solutions can help healthcare organizations open their digital front door and prepare for 2023.

Respiratory syncytial virus (RSV) is surging throughout the United States. RSV typically peaks during the fall and winter, when cold and flu season are in full swing, but the U.S. is seeing unprecedented numbers right now. With RSV spreading — on top of flu and COVID-19 cases — healthcare providers are under more pressure than ever. They need to efficiently manage the spike in patients without compromising the quality of care. This includes utilizing the digital front door and finding new ways for patients to manage their own health journey. That’s where patient appointment scheduling software comes in. Challenges for healthcare providers Increased risk of worker burnout: The healthcare industry is already under major strain, especially with flu season and COVID-19 cases. At the end of 2021, over half of healthcare professionals were experiencing burnout, according to the American Medical Association. The RSV surge has now been added to the mix. Patient frustration: When patient volumes are high, delivery of outstanding care is difficult. Patients may experience longer wait times, become annoyed by call-center scheduling, or have a hard time getting an appointment at all. How digital solutions and patient appointment scheduling software can help Technology and patient engagement solutions are critical to alleviating the strain on healthcare staff. These solutions offer patients the flexibility and convenience to self-schedule appointments online on any device, 24/7. “Self-service tools provide patients with convenience, information, reminders, and a seamless process,” said Liz Serie, Senior Director, Product Management at Experian Health. “This helps reduce the patient’s wait time and gives them peace of mind so they can focus on getting better.” Having an easy-to-use patient portal is a big part of the solution. A recent report commissioned by Experian and PYMNTS found that 2 out of 3 consumers use patient portals. The remaining third say they’d use digital platforms too if they had access to them. Another interesting finding: urgent care patients are among those most likely to schedule appointments via digital channels. The rise of patient appointment scheduling software Patient appointment scheduling software eliminates the inconvenience of traditional call-center booking. These types of remote, touchless scheduling systems took off out of necessity during the COVID-19 pandemic. The result has been a digital healthcare experience that mirrors the way consumers shop online. People want simple, self-service options from any device – this includes around-the-clock appointment scheduling. Online scheduling platforms let patients book, reschedule and cancel appointments — all with just a few clicks. Automated reminders that come with these scheduling platforms also reduce no-shows and increase the number of patients physicians are able to accommodate. Self-scheduling has other benefits, such as: Empowering patients to book appointments on their schedule Taking pressure off healthcare staff, many of whom are overworked amid the current labor shortage Giving healthcare providers a leg up over competitors who are still using traditional call center scheduling Giving providers a powerful tool to keep up with patient surges, especially with the rise in RSV cases Using digital patient intake to streamline administrative tasks Patient engagement solutions make it easier for healthcare professionals to provide the best care possible. From the very beginning of an appointment, they can focus on patient needs — instead of asking them to fill out paperwork, provide ID and insurance cards, or reschedule missed appointments. With the right digital solutions, patients can do these things on their own. Healthcare providers understand that scheduling, registration, cost estimating, and paperwork are often confusing and frustrating for patients. This can translate to missed appointments, as well as late or delinquent payments. Experian Health’s Registration Accelerator makes many of these issues more manageable and increases the accuracy of patient intake. As RSV, flu and COVID-19 roll through the United States, healthcare providers can offer digital patient intake to streamline key administrative tasks. It also eliminates hurdles for patients, especially parents trying to schedule urgent appointments for sick children. They can easily find open dates and times through an online patient portal, versus waiting on the phone for a response. Experian Health’s Patient Scheduling software is helping to make the journey easier for both patients and providers. It allows for self-service options and equips call-center agents with an efficient platform to schedule patients right then and there. When patient volumes spike, it can be a game-changer. Learn how Experian Health can help streamline patient scheduling and registration processes.