Tag: price transparency
Cincinnati Children’s Hospital Medical Center (CCHMC) is a distinguished nonprofit academic medical center and one of the oldest pediatric hospitals in the United States. A few years ago, the center set out to make a much-needed change: upgrade its online bill pay system, as the current system was not popular with patients. The center kept two important objectives in mind while implementing the reboot: offering patients an attractive online experience and making it easier for patients to understand what payments they owe. Attracting patients with an intuitive bill pay system In 2012, CCHMC launched Patient Self-Service to deliver a more intuitive, comprehensive online portal. Before the launch, 900 families used the medical center’s basic online bill pay system. But after a small marketing push to promote the new option — a simple note on the center’s paper statements describing Patient Self-Service — enrollment jumped from 900 to more than 45,000 families in a single year. Plus, CCHMC saw immediate cost savings and increased revenue: The cost of distributing general notices dropped to $0. This was a significant change because mailing a notice about a new customer service phone number in the past could cost $1,400. Online payments increased from $200,000 to $800,000 per month. The medical center’s patients now use the portal to ask questions of their healthcare providers, change on-file insurance information, and schedule or revise appointments. These features reduce customer service phone calls and other related costs. In addition, the new bill pay system makes it easier for patients to clearly see and complete payments. Patients can request a cost estimate before treatment, submit payments, and set up payment plans — all online and whenever it is most convenient for them. Helping patients understand the bills they pay When CCHMC released its new self-service portal, the center also used Patient Statements to simplify and customize hard-copy bills. In the first year after the launch, the medical center saved $70,000 in invoicing costs for three reasons. First, the medical center reduced printing and mailing costs by utilizing a more attractive, interactive online bill pay system. Second, it minimized material costs by trimming invoices to a one-page statement. Lastly, the center saved on postage rates by earning the five-digit ZIP code discount. Institutions can earn a discount by bundling statements directed to the same ZIP code, thus reducing time in a postal processing center. CCHMC also combines hospital and doctor bills in a single statement that explains all treatment costs. The medical center can also add personalized messages related to each patient’s interests to foster engagement through educational opportunities, videos, microsites, and social media. Two of the most important ways a company communicates with its customers are through billing and customer service. For example, a bill pay system can give many impressions: that a company cares about its customers, doesn’t care, or, worst of all, attempts to trick its customers. It’s common to read stories about the hidden fees lurking in airline or cellphone bills. In fact, entire marketing campaigns are built around the idea — think of those “no hidden fees” commercials. Unfortunately, such instances also occur in the medical industry, which is why it is crucial to be upfront and transparent with patients. For a medical center like CCHMC, billing and customer service may rarely be in the same important spotlight as patient interactions with doctors and nurses. Still, no medical center wants to detract from its reputation by providing any kind of faulty service. CCHMC proves it cares about its patients every day by giving them an intuitive, comprehensive self-service portal and improved statements that just make sense. In the end, the hospital saved money and boosted revenue with its improvements, but it ultimately achieved much more in the overall care for its patients. To learn more about CCHMC use of Patient Self-Service to improve its bill pay system, read this case study. To see how Experian Health helps improve ROI in healthcare, view the full list of our client videos and case studies.
Experian Health is pleased to announce that its Patient Estimates solution has joined the athenahealth® Marketplace, also known as the More Disruption Please (MDP) program. Experian Health has participated in this program since the launch of the marketplace in 2013 (starting with our Contract Management offerings) and has worked with athenahealth to integrate its industry-leading capabilities into the organization’s growing network of more than 73,000 healthcare providers. Learn more about Experian Health’s Patient Estimates solution. Read the press release To learn more about athenahealth’s MDP program and partnership opportunities, please visit http://www.athenahealth.com/disruption.
Experian Health is pleased to announce that we went live with Patient Estimates at St. Clair Hospital located in Pittsburgh, PA on February 22, 2016. A true representation of vendor and hospital collaboration and commitment, the Patient Estimates cost transparency tool gives St. Clair a competitive edge as the first hospital in its region to offer patients cost estimates in advance. Patient Estimates is not a list of charges, but an interactive and user-friendly tool that provides information that is highly specific to the individual. Estimates are designed to determine, in advance, each patient’s out-of-pocket costs (deductibles, co-pays and co-insurance) for services at St. Clair based upon his/her insurance coverage. The estimates also incorporate St. Clair’s discounts for payment on the date of service and for those without insurance. The estimates remain in the system and can be recalled for future reference. Patient Estimates is simple to use and is conveniently available 24/7 at www.stclair.org. On the home page, patients will select the “Financial Tools” option, then click on Patient Estimates. They will then enter their health insurance information before choosing one of the 100 listed clinical services (e.g., a procedure, treatment or diagnostic test) from the drop-down menu. The tool then provides a customized estimate of their out-of-pocket expenses. Patient Estimates is designed to help insured and uninsured patients get clear, real-time, easy-to-understand cost estimates for St. Clair’s services so patients can make informed decisions about their care. Below are some of the press mentions of St. Clair Hospital\'s implementation of Patient Estimates: Pittsburgh TRIBLIVE http://bit.ly/1oxlKna Pittsburgh Post-Gazette: http://bit.ly/219dqfd Pittsburgh Business Times: http://bit.ly/1QWfqNa
There’s a unique dichotomy in healthcare that’s not found in other service industries. For example, when you go out to eat at a restaurant, you don’t expect the server to ask you to pay before the meal is served. Conversely, you also don’t expect to walk out of the restaurant after the meal without paying. However, if you have ever ordered the special of the day and been shocked when the check arrives and the item costs twice as much as other menu items, you can certainly understand the patient’s viewpoint. How can a patient make informed choices about his or her healthcare without knowing the cost? Price transparency – one of today’s hottest healthcare topics – offers significant benefits to both providers and patients, including: Empowering the patient to make well-informed decisions on healthcare treatments Improving patient satisfaction and involvement with their care management Allowing appropriate upfront collections based on realistic estimates Serving as a foundation for establishing payment plans or seeking charity The difficulty of providing a reliable estimate has hindered efforts to collect from patients at the point of service, when they are most likely to pay. In order for the estimate to be relevant and timely, it must bring together financial data from the chargemaster, claims history and payer contract terms, and integrate that with the patient’s insurance benefits. Thankfully, this is a task that is ideally suited to technology. Not only can you use a payment estimator to quickly and easily create a targeted estimate, healthcare organizations can also eliminate the need to manually update price lists, as well as remove guesswork and tedious searches through potentially outdated patient information. An estimator is the base of an effective upfront collections strategy, and is complemented by the ability to determine if a patient is eligible for charity care in addition to their propensity to pay. An additional complement is to streamline the payment process by facilitating the collection of patient open balances through eChecking, signature debit, credit, recurring billing, cash, check or money orders. The ability to create price transparency that is applicable to each patient’s individual situation is critical to a healthcare organization’s financial performance.
