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By January 2021, millions of those who suffered job losses in the wake of COVID-19 will see their unemployment insurance end. Medicaid and subsidized coverage under the Affordable Care Act (ACA) will be a safety net for many, but nearly 2 million Americans could find themselves stuck in the ‘coverage gap’, where their household income exceeds the eligibility threshold for Medicaid, yet falls below the lower limit required to receive ACA marketplace subsidies. Without large group or government coverage, these consumers will be left uninsured or forced to purchase individual plans with high deductibles. Considering this will likely contribute to larger patient balances and more struggles with patient collections, many are bracing for a hit to their bottom line. To help minimize accounts receivable and avoid bad debt write-offs, choosing the right data model should be a top priority. Here, we look at one piece that’s often missing from the patient collections puzzle: credit data. Don’t overlook credit data in your self-pay collections strategy Many providers already use demographic and behavioral data to power patient collections, but there can be gaps in what’s known about a consumer’s ability to pay. Credit data can help fill in the blanks. Here are three ways this can be used to optimize your collections strategy: 1. Get a complete view of your patients’ financial situation for faster decision-making Credit data can reveal how a patient is managing other financial obligations, giving you insights about how to handle their healthcare account for a greater chance of payment. Have they just maxed out a credit card? Have they missed a student loan payment or fallen behind on their mortgage? If so, they’re probably going to find it difficult to pay off their medical bill. Knowing this, you can move quickly to help them find alternative coverage or offer a more manageable payment plan. Conversely, if they’ve just bought a new car or paid off a personal loan, there’s a high chance they’re in a good position to pay their medical bills too, so contacting them with a straightforward and easy payment plan means they can clear their balance promptly. 2. Segment patient accounts and allocate them to the right payment pathway The sooner you can get patients onto the right payment pathway, the more robust your cashflow will be. Credit data can help you segment accounts quickly and accurately. Experian Health data shows that when patients are segmented according to propensity to pay, collections increase by around 2% when credit data is included, compared to segmentation without credit data. Novant Health used Collections Optimization Manager to segment patients and check for available charity support or Medicaid eligibility. By getting patients on the right pathway and making sure agencies were focusing on the right accounts, they increased recovery rates by 5% and saw a rolling average return on investment of 8.5:1. 3. Create a more compassionate patient financial experience Using credit data also helps create a more compassionate patient financial experience. Instead of adding to a patient’s financial worries by chasing payments they’ll never be able to cover, you can run charity checks to see if there’s any missed coverage and quickly connect them to the right financial assistance program. A tool such as Collections Optimization Manager lets you segment patients based on their individual circumstances, for a more patient-friendly approach to collections. You can then personalize their communications and payment options so they can manage their expenses with less anxiety and more confidence. Discover why 60% of US hospitals are already using Experian Health’s advanced collections software and unrivaled datasets to optimize patient collections, and find out how we can help you build a resilient revenue cycle as self-pay accounts continue to rise.

For many healthcare consumers, visiting patient portals to check medical records, schedule appointments, renew prescriptions and pay bills is a no-brainer. Accessible from multiple devices at any time of day, patient portals allow patients to manage their health from the comfort and convenience of their own home. COVID-19 has been a catalyst for even more patients to consider remote and virtual healthcare services. But with large healthcare data breaches increasing by nearly 200% between 2018 and 2019, one concern continues to lurk in the background: how do providers keep patient data safe? Knowing the industry is prone to dated cybersecurity measures, hackers zero in on the lucrative medical identities market, with their top targets including: patient medical records billing information log-in credentials authentication credentials, and clinical trial information. As COVID-19 encourages more patients online, the digital doors are open for even more identity thieves to try to steal – and profit from – sensitive data. Healthcare organizations need to be confident that the person logging on is who they say they are, both to reduce the risk of a data breach and minimize HIPAA penalties. One way to balance consumer convenience with data security is to automate the patient portal enrollment process with robust patient identification protocols, making it harder for hackers to access patient information but without burdening patients. 2 ways to automate patient portal enrollment 1. Ditch activation codes that are easily misplaced Many healthcare organizations give new patients an activation code to use the first time they log in to their patient portal. Unfortunately, these tiny bits of paper or codes hidden at the bottom of lengthy enrollment documents are easily lost or forgotten. The patient has to call the office, taking up valuable staff time and resources to figure out how to log on – the opposite of streamlined and scalable. Instead, providers should consider an automated portal sign-up process. Using a combination of out-of-wallet questions, device recognition, risk models and cross-checks with linked patient data, portal access can be secured through a single platform. It’s easier and more reassuring for patients, and with far fewer calls to IT support. 2. Find quicker ways to integrate patient identity tools with existing systems The more people who need to see patient data, the more opportunities there are for cyber thieves to sneak in and access that sensitive information. Being able to share data securely between multiple providers and across different platforms is essential. During the current COVID-19 crisis, integrating authentication tools with other healthcare information systems (HIS) quickly is a huge advantage. One example is Precise ID, which can now integrate directly with Epic’s MyChart portal, Allscripts’ FollowMyHealth platform and many other HIS systems within two weeks. Jason Considine, senior vice president and general manager of Experian Health’s Patient Experience Solutions says: “Patients want to feel reassured that their data won’t wind up in the wrong hands. That’s even more important right now, as COVID-19 means more patients are choosing online services instead of face-to-face contact. With staff and cashflow under pressure, it’s even more important to get systems up and running as fast as possible. That’s why we’ve integrated with leading HIS systems to help them achieve interoperability within just two weeks.” Patient portals have the power to transform the healthcare experience for patients, but only if they can trust that their data will be kept safe. Providers can protect their patients from identity theft by adopting a multi-layered solution that incorporates best practice and cutting-edge data security technologies. Find out more about how Experian Health can help you automate patient portal security to avoid medical identity theft, so you can save money, avoid reputational damage and create a positive patient experience.

Medical expenses are often a source of anxiety for many patients, whether they are unsure about the amount owed or how they’ll ultimately pay for it. Unfortunately, intimidating collections processes don’t help, and a crisis like COVID-19 only exacerbates this stress. A more compassionate billing approach could help patients better navigate their financial obligations and also build long-term loyalty—a necessity for providers today looking to retain patient volume during a time of crisis. Consumers overwhelmingly want to understand the cost of healthcare services, prior to services being performed. Effective price transparency involves offering patients clear, accessible, and easy-to-understand estimates of their financial responsibility for services before they are performed. Give patients clarity from the start with precise pricing estimates and up-front info about what they’ll have to pay can reduce sticker shock, help them plan and create an overall better patient financial experience. By empowering your patients with financial expectations, their feeling of control increases, improving their engagement and the likelihood that you will collect payments faster and more efficiently. Just as you don’t provide identical medical treatment to every patient, processing all patient accounts the same way doesn’t make sense. Every patient is different. Using comprehensive data and advanced analytics, providers can better understand an individual's propensity to pay and make the payment process a positive one by assessing and assigning each patient to the appropriate financial pathway based on their unique financial situation. Medical bills are often the most direct contact providers have with patients after a service is rendered. Unfortunately, money is often a sensitive topic for patients and statements are often overwhelming and difficult for patients to read. Tailoring communications at each stage can convey compassion and increase patient satisfaction. Customizing patient statements gives providers the ability to simplify and customize bills quickly and easily, turning an often confusing process into one that adds value. Including relevant, personalized messages and educational updates can turn billing statements into a useful resource, all with the potential to drive revenue. In addition to offering personalized payment options, providers can also find out whether a patient prefers to discuss billing by phone or email. Minimizing friction at the point of payment is crucial to fostering compassionate collections. Providers should offer flexible options that include in-person, telephone, mobile and online patient portals, so they can pay in a way that’s most convenient for them. This also frees up staff to help those patients who may need a little extra help understanding their statement. Want to learn more? Check out Experian Health’s Collections Optimization Manager which helps providers segment patients based on an individual’s propensity to pay and payment preferences, informing a compassionate patient engagement strategy and improving collections.