Becker's Hospital Review

37 Executive Briefing According to an analysis of 400,000 claims by The Advisory Board, the higher a patient's deductible, the less likely they are to pay what they owe, irrespective of their income level. The analysis found 68 percent of patients with a deductible of less than $1,000 were likely to pay at least a portion of what they owed compared to just 36 percent of those with deductibles of more than $5,000. Empowering patients to understand their bills and what they owe so they're more willing to pay is important both to a provider organization's financial health and to the patient experience. "When you establish that credibility with the patient … they have confidence when they receive a bill that it's valid and trustworthy," Ms. Moneymaker said. Follow up with patients in a timely manner Although provider organizations should attempt to collect from the patient at the point of service, they should also follow up with the patient in a timely manner if a balance is owed. Ms. Moneymaker said many healthcare organizations wait 60 days or longer after a patient's visit to send out a bill. This can lead to negative financial consequences for both the provider organization and the patient, as the likelihood of a patient paying what he or she owes diminishes over time. Instead of waiting weeks or months, aftercare is provided to contact patients, hospitals and health systems should strive to connect with patients as soon as a balance is owed. They should also ensure patients understand the bill they receive. Healthcare billing processes are complex, and it is important for hospitals and health systems to provide patients with clear and concise billing statements. Many healthcare organizations across the nation have teamed up with Zotec Partners to help simplify the patient financial experience. When patients owe a balance, Zotec Partners helps engage the patient in the process. "We send them a text, if they accept texts, so they can log on to a secure portal and look at their balance, print their statement or set up a payment plan," Ms. Moneymaker said. If patients have questions about their account, they have 24/7 access to Zotec Partners' interactive voice response system or they can speak with a patient representative during business hours. Offer patients multiple ways to pay If hospitals and health systems are going to remain solvent in times of higher patient financial responsibility, they must provide patients with a streamlined billing and payment process. One way provider organizations can improve the process is by offering patients multiple ways to pay a bill. In an effort to make paying for medical care more manageable, many hospitals and health systems utilize Zotec Partners' tools to give patients the flexibility to choose a payment method. Zotec Partners allows patients to submit payments online, by text message, through an interactive voice response system or by talking to a customer service representative. This helps ensure all patients have a convenient way to pay their medical bills. Offering a variety of payment channels is important because not all patients have the same payment preferences, and it may be necessary for healthcare providers to utilize several different channels, such as a combination of text messages and phone calls, before the patient pays his or her balance in full. To determine which payment options are most effective and used most often, many healthcare organizations deploy Zotec Partners' CZAR analytics and reporting technology to gain a better understanding of how patients are paying, according to Ms. Moneymaker. "CZAR offers full transparency into our client's revenue cycle. They can log in 24/7 to access and track key performance indicators. We can also show them very clearly and quickly how much has gone to patient balance in a period of time, how much was collected and how it was collected," Ms. Moneymaker said. Conclusion Patients are responsible for larger portions of their medical expenses than ever before. Hospitals and health systems must find ways to offer more cost transparency and simplify payment and billing processes for patients to ensure they are paid appropriately and in a timely manner for services provided. Taking steps to transform the revenue cycle to make it more patient-friendly will not only help ensure provider organizations get paid, but it will also help improve the patient experience. n Zotec Partners is an industry leader in revenue cycle and practice management services for physicians and health systems, managing in excess of 80 million medical encounters annually. The company is committed to the continual pursuit of excellence, delivering effective solutions through its proprietary technology, personalized service and measurable client results. Currently, Zotec Partners serves more than 9,000 physicians in all 50 states.

• Cover