Becker's Hospital Review

14 EXECUTIVE BRIEFING 2 EXECUTIVE BRIEFING SPONSORED BY Paper refunds — a frustrating relic with new improvements: How automation boosts patient experience + provider efficiency P atient refunds from providers are on the rise. Unfortunately, refund processes tend to be manual, complex and time-consuming for both providers and patients alike, with traditional paper-based methods no longer matching the needs of consumers. As the number of patients paying out of pocket for healthcare services grows, refunds are taking on even greater importance. Patients often have multiple provider encounters that involve self- pay. Ensuring those dollars are posted accurately and appropriately is important in the provider's relationship with the patient and in the patient's overall journey and experience. While many providers attempt to collect balances due upfront to relieve the difficulty and stress of collections post-service, the estimates that are available upfront, ahead of service or at the time of service aren't always accurate based on which provider is paid first in the line of claim submissions. Becker's Healthcare recently spoke with Sue Martin, senior vice president of healthcare specialty services for CommerceHealthcare®, about the burdensome nature of patient refunds. She shared how electronic refunds can benefit key stakeholders in healthcare. "People must advocate for themselves," Martin said. "That means keeping up with appropriate insurance payments, as well as tracking where their self-pay dollars are being applied and where they may be entitled to refunds." The traditional paper-based refund process has significant drawbacks. For providers, paper-based processes are inefficient, take more time and require additional labor. These antiquated processes are even more problematic as providers struggle with labor shortages and narrow margins in today's worsening economic climate. Paper-based processes also are not ideal for patients, especially in an environment where so many consumers engage in online banking due to the convenience. It can be time-consuming to receive refund checks via the mail, and the traditional bank deposit process takes extra time. In addition, paper checks are prone to getting lost. Patient addresses change frequently — especially with the recent increase of hybrid and remote work — which can lead to untimely mail delivery, lost checks, fraud and the cost of reissuance. "We hear about these challenges on a regular basis from clients," Martin said. Technology offers refund transparency and efficiency In reflecting on the many issues associated with the traditional paper-based refund process, Martin offered a silver lining: current technology can address these challenges. Thanks to technological advances, it's now possible to offer greater transparency about refunds to providers, payers and patients. CommerceHealthcare® offers its PreferPay® solution, for example, which is a secure, end-to-end automated refund process that integrates with provider solutions. PreferPay® supports a variety of payment options including direct debit cards, direct deposit to a bank account and traditional paper checks. Offering multiple refund options is a huge step forward that improves providers' patient satisfaction scores. "Consumers are looking for the same experience in healthcare as they have with their banking and shopping partners," Martin said. "Today, patients often have to wait for a paper refund check to arrive in the mail from their providers. With PreferPay®, they can get the funds owed to them in as little as 30 minutes."

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