Becker's Hospital Review

15 EXECUTIVE BRIEFING 3 EXECUTIVE BRIEFING Providers are seeking more streamlined refund processes Healthcare organizations of all sizes face challenges in processing patient refunds. Manual, paper-based systems commonly require multiple solutions and multiple departments to complete the entire process. Another major concern is the effort associated with escheatment of unclaimed funds. This is yet another set of tasks facing an already overburdened, understaffed workforce. Transitioning away from paper processes makes sense, but it's important to work with a trusted partner. "You want all the departments involved in the refund process to experience seamless workflows," Martin said. "CommerceHealthcare® works with providers to implement best practices and ultimately migrate to fully digital patient refund functionality." Initially, providers may default to traditional check payments for refunds. Over time, however, as more information is obtained — like patients' mobile phone numbers and email addresses — the system can increase the level of automation and the number of paper refund checks can be reduced. "This enables our clients to fully transition the patient refund process and offer a true end-to-end solution, which includes escheatments for any unclaimed funds," Martin said. Getting started on the electronic refund journey A current-state review is a good first step on the transition to electronic patient refunds. It's important to understand the true costs associated with issuing a paper check. Martin recommended tracking the costs surrounding check stock, printing and postage, as well as team member time spent processing the checks and following up, which should shed light on potential for return on investment. Another best practice is to look for a partner and a solution that will work easily with the organization's treasury and receivables teams. Refunds routinely require processing from both accounts receivable and accounts payable for authorization and issuance of payments. These departments also need a workflow for tracking unclaimed payments. "Healthcare providers need a patient refund solution that streamlines these processes and reduces the burden, once a payment authorization file has been issued," Martin said. Automated payment solutions can deliver value beyond patient refunds In addition to processing patient refunds, PreferPay® can also streamline process flows that are critical to a strong employee value proposition. For example, Martin explained how the organization helps HR departments by focusing on frequency of employee payments. "We've instituted workflows learned from other industries to drive better employee recruitment, retention and overall employee satisfaction," Martin said. Automated payments also can be useful in areas like clinical trials and contract workers. PreferPay® can be applied to other use cases, and it's not a heavy lift — the workflows are similar, even if the parties receiving the payment are different. "Take the automation and think bigger with it," Martin said. "You'll find it to be a true success." Conclusion With all the priorities that exist throughout the revenue cycle and accounts payable departments, healthcare providers recognize that automating patient refunds makes sense. It improves efficiency, decreases costs and helps offset growing workforce concerns. Offering automated refund options with faster turnaround times is also satisfying to consumers; it improves the patient journey and financial experience by getting patients the money they are owed in a faster, more convenient manner. "Implementing technology and automating refund processes that align with consumer preferences is absolutely a win-win for healthcare providers," Martin said. "Find a financial partner that offers a full suite of end-user and consumer satisfaction choices. If you make patients and your employees happy, you will find good success in the marketplace." CommerceHealthcare® solutions are provided by Commerce Bank.

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