RCM

Flexible Patient Payment Plans:
Driven by Ability to Pay

Propensity to Pay may not be the first thing to roll off your lips when you think about creating healthcare patient payment plans. But it should be.

Propensity to pay—or ability to pay—is the use of behavioral analytics, combined with your medical group’s internal payment rules, to create smart payment plans that patients are more likely to comply with.

Some keys to consider when implementing Ability to Pay solutions:

  • Start early.
    Don’t wait for the clinical encounter to score a patient’s account. By knowing the account score prior to their visit, you can collect an appropriate amount at the time of service.
     
  • Have a plan for how to handle Ability to Pay tiers.
    One you have identified account score tiers—decide how you want to handle those with clear rules. This will allow you to align staffing resources and procedures to each level—with the proper workflows to support each.
     
  • Access historical payment data.
    Ensure your Ability to Pay solution can access historical claims data. This will improve the quality of the score dramatically.
     
  • Know your baseline metrics.
    In order to determine the effectiveness of your Ability to Pay solution, make sure you know your baseline self-pay KPIs. Everything from DSO (or average days to collect), write-offs for bad debt and charity, current POS collections, etc.

Implementing a Propensity to Pay/Ability to Pay solution can be an effective method of improving your patient collections when done thoughtfully, and as part of a larger patient-friendly payment program. To learn more about Propensity to Pay, check out PatientPay's RCM solutions.

PatientPay and The Echo Group Bring Paperless Billing and Electronic Payments to Behavioral Health Clients

PatientPay announces that we have partnered with The Echo Group to bring paperless billing and electronic payment capabilities to the behavioral health market. The Echo Group has developed a suite of software applications used by hundreds of behavioral health organizations nationwide.

Patients are taking on a greater portion of healthcare bills--from high deductible plans to Medicaid. Managing accounts receivable while also improving the patient billing experience is critical according to Matt Cabbiano, CEO of The Echo Group.

The integrated PatientPay solution will help clinic employees automation patient billings once they have collected a patient's email address or mobile number. PatientPay then handles all aspects of the patient's balance--including billing, capturing payments and providing a standard ERA (electronic remittance advice) back to the practice for automated posting and reconciling.

Unlike any other healthcare payment solution, PatientPay is configured as a payer in the practice's PM system. This allows a seamless mapping of billing and procedure codes to primary insurance payments. The result is a clean, easy-to-understand statement--delivered electronically to the patient. Patients can then pay in a variety of secure methods with no fees or confusing interfaces.

The result is that practices using PatientPay typically cut time-to-payment in half--improving cash flow and reducing accounts receivable.

To learn more about how PatientPay can help your organization, check out our Revenue Cycle Management page. To read the full press release with The Echo Group, go to our News section.