Healthcare Accounts ReceivableS Management
Many can manage receivables. Yet with growing complexity in receivables fueled by value-based and bundled payments, who gets lost in the shuffle? The patient. Balancing empathy for patients with visibility to insights and efficiency in work flow is a cornerstone in igniting sustainable patient loyalty and maximizing cash flow. Achieve this balance through an M.Assist solution. From services to software, build the support your need with objects from...
- Customer Contact Center
- Denial Management
- Denial Prevention
- First Customer Intelligence
- Government Billing
- Insurance Billing
- Insurance Early Out
- Legacy AR Work Out
- Out of State Medicaid Payment Plan Monitoring
- Self-pay Early Out
- Third Party Liability
- Work Comp
- Denial Prevention Analytics
- Propensity to Pay
Featured Solution: Self-pay reimbursement
How it Works
Our skilled staff and patient focused processes and predictive analytics enable us identify the most efficient means to engage patients resulting in best dollar outcome and optimal patient satisfaction. Our proprietary analytics take a look at individual characteristics of patient accounts, such as IP/OP/ED bedside balances, individual payment history, age, gender, and marital status. In addition, we utilize socioeconomic data based from patient zip codes and credit bureau data.
All accounts are given a propensity to pay score from 1-100 based on these factors. This retrospective analysis of historical data provides us with an understanding on how to prioritize and engage with each specific patient. Using intelligence derived from this data, we design new workflows and re-allocated manpower to drive better collections, and guarantee 100% of accounts are worked.
CASE STUDY: PREMIER HEALTH
Health System Increases Recovery Rate by 15%
Premier Health is an acute care health system serving Southwest Ohio. Premier generates over $2 billion annually from 1,951 beds in five acute care hospitals. As exemplified by their multiple Press Gainey Beacon of Excellence awards, Premier Health delivers clinical excellence with a focus on patient satisfaction.
Recent trends indicate that the cost of healthcare continues to shift from employers and insurance companies to patients themselves. Because the financial recovery rate from individual patients is lower than from insurance carriers, growing patient balances are causing financial pressures for many hospitals. Determined to effectively collect patient balances, Premier Health began a search for a high-performing revenue cycle partner that could both optimize the account resolution process and enhance patient satisfaction.