Who Are We?Who Are We?
The Millennial Patient: Using Technology to Collect Patient-Owed Balances
um available, but the majority have suffered There are many Lorem Ipsum
Regional Territory ManagerRegional Territory [email protected]
800.331.4976 | poscorp.com |
Jillian BoardmanRegional Territory Manager, Eastern Iowa
Objectives
Millennial Patient
Instant Gratification!
Patient ExperienceBrand battlefield!
Financial Trends
The “As Is Versus Should Be”
Financial Strategies
What’s Out There?
What’s In It For Me?
And our patients!
Millennials
83.1 million (1/4 of pop.) are millennials (born 1982-2000)
“Instant gratification”
“Needs everything at their fingertips”
51% of millennial patients visit doctor less often than once/year
Independent
Lack Brand Loyalty*Daymon Worldwide
The Millennial Profile
Millennial ProfileBy The Numbers
87% Have A Smartphone
+6 Hours A Day
Check It 150+ Times per Day
53% Social Networking
Source: Women’s Advertising
Know Your AudienceLive in Their Space
“8 out of 10 Americans look for health information online” -Pew Research Center
66% search for specific diseases or medical conditions
56% view certain medical treatments and procedures
5% do self treatments at home
28% self diagnose
Know Their Behaviors
Trends in Value-Added ServicesKnow What’s Trending
Online SchedulingAllow patients the
convenience of scheduling their appointments online.
Mobile AppsIn a cell phone society –
connect with patients via a mobile app.
TelemedicineTelemedicine is key to seeing more patients, especially as a shortage of physicians grows.
Concierge MedicineMuch like an attorney,
concierge medicine allows patients to pay a monthly fee to keep providers on
retainer.
Convenient HoursPatients are busy and
healthcare isn’t always a top priority. Convenient Hours
make it easier.
The Challenge:Being Heard Among The Noise
Financial Communication is a Critical Driver of the
Patient Experience
The Facts Are…It’s All In The Numbers
of Americans are unsatisfied with
healthcare systems
1/3 92%of Healthcare
Executives state that Patient Experience is
one of their top priorities
“Any rating drop in a patient’s satisfaction translates into longer delays in collecting payments and an increased likelihood of going to collections…” Fiserv
Financial Facts of HealthcareProject Yearly Timeline
40% 30%
Patient-owed balances have grown to an average of 40% of health industry revenue
Millions of patient-owed dollars go uncollected
.55 patient accounting staff per physician
1 back-end business office employee per
10k claims
75% don’t call delinquent accounts
of practicesMGMA, Woodcock & Associates
Challenges to the Patient Experience
17
For Every Negative Experience,Survey Result
Took
Forever
Confusing
Unfriendly
30%
?!?
10 – 15 People Will be Told About It
What Are Patients Saying?What is your online reputation
19
Improving Your Patient Collection ProcessesBe Proactive!
Dale Carnegie…”AS IS versus SHOULD BE”
How is your patient A/R level trending?
How are calls trending?
Why do patients call your Billing Dept?
What reasons do patients give for “not paying”?
Evaluate your statement.
What is your collection sequence?
How are you handling delinquents?
Your Processes/Workflow
How Patients PayWhere do you collect the most?
% Paying via Check % Paying Up Front
% Paying by Phone% Paying Online
% Paying via Credit Card
Send 3-5 paper
statements
Send to collections
Write off bad-debt
Watch outstanding
A/R grow
The Process is Broken
INSANITY:
“Doing the same thing
over and over again and expecting different results.”
The Technology: Speak “Their” Language
Statement Evaluation• Optimization
• Electronic statement delivery
Auto Pay• Card on File Technology
• Changing front office behavior
Payment Plans• Automation
• Reduce number of patient touches
• Patient independence
Past Due Collection• Automation
• Removing staff burden
Online Bill Pay• Utilization
• Guest Pay
Premium Statement Processing
SEQUENCEUtilize past due and final notice statements to create a sense of urgency for patients to pay their bill.
DRIVE BEHAVIORSimplify your statement by leveraging easy to understand terminology. Advertise Online Bill Pay to drive patients to your website.
CUSTOMIZE
Customize your statement to include your logo to help patient’s identify your practice. Leverage your colors to highlight important information.
Past Dues & Final Notice Sequence
Give Your
Patients OptionsText to Pay
Preferred by patients who are looking for a quick and efficient wat to pay their balance
Emailed StatementConvenient for patients who are on the go and
want full detail on their balance due
Traditional Paper StatementGreat for traditional patients who like to receive
their statements in their mailbox
Statement
24/7 World!
Millennial Consumer Trends
Mobile Bill Pay
½ of millennials use mobile bill pay.
Mobile Banking73% of millennials
use mobile banking compared to 37%
of other age groups.
Automatic Payments
Millennials are 5x as likely to want to set
up automatic payments via
mobile.
This Photo by Unknown Author is licensed under CC BY-NC
This Photo by Unknown Author is licensed under CC BY-NC
This Photo by Unknown Author is licensed under CC BY-NC
Payment Request from Graham Medical:
Amount: $274.50
Access Code: 7141
Click Here to Pay: http:/s.swrv.me/PcbPEg7z
Graham Medical 2/4/2020 14:32:51 UTCType: PaymentAmount: $549.00Method: x1123 (VISA)
Patients or practices can sign up
POS receives a statement file and sends in the patient’s preferred way
Text to Pay
Auto Pay
Auto Pay will automatically charge balances to
a credit card or bank account when insurance
clears.
No phone call to a patient.
No cost of a mailed statement.
An emailed receipt once a payment is
made.
This is a reminder that payment for your U.S. Cellular account 937105910 is due
on 10/31/2019. Autopay and any scheduled payments that you have
setup will be processed on the requested date.
Automate Credit Card Processing
Statements
• Drive patients to pay online
• Statements include online bill pay code
eStatements or Text
• Patients opt-in
• Delivered via email/text with link
BPC0D3
bpc0d3
Increase Utilization of Online Bill PayProject Features
Offer Guest PayAllow patients to pay their bill without needing a username & password.
Save a Credit Card on File
Let patients store their credit cards securely to make payments a breeze.
Enable AutoPay and Text to Pay
Give patients the convenience of storing a credit card & have it autopay when a new balance occurs. Utilize text services.
Automate Payment PlansAllow patients to setup automated payment plans from the privacy of their own home (based on your rules).
Two out of three Americans havenever
gone to a patient portal
Payment/Budget Plans
Some Consumer Facts…
50% of Americans “put off” health because of $
60% of Americans can’t afford a $500 emergency
1/3 of GoFundMe account = Health Care
7 Year Car Loans are becoming the norm
People are now buying shoes/sweaters over time
Payment Plans & The Patient Experience
Flexibility
Control
LoyaltyHealthy Patients
Satisfaction
Remind Patients with Automated MessagingSave your staff time with automated Phone Calls, Texts & Emails
DENTAL INSURANCE
Remind patients to bring their HSA card
PRE-APPT MEDICATIONRemind patients of any pre-visit medication they need to take
WEATHER ALERTS
Alert patients if your office needs to close for the day
BIRTHDAY GREETING
Show your patients you care with a birthday message
PATIENT RECALL
Remind patients it’s time to schedule their teeth cleaning
ANNOUNCEMENTS
Notify your patients of changes happening at your practice
APPOINTMENT REMINDERS
Remind patients of upcoming appointments
PAST DUE REMINDER
Notify your patients that it’s time for them to pay their bill
Graham Clinic recently sent you a statement. Click to pay: goo.gl/mGEqVV or contact us at 800-331-4976. Thank you!
Past Due Notice Messages
Great River Health Systems shows that you or a member of your family has an outstanding balance. Please call 123-456-7890 to speak with a Financial Counselor or pay online at www.abc.com
Check In Solutions
Where to Begin
Existing Processes
• # Statement Notifications
• Format of Statement
• Sequence of Statements
• Existing Collection Workflows
Changing Mindsets
• Everybody is Online
• Checks are becoming Obsolete
• Budget Payment Plans are Reality
• Nobody wants to Call You
Staff Buy In• Understand they have Job Security
• Efficiency is Critical to Business Health
• Must Understand how to Speak to Patients
Educate and Promote• Online Payment ease of Usage
• Collecting a % of Patient Revenue is Critical
• Ability to be Flexible & Caring
• No other Consumer Industry Allows Non-Payment as the Norm
Promoting Technology
Statement Inserts
Office Signage
Patient Communication Upgrade
Educate Your Patients
After setting up BEST PRACTICES:
• 13% Drop in Statement Volume
• 50% Drop in Past Due Volume
• 40% Payments now paid via OLBP
• $8,400 Annual Savings by going from PAPER to ELECTRONIC
• 27% Reduction in outstanding 60 day A/R
Case Study: Northwest Asthma & Allergy
Your Opportunities
Statement Audit
Embrace Technology
Online bill pay, Auto Pay, automated payment plans
Automate Bill Pay
Reminders
Prioritize the Patient Experience
Provide Options & Be Flexible
Electronic statements
Regional Territory ManagerRegional Territory [email protected]
800.331.4976 | poscorp.com |
Jillian BoardmanRegional Territory Manager, Eastern Iowa