3 Ways VisitPay Helps Health Systems Make the Most of Their Outsourced Vendors
It’s important for health systems to develop strategies around patient financial engagement as patients are responsible for a continually increasing proportion of health systems’ overall revenue. VisitPay’s best-in-class patient segmentation strategies provide meaningful insights into this new payer class and help health systems effectively engage patients through partnership with outsourced vendors.
VisitPay’s analysis of payment behavior across health systems nationwide shows that patients largely fall into three categories:
1. Patients who pay through self-service
2. Patients who need some sort of assistance in paying their bill
3. Patients who likely can’t pay their bill at all
Health systems can leverage VisitPay patient segments to engage patients effectively and make the most of their interactions with outsourced vendors.
A strategy for self-service patients
Patients who prefer self-service won’t need the same level of attention as other patients. VisitPay segments patients who will self-service so that the health system can keep these accounts in-house instead of placing them to their vendor for servicing. This allows the vendor to focus their efforts on the patients who need assistance and also saves vendor contingency fees paid by the health system. Because these patients self-service, inbound call volume to the health system and patient payment rates are largely unaffected.
A strategy for patients who need assistance
Many patients have the ability and desire to pay their bills, but need some assistance from your vendor to do so. This comes in many forms but could include answering an inbound billing question or placing an outbound call to remind the patient that their bill is due.
VisitPay looks at a patient’s propensity to pay, the balance they owe, and the amount of time their balance has been outstanding to develop call priority segmentations. These segmentations can be shared with your vendor to maximize the return from their work efforts. Your vendor can also use the VisitPay customer service platform to invite patients to enroll in VisitPay’s self-service portal to manage their bills and set up payment arrangements online.
A strategy for patients who likely can’t pay their bill
VisitPay provides insights on each patient’s ability to pay, informing the health system as to which patients are very likely to qualify for the health system’s charity policy and should have their balance written off presumptively. The goal of this strategy is to save as much work as possible while minimizing the amount of foregone patient payments.
The 2019 VisitPay Report details patient segments found across the nation and shares strategies to engage each segment. Download a copy and better your system’s patient financial engagement today.