Better Together: An Enhanced Financial Experience for Patients and Providers
The value of the TransUnion Healthcare and VisitPay partnership and what it means to both providers and patients
In this Q&A, Evan Goad, Vice President and General Manager of the Patient Financial Experience business at TransUnion Healthcare, details the importance of the partnership with VisitPay to further positive patient engagement practices.
The phrase “patient financial experience” is frequently used in today’s healthcare market. What does it mean?
Evan Goad: Consumers are much more involved in their healthcare decisions and costs associated with care. They demand a seamless, personalized experience, similar to what they’ve grown accustomed to in every other market. Until recently, patients haven’t had reliable access to the financial aspects associated with their care or control over the billing process. As healthcare consumerism increases, providers must rethink how they engage patients throughout the care journey, which includes being more transparent about costs.
Studies have shown patients who have a more positive financial experience are often more likely to pay for care rendered in a timely manner.
What prevents patients from having a positive financial experience and how can providers avoid feeding into that?
Goad: It’s no secret healthcare bills can be complex, delivered at different times and come from disparate sources. This often leaves patients trying to decipher their total out-of-pocket costs and, in some cases, burdened by how they’ll pay for care.
In a recent patient survey, 65% said they’d be willing to make at least a partial payment if given an estimate at the time of service. That means the importance of an accurate, upfront estimate can’t be overstated.
And while such estimates aren’t always easy to come by, when patients sense reliability early on, it helps create mutual trust between them and their provider. Following up on estimates with a seamless process that allows patients to make a payment or arrange for financing encourages engagement in their overall care plan right from the start.
Many providers are seeking to simplify the online billing experience—from estimate to payment. This gives patients a better understanding of their financial responsibilities and more control over their health. And providers can better convert cash from all payers at every stage of the revenue cycle.
Q: How will the partnership between TransUnion Healthcare and VisitPay enhance patient engagement?
Goad: With our capabilities combined, TransUnion Healthcare and VisitPay will provide patients with an accurate estimate and the tools necessary to pay based on that estimate. This will be the first time the front and back end of the billing cycle will be truly connected, thus creating a more transparent experience for patients. On a broader level for providers, our partnership offers the first and only solution able to help recognize earned revenue from all payment sources—commercial, government, and patients—in all areas of the revenue cycle from pre-service to post-service.
VisitPay offers a unique set of strengths; it combines cloud-based patient engagement tools with a proprietary analytics suite to deliver personalized payment options to consumers. Those analytics tailor consistent and fully compliant financing options in a streamlined billing experience, driving higher payment rates and improved patient satisfaction scores.
Through this partnership, we plan to leverage VisitPay’s platform and integrate TransUnion Healthcare’s leading patient access solutions—such as financial scoring, financial aid screening, identity verification and patient payment estimation. By combining our technologies, we’re able to offer an end-to-end, self-service billing solution for patients that fits their unique and current economic situation and provides them a level of comfort. This helps build trust and gives patients more control of and confidence in their healthcare decisions.