What if there was a way to accurately predict healthcare payments? A way for health systems and providers to use analytics to increase patient payments while better serving the needs of individual patients? VisitPay is a patient payments platform with unmatched patient segmentation and predictive analytics at its core. Our system is designed to help healthcare providers better serve patients by using data to paint a more precise picture.
Legislation and trends in the healthcare industry are driving up patient financial responsibility, causing financial challenges for healthcare providers. Healthcare receivables are different from other forms of consumer obligation in the US economy. For example, a 2017 report from the Consumer Financial Protection Bureau found that past due medical bills, credit cards, and student loans were among the most frequently cited debts consumers were contacted about. But only medical debt is prevalent across all age groups and income levels. This makes collecting medical debt a unique challenge.
Traditional ways of determining consumer payment behavior, like FICO scores, are not sufficient to make accurate predictions for the healthcare industry. The industry needs patient segmentation and predictive analytics specific to healthcare to help form a new paradigm.
Great Consumer Experiences Drive Great Financial Outcomes
But just having the most accurate patient propensity to pay scores in any local market is not enough to improve overall financial performance. Those insights need to be brought to life in a digital platform that offers an intuitive, user-friendly consumer experience. This improved digital platform must also act as a vehicle for continuous testing, experimentation and optimization. Innovation is at the heart of the VisitPay platform. It was not designed as a bolt-on patient payment interface to tack onto your core billing system. VisitPay is a consumer finance platform designed expressly to help providers manage the unique dynamics of healthcare payments in a way that is aligned with the not-for-profit mission of most providers.
Machine learning algorithms are at the core of our analytical approach. Our analysts and data scientists use our infrastructure to model hundreds of variables, resulting in consumer scores that are easy to test and operationalize, and are tailored to the provider’s specific market. We use data and other proprietary sources to build our scores and we can easily incorporate multiple years of historical data into our models.
Re-thinking Credit Risk
When coupled with the VisitPay platform for patient payments, a provider can programmatically deploy an advanced, consistent, and fully compliant credit risk management policy that is relevant to each consumer, with incredible efficiency. The provider can choose to offer one set of strategies for all its consumers or offer a refined, fully automated strategy specific to each consumer’s needs. Most of our clients are testing different approaches and measuring outcomes along the way, in close collaboration with our client services team.
Various financial offers and terms can be presented to consumers based on VisitPay scores, and different strategies can be tested in parallel to optimize the approach over time. Additionally, providers are using VisitPay’s scores to tailor consumer servicing strategies using any number of factors such as balance due, insurance carrier, employer, and others. This leads to dramatic performance improvements in the call center.
As a result, we generate very high ROI for our clients, most of whom are large, complex health systems. Typically, our clients see an improvement in patient payment rate (yield) of over 30%, an increase in top-two box patient satisfaction of 40-50%, and a significant decrease in operational cost due to the low cost of originating and administering consumer receivables. For example, typically 50,000 patient consumers on VisitPay can be managed by as few as 2.5 FTE’s in the provider call center.
Our predictive analytics platform is being deployed by major health systems using the Epic SBO platform, as well as HB/PB. To preserve a sound patient experience, we also developed proprietary single-sign-on capability from MyChart.
Patient payment performance is not about collections, it’s about creating a better experience built on trust and insights. That trust comes through the transparency, choice and control VisitPay affords our clients and their patients. Our solution offers the contemporary experience patients expect while generating dramatically better economics for health systems.