Imagine a world where a credit card company sent its consumers more than one statement per month. One thing I can guarantee is if they did so, consumers would pay less frequently than if they received just one. I also guarantee that consumer satisfaction ratings would plummet.
While we at VisitPay have collectively amassed hundreds of years of consumer finance experience, it doesn’t take a consumer finance whiz to know that sending multiple statements per month is just a bad business practice. It confuses consumers (their feedback says they hate it) and as a result, they pay less. In fact, our data shows that by sending one statement per month payments will actually increase.
Healthcare systems send multiple statements per month because they typically don’t have a feasible and compliant alternative. Billing systems were built to manage payor billing, which essentially sends one bill per “claim.” Patient billing often follows this same scheme, resulting in a consumer getting one bill for every visit they make to the hospital. In some cases billing systems aggregate charges to one statement, but the health system likely has multiple billing systems online, which still results in the consumer receiving multiple statements per month.
At VisitPay, we spent four years perfecting our matching algorithms and processes to ensure we can effectively match charges across many different billing systems (ambulatory and facility). For example, the platform can merge data for healthcare systems on Epic HB/PB (non-SBO), or highly complex systems that use Cerner, Epic, or Allscripts, in conjunction with a host of legacy physician billing systems.
If you are assessing different patient platform vendors, I’d strongly encourage you to ask their reference accounts if they truly ensure only one statement is sent a month. In talking with many healthcare systems who have deployed patient payment solutions, many of them have told me that they thought there would only be one bill per month, but it turned out the vendor didn’t have the sophistication or know-how necessary to compliantly merge data from multiple systems into one bill.
Lastly, but most importantly, our proprietary matching algorithms are highly HIPAA compliant – we ensure a match, or we don’t match it. No fuzzy logic here.
While many aspects of VisitPay drive both our high patient satisfaction ratings and our high payment yield, one of the most important drivers is that we ensure guarantors receive only one statement per month, in the same way they receive their credit card bill.