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The VisitPay Blog | Building Better Financial Relationships

The Patient Financial Health Summit: Improving the Patient Payment Experience—For Good

As we scroll through our newsfeeds, it’s easy to believe that the financial challenges posed by the patient as payer era are insurmountable. Consumers feel that their medical bills are unmanageable. Health system leaders feel that they can have healthy revenue margins or high consumer satisfaction, but not both.

I see evidence to the contrary—and I see it every day. The health systems we work with have flipped the script, transforming complex challenges into endless opportunities for innovation.

For the first time, healthcare financial leaders can scale, iterate, and measure personalized and meaningful consumer financial experiences that extend beyond the traditional “four walls” of the health system and into the daily lives of each patient.

This journey requires all of us to go from “getting by” to “getting ahead” of the patient billing experience.

The VisitPay platform has been—and continues to be—a catalyst for agility, creativity, and compassion—words that have rarely been applied to the medical billing experience. Combined with the formidable ingenuity and infectious passion of health system professionals dedicated to cracking the code of consumer engagement, the point where our industry views an optimized patient financial experience as a standard rather than a goal is finally in sight.

Completing this journey requires all of us to go from “getting by” to “getting ahead” of the patient billing experience. But how do we get there? Here are a few ideas.

Better Together

For five years, we have invited a select group of health system leaders for our annual VisitPay Summit. We see this event as an invaluable opportunity for the open exchange of ideas, to share goals, and foster a sense of community, fellowship, and collaboration.

At every Summit, we push each other to do better, to build on established successes.

My biggest takeaway from every Summit we have hosted is that this group is never content to sit on its laurels. Some of this is by design, but it’s mostly organic. We push each other to do better, to build on established successes.

All of us recognize that improving the patient financial experience is not a static endeavor. It’s constantly changing and needs to be measured and revised based on an array of evolving circumstances.

“We’ve measured the patient financial experience for years, and we measure it in a variety of ways. Surveys, feedback from using VisitPay and other platforms, and we continually ratchet that up in terms of patients who evaluate our experience as very good to excellent,” said Bob Mueller, MBA, CPA, Vice President of Revenue Cycle at St. Luke’s Health System

For others, the focus is one enhancing payment options and communication touchpoints with patients.

Jenny Renee, Director of PFS Patient Contact Center at Inova Health System, said, “I want to give patients the ability to choose how they’d like to ‘connect’ with us, by offering them multiple ways to pay that also takes into consideration their financial ability. I want our patients to know Inova cares by providing them with an experience that is compassionate, convenient and financially flexible.”

Whether your focus is on technology, communication, or benchmarking success, the common denominator is tying the financial experience to the overall healthcare experience. Patients require an individualized approach that makes them feel heard and understood.

For the VisitPay team, our goal is empowering health systems to identify the right person with the right offer at the right time, with maximum efficiency for the revenue cycle. To do that, we bind technology to the larger healthcare experience. For example, we recognize that clinical and financial domains share common moments, from prevention through recovery, and from pre-service through post-visit. This is the path by which health systems can forge a comprehensive and cohesive approach to medical billing that aligns with individual clinical journeys.

The common denominator is tying the financial experience to the overall healthcare experience.

The Patient Financial Health Summit

We are excited to announce the 2019 Patient Financial Health Summit, Oct. 21-23, in Scottsdale, AZ.

As we confirm our agenda and line up our speakers, I have an assignment for you. Let’s use this opportunity to push each other—and ourselves—to greater heights. Reflect on where you are in your journey toward a better patient financial experience.

VisitPay was built on a culture of community and feedback. So, whether you are working from a mature initiative or taking your first steps, share with us the ways—technological, culture, philosophical—your health system can make measurable improvements to the patient financial journey.

As we announce additional details about the Summit, I’ll share some of my team’s goals. See you in October!

Let’s use this opportunity to push each other, and ourselves, to greater heights.

Join us for the 2019 Summit

Register now

Kent Ivanoff

Kent is a seasoned business leader who has delivered breakthrough results in a multitude of consumer finance and payments businesses. Prior to co-founding VisitPay, Kent was the Executive Vice President, US Card Division for Capital One Financial. Kent lives in Boise, ID with his wife of 25 years and two children.

See all posts by Kent