Providing highly personalized financial solutions and guidance is a way for healthcare organizations to meet the "How will you pay?" challenge by balancing patient needs with hospital revenue goals.
The PaySelectTM tool, embedded in the PatientMatters IntelliPass® System, develops personalized payment plans for each patient or guarantor. The tool performs two critical functions. First is an evaluation of the guarantor’s ability to pay based on their current financial circumstances. Next, the tool offers payment plan options specific to that individual, along with unique patient conversation scripting for registrars to use to successfully guide the patient to the payment terms.
Guarantor Ability-to-Pay Assessment
The PaySelect tool employs a data-driven approach to analyze and segment patients according to their ability to pay – leading to higher cash collections and reduced bad debt.
The tool utilizes proprietary algorithms to score the patient or guarantor based on a five-point scoring methodology: – 1, those who are least likely to pay, down to a 5, those who could write a check for the entire bill on the spot.
By understanding the unique character traits of each guarantor, hospitals can present payment solutions that better fit their ability to pay, maximize incoming patient cash and provide a patient-friendly hospital environment.
The patient or guarantor’s custom monthly payment plan is calculated using our proprietary algorithms assimilating:
- Current credit information
- Payment history for current financial obligations
- Residual income of the guarantor is to produce
The customized scoring is then incorporated into registration staff patient conversation scripting as well as workflow.
Registration Staff Productivity
For many patients, the financial side of healthcare is the most confusing, frustrating and stressful aspect of care. This part of the experience usually begins at registration, so it is imperative providers put their best foot forward at the front end of the patient journey.
Patient Conversation ScriptINg
The PaySelect tool delivers patient-specific conversation guides right to the registrar’s fingertips.
The scripting is designed to align with and best fit the individual patient assessment, obligation viability, and ability to pay. With scripting tailored to each patient’s unique financial circumstance, registration staff can promptly and accurately explain personalized payment options to each patient.
Patients are offered a realistic financial plan to meet their obligations so they will know what to anticipate from a financial perspective. Patients gain trust in the provider organization and view it to be fair and helpful right from the start.
Dashboards and reporting
Many business offices and registration teams lack integrated workflow tools and timely reporting for effective registration management. To monitor and manage staff and collection opportunities, the PaySelect tool delivers customizable reporting and dashboard views. Examples include:
- Patient collections by work shift, by registrar vs. patient opportunity
- Disposition report identifying each collectable account and payment collected at registration