Category: collections

  • 7 top healthcare revenue cycle challenges and how to overcome them

    Healthcare revenue cycle challenges exist at every stage of the patient journey, beginning with patient access and extending all the way through claims, billing, payment and collections. However, digital tools and analytics can help providers tackle their top healthcare revenue cycle challenges. “The complexity of our reimbursement structures and the complexity of billing mean a […]

  • 6 strategies on how to increase outpatient revenue

    Clinical advances, consumer demand and payer pressure are driving growth in outpatient care, which continues to attract attention as a lower-risk, lower-cost revenue stream for healthcare providers. New technologies allow for less invasive procedures and quicker recovery times, so patients can avoid lengthy hospital stays – and the higher out-of-pocket costs that come with them. […]

  • Success at a glance: automating healthcare collections

    “The patient can have a wonderful clinical experience but face a financial experience that falls short of expectations. We wanted a dedicated consultant who would recommend best practices and provide valuable industry insights. We wanted a system with proven results in back-end automation, operational improvement and analytical performance. We were looking to propel our patient […]

  • Revenue cycle management checklist: improve experience & profits

    Traditional revenue cycle management strategies are on shaky ground. Time-consuming manual processes are struggling under the burden of increasing patient volumes and patient financial responsibility. Clunky interfaces and disjointed systems fall short of evolving consumer expectations. Understanding and adapting to sweeping regulatory change is challenging for understaffed teams. On top of all of that, the […]

  • Reduce revenue loss with insurance Coverage Discovery

    US hospitals have provided more than $702 billion in uncompensated care over the last two decades. To protect profits, healthcare organizations must be vigilant about finding any available insurance coverage for their patient’s care. But for many, recent regulatory changes and pandemic-related disruption have made navigating an already complex reimbursement landscape even more challenging. Checking […]

  • How Novant Health automated healthcare collections

    The COVID-19 pandemic has highlighted the need for a more responsive, flexible and resilient approach to revenue cycle management, underscored by provider staffing shortages across the country. Automation is gaining momentum as a way to address the staffing issue while improving efficiency and collections optimization to levels better than those prior to the pandemic. Furthermore, […]

  • 5 best practices from high-performing patient collections teams

    Experian Health works with many of the largest, most sophisticated collections teams in healthcare that consistently strive for high-performance by innovating and adopting best practices. Our consultants are often asked to define “high-performance”. What separates high-performing collections teams from the rest and how do they impact the bottom line? Being a leader in data and […]

  • Healthcare payment predictions for 2022

    Being able to settle bills anytime, anywhere, is one of the reasons why 110 million Americans switched to “digital-first” payment methods last year. Today’s consumers can pay household bills with their mobile devices while cooking dinner or waiting in the school pick-up line. They can pay for their morning coffee by tapping their phone at […]

  • Alleviate the healthcare staffing crisis with automation

    After more than a year of stop-and-start elective services, providers are ready to cut through the backlog and help patients get their healthcare back on track. Unfortunately, growing staff shortages mean many providers are struggling to meet consumer demand. Unemployment may be falling overall, but the number of people employed in healthcare dropped by more […]

  • Q+A: how providers are using data and automation to optimize healthcare collections in 2022

    A little over a year ago, Experian Health surveyed healthcare providers for a snapshot of their views on the digitalization of patient access, and the importance of healthcare collections. At the start of the COVID-19 pandemic, patient collections emerged as a top priority, the result of rising unemployment and competing consumer demands that impeded patients’ […]

  • Expert Q+A: how to optimize patient collections in 2022

    A little over a year ago, Experian Health surveyed healthcare providers for a snapshot of their views on the digitalization of patient access, and the importance of healthcare collections. At the start of the COVID-19 pandemic, patient collections emerged as a top priority, the result of rising unemployment and competing consumer demands that impeded patients’ […]

  • Healthcare Transparency: Pandemic cool down turns up regulatory heat

    The pandemic dominated healthcare in 2020, but it won’t be recognized as a reason to delay complying with CMS’ price transparency mandate, which went into effect on Jan. 1, 2021. In a recent study conducted by HealthAffairs indicated 65 of the 100 largest hospitals in America had not complied as of February 2021. And new […]

  • Leveraging comprehensive consumer data to improve healthcare collections

    Collections were tough even before COVID-19 hit. Provider’s bottom lines were already strained, and the high-deductible trend continued, putting patients on the hook for a bigger chunk of their medical bills. A highly volatile – but improving – employment environment hasn’t helped, and some patients’ ability to pay hasn’t kept pace with their growing financial […]

  • Four strategies to optimize patient collections

    Experian Health products referenced in this blog post: Patient Financial Clearance Coverage Discovery Collections Optimization Manager Healthcare may be historically more recession-resistant that other industries, but the COVID-19 pandemic has left many providers hurting financially, as many patients struggle to pay their bills. Patient collections were already a challenge, with declining Medicaid coverage and rising […]

  • What is Revenue Cycle Management?

    There is no question that providers’ bottom line has been hit hard this year, and a new surge in COVID-19 is bound to threaten hospital finances once again. As healthcare providers look to supercharge their payment velocity during these uncertain times, it’s worth taking a step back to examine the revenue cycle management process as […]

  • 2021 Patient Experience Predictions

    As 2020 draws to a close and headlines hint that the end might finally be in sight for the pandemic, the healthcare industry is considering COVID-19’s legacy. The sudden shift to contactless care, financial consequences of widespread social distancing measures and changing expectations of the patient experience have upended the world of healthcare and health […]

  • How to improve collections and patient satisfaction with contactless payments

    How did Starbucks lose $1.2 billion in sales during the pandemic, but still exceed revenue expectations in the last quarter? The answer lies in contactless mobile payments. By making it possible for coffee lovers to pre-order and pay for their morning cappuccino through a mobile app, the company was able to offer a safe and […]

  • Success at a glance: patient-centric collections

    With high-deductible health plans, larger out of pocket costs, and confusion about medical costs in general, it’s no surprise that patients today face increased financial responsibility. Unfortunately, the current pandemic has introduced an entirely new level of financial responsibility and uncertainty for both patients and providers. Like many provider organizations across the country, Yale New […]

  • Success at a glance: improved collections, part two

    While all hospitals and health systems will no doubt encounter revenue-specific challenges related to the pandemic, a solid foundation and targeted approach for improved collections can help speed up the road to recovery. In fact, it was Sanford Health’s unique approach to increasing patient collections that allowed it to both optimize collections during the pandemic […]

  • Success at a glance: improved collections, part one

    Before working with Experian Health, call center operations at Sanford Health were disparate and disjointed, with each call center operating on a different phone system with different carriers. While some centers saw high abandonment rates, others were waiting around for calls. Although Sanford attempted to create balance by placing accounts in a work queue, the […]

  • 3 types of data providers should leverage to improve self-pay collections strategies

    By January 2021, millions of those who suffered job losses in the wake of COVID-19 will see their unemployment insurance end. Medicaid and subsidized coverage under the Affordable Care Act (ACA) will be a safety net for many, but nearly 2 million Americans could find themselves stuck in the ‘coverage gap’, where their household income […]