Last month, in Part Two of our patient engagement series, we examined the benefits of leveraging technology tools that enable patient engagement in the revenue cycle.
Much attention has been paid to the concepts of price transparency and patient engagement when it comes to strengthening a provider organization’s financial foundation. Central to this quest is leveraging advanced technologies to provide patients with accurate estimates of the cost of their care, and present them with a simplified and convenient method of submitting timely payment—whether via patient portals, secure websites or mobile applications.
Offering patients access to accurate estimates allows providers to educate their patients on their insurance plan design and has been shown to decrease bad debt, improve efficiencies and care outcomes, and increase patient and provider satisfaction. However, to be truly effective, estimating must go beyond simply reciting a total price. Rather, it breaks down that estimate to include:
- Total patient responsibility
- Health plan or employer responsibility
- In- or out-of-network status
- Out-of-pocket amounts
Making it personal
By combining personalized cost estimates with simplified payment options, healthcare organizations are realizing even greater value from their investment into patient engagement in the revenue cycle. A prime example is the coupling of SwervePay Health’s pre-care estimating and post-care payment tools.
On the front end, SwervePay utilizes a combination of technology, services and direct partnerships with insurance companies to access relevant and accurate eligibility data from every health plan. Its analytics engine then blends that data with providers’ negotiated contracts and claims history to create an accurate, personalized cost estimate for each patient.
On the back end, SwervePay’s payment tool facilitates better communication with patients around cost of care, helping them to manage their finances and conveniently pay their bills. It offers an innovative suite of tools for making patient payments, without apps or paper. Just one-click payments via text message. The company’s platform also alleviates manual tasks in the revenue cycle process for providers and health systems.
Educating patients about their insurance plans and offering convenient payment choices are integral to delivering a positive patient experience. By creating price transparency, SwervePay is addressing the growing demand for accurate estimates and enabling hospitals and healthcare organizations to maximize payment collections and, subsequently, patient satisfaction.