Press Release: PatientBond Helps Falck USA Significantly Boost Patient Payments and Insurance Reimbursements
PRESS RELEASE: PatientBond announces that it helped Falck USA significantly boost patient payments and insurance reimbursements using its SMS/text message-based payment reminder process. Falck USA is one of the largest private providers of 24-hour ambulance transport and 911 response services in the United States, offering both basic and advanced life support.
Unfortunately for Falck USA and other emergency transport providers, many ambulance trips are not reimbursed by health insurance. According to EMS World, fast-moving crises make it more difficult to obtain patient demographic and insurance information necessary to file an insurance claim or collect from the patient. The article effectively illustrates this issue:
“An ambulance arrives at the scene of a health emergency. Paramedics move rapidly to stabilize a patient in distress and transport them to an appropriate hospital emergency department. In many cases, the patient is unable to communicate, and family members are unavailable to provide basic information. The patient is admitted to the hospital, and the EMS company must perform skip-tracing to locate insurance information – and sometimes even the patient – days later.”
For Falck, the inability to capture these data and collect patient-responsibility balances was occurring across nearly 50% of ambulance trips. Consequently, like many EMS companies, Falck was racking up significant bad debt, a scenario many providers of emergency services have accepted as the cost of doing business.
Falck worked with PatientBond to develop a solution. PatientBond designed and executed a detailed payment reminder process for Falck, to accelerate patient payments while reducing outstanding balances and collection costs. Patients receive a series of text messages over the course of 31 days; however, once patients respond by paying their bill, they stop receiving messages after that point in the workflow.
In the first 10 months of the automated patient engagement program, Falck collected more than $2 million that would have otherwise gone unpaid. This represents a 75 to 1 return on investment for Falck, which exceeded expectations.
"Implementing mobile engagement in partnership with PatientBond last year was one of the best decisions I made," stated Kevin Don, Executive Director, Global Business Services for Falck USA. "The benefits reaped from this have included insurance discoveries, accelerated patient payments, and bad debt reduction. We are looking forward to building off these results and continuing this journey with PatientBond into 2022."
To learn more about this initiative, please download our case study, "Recovering Missed Patient and Insurance Payments."