Top Revenue Cycle Tools to Implement at Your Urgent Care Center
It’s almost 2020, which means it’s time (or far past it) to decrease your revenue cycle. The world is becoming increasingly more digital, so urgent care centers have plenty of online revenue cycle management tools for increasing patient collections. Let’s take a look at some of the revenue cycle tools that will give your organization the best ROI.
1. Cost Estimates
As we’ve discussed on our blog before, price transparency has become a popular buzzword in the healthcare space. By presenting consumers with an option to estimate the total cost of their care, you can increase patients’ speed to pay as well as improve their overall experience while at your urgent care center. You can host this tool on your website so they can self-serve, or provide them with the information over the phone. Just make sure the estimate takes their insurance into account and is as accurate as possible, so it is truly valuable.
2. Self-Serve Payments
Most people are accustomed to paying for everything online nowadays. If you don’t have an option for online payments through a portal or otherwise, you’re behind the times and could be losing money. Some self-service tools even provide patients with extra information, like the status of their deductible or financial assistance information. Giving them access to this information and the ability to pay online can help patients feel more in control of their payment experience.
3. Claims Processing
Working with insurance companies is complicated, and the process likely isn’t going to get easier any time soon. By verifying insurance information first and leveraging current software and digital tools, your staff can more easily see any denials or verification issues that arose during processing. Then, you and the patient can work together to fix any errors and make sure everything is processed correctly. This tool, in turn, can shorten your center’s revenue cycle as issues will be spotted and rectified sooner.
4. Payment Plans
Healthcare can be expensive, and sometimes people can’t pay their post-insurance bills all at once. By having a system that accepts multiple payments over a period of time, you provide flexibility which, in turn, improves the patient experience and accelerates patient responsibility payments more than if you didn’t offer these plans. The important thing to note here is that you need to be careful about the messages you’re sending to ensure they resonate with your patients and motivate them to take action.
5. Psychographic Segmentation
When you use psychographic segmentation, you are able to hyper-target your messaging to reach patients in the best way for them. Some people prefer to get messages about collections over email. Others would rather get a phone call. Still, others like traditional paper mail. When you know the best channel to reach a healthcare consumer, the more likely they are to make their patient responsibility payments.
Psychographic segmentation doesn’t stop there, though. It also helps you know how to write your message and what keywords or phrases will resonate with a particular consumer. This method is based on a patient’s primary motivators, lifestyle, values, and attitudes, and with PatientBond you can easily classify your patients into one of five segments. Then, PatientBond’s platform will automatically generate messaging that appeals to each of the five segments. This drastically reduces your staff’s follow-up time and can decrease your revenue cycle, too.
PatientBond uses psychographic segmentation in our automated payment reminders. The segment-specific messaging makes sure that the reminder doesn’t get lost on a desk or in an inbox and encourages the healthcare consumer to take action. Our customers have seen a 20:1 return on investment and a 4x increase in daily collections of outstanding balances.
Improve the revenue cycle for your urgent care center by investing in revenue cycle management tools to help you automate the patient payment process. Not only will you ease the pressure on your staff, but you’ll also give your patients a better, personalized experience.
For more on how digital engagement and psychographic segmentation can decrease your urgent care center’s revenue cycle, download our case study.