The Next Generation of Patient Financial Engagement: An Innovative Approach to Provider Revenue and Patient Affordability
The health care industry is complex and can be extra complicated when it comes to billing. Medical providers often face challenges collecting payments, while patients may struggle to afford paying for their needed care.
Optimizing operations, improving patient care, and bolstering revenue streams have never been more crucial to succeeding in this challenging health care landscape.
For patients, medical bills can be confusing and overwhelming, and many individuals find themselves in financial hardship due to unexpected health-related costs.
Improving Provider Revenue
Post-insurance payment collection is a common issue for many medical providers, as patients may delay or avoid payments because of financial hardship or confusion about their bills.
To help bridge the gap between clinicians and patients, AblePay works with medical providers by assuming all payment risk and expediting patient payments on behalf of their members. With AblePay, medical providers receive reimbursements in 14 business days with no risk. This guaranteed income stream significantly enhances revenue predictability and stability for health care providers.
AblePay has completed several case studies with larger health care systems like St. Luke’s University Health System and Lehigh Valley Health Network in Pennsylvania where patient payment behavior positively changed through a 47%+ increase in collection rate compared to historical collection rates. In addition, a case study with Ephraim McDowell Health in Kentucky (rural health system with critical access hospitals) demonstrated a 106% increase in the patient historical collection rate.
Addressing the Health Care Affordability Crisis
The United States continues to face an ongoing health care affordability crisis. Medical bills can be crippling to individuals and households, and many people are forced to make difficult choices between their health and their finances.
AblePay’s vision as a transforming force to reduce the financial burden of health care by working closely with medical providers to streamline billing processes and facilitate a more efficient and affordable process to collect patient payments. These collaborative efforts can help improve the financial stability of hospitals, health systems, and medical practices while providing patients with savings and flexible payment options for medical expenses.
Enhancing Patient Trust and Retention
When patients understand and appreciate the efforts made on their behalf to reduce financial stresses, they are more likely to remain loyal to their health care providers, according to market research. The increased trust fostered between patients and medical providers through AblePay is invaluable in retaining satisfied patients.
In fact, AblePay boasts a 64% increase in patient satisfaction using their program versus legacy billing practices while garnishing a 69 net Promoter Score (NPS), nearly double the rating for the health care industry. Trust and improved patient retention and longevity with a provider bolsters long-term revenue streams.
Assisting and Educating Patients Regarding Health Care Costs
AblePay's advocacy and education efforts help patients understand their health care costs, insurance coverage, and available payment options. The program continues beyond financial assistance; patients are provided valuable information and resources to help navigate the health care billing system - ultimately saving time, effort and money.
Reducing Administrative Costs for Providers
Medical offices spend significant time and financial resources on the administrative tasks of billing and collecting on unpaid or partially paid invoices. AblePay alleviates this administrative burden by eliminating the collection costs and assuming the payment risk for providers. Working directly with a provider's billing department on behalf of their members, AblePay streamlines the process and allows for enhanced staff utilization.
Conclusion
In a world where health care costs and accessibility remain significant and real concerns for both health care consumers and medical providers, AblePay plays a pivotal role in creating more harmonious relationships. Empowering patients, educating consumers about health care costs, and assisting medical providers in streamlining their financial processes is transforming the health care landscape.
By bridging the gap between medical providers and patients, AblePay improves patient experience and increases efficiency of the health care system. In an industry where trust, transparency, and affordability are paramount, AblePay's innovative approach is a significant step forward.
Please contact John Rankin (SVP, Provider Networks) at john.rankin@ablepayhealth.com or (214) 213-8162 to learn how they can help both you and your patients or visit them online at https://ablepayhealth.com.
