Rising co-pays and high deductibles are making patients responsible for a larger portion of each providers' revenue stream. The collection of these self-pay balances is a priority for providers looking to reduce A/R days and increase cash flow. Solutions such as pre-service financial clearance and online bill pay become vital to streamlining the collection process.
Information about patient insurance eligibility, coverage and co-pays often changes. To minimize bad debt and reduce A/R, providers need access to timely and accurate information before and during the care delivery and billing process. Inefficiencies in the patient financial discussion can result in escalating costs, lost revenue, and dissatisfaction among patients and healthcare providers.
Leading hospitals now have patient access staff conduct financial counseling with patients at registration to improve cash flow, but few providers have adequate technology to automate the estimation of charges, collect at the point of service, or provide online bill pay.
RelayHealth hospital revenue cycle management solutions can help providers increase revenue and decrease billing costs by automating the checking of patient insurance eligibility, coverage and co-pays throughout the revenue-cycle process. In addition, our solutions help estimate charges upfront, validate patient identity, provide charity screening, assist in collecting at the point of service or 24/7 via online bill pay— all of which optimize reimbursement and reduce collection costs.
Using the right side navigation, explore our HIE and revenue cycle management solutions and resources, or contact us if you have additional questions.