From the January/February 2016 issue of HealthCare Business News magazine
HCB News: What do you mean?
JT: Look at it this way: If a hospital financial advisor had the means to sit down and work out a plan with every patient that needed it, they would end up with very satisfied patients. While it isn’t possible to personally consult with each patient, hospitals do have financial data, analytics, and technology available today that enable them to be much smarter about identifying the patient financial need and initiating acceptable payment offers. This avoids the embarrassment or lack of education involved in asking for a “deal," and gives patients confidence that they can pay for their medical services when visiting that hospital or physician in the future.
HCB News: How would such a system work? What changes would need to be made to existing billing and information systems at the hospital?
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JT: First, let’s assume that changing the existing information systems is a non-starter. Hospitals have invested too much to modify their system. The steps have to be available and easily deployable. Key functions are: (1) Use historical and financial data to determine a patient’s ability to pay their balance, (2) for those that will most likely need help, on their first statement, offer them a monthly payment arrangement they should be able to afford (3) provide a convenient way — online, mobile, and paper — for patients to activate and manage their plans to prevent default. And, for each new service they receive, recognize that they are already enrolled in a plan and automatically roll-up the new balance.
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