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Automated patient financing

Patient Access Weekly Advisor, December 26, 2007

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Customer service is now a major concern for all providers. With so many options for customers, competition is peaking. Providers who rely more on their names and reputations-and less on serving the individual customer-may be sorry they didn't adjust sooner.

This consumer-friendly shift is apparent throughout the revenue cycle, from the first introduction in patient access to account management.

With customer service in mind, PFS managers should ask themselves, "Should my healthcare facility implement an automated patient financing program or outsource this function to a vendor?"

The knowledge you'll need to achieve this on the back end is overwhelming, ranging from consumer finance laws to credit reporting to system requirements.

But the good news is that you can develop a plan that is designed to meet the specific goals of your management team and the needs of your patients without building the system in-house. And you can disseminate this information initially through patient access to shed your organization in a compassionate light.

Instead of acting as a bank and loan servicer, most hospitals are turning to experts in automated patient financing. With the right partner, you'll improve cash flow and reduce administrative costs related to billing and collections. You will also improve patient relations by being able to provide loans to patients that you'd otherwise send to collections-provided, of course, that the vendor uses a patient-centered approach and adheres to compassionate collection practices.

Patients might be reluctant to use your organization for care if they believe you will be too aggressive and unfair in collecting the bill. But you can assure them up front, before the service is delivered, that the bill-collection efforts will be acceptable and that financing will be valuable to them, should they desire it.

Provided by Mitch Patridge

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