Results can be astounding: decreasing AR days by 30%, increasing POS collections by 600%, all while increasing patient satisfaction scores.
(PRWEB) March 28, 2013
Beaverton, Oregon: Revenue360® hospital clients are experiencing significant benefits including true healthcare pricing transparency, increased point-of-service payments, decreased accounts receivable (A/R) days, and increased patient satisfaction. To communicate these validated benefits, Revenue360®’s has commissioned a five minute video case study describing the problem, the solution and the benefits experienced at a sample hospital. In addition to the video, Revenue360® has published a white paper supplying more detail concerning how the solution works and the benefits (financial and otherwise) that it delivers.
There has been significant coverage in the news lately regarding the lack of pricing transparency in the US healthcare system. Revenue360®’s Pricing Estimation module captures historical pricing for each procedure, by insurance plan, and aggregates this data with hospital charges and the patient’s payment information (co-pay, deductible and coinsurance) to calculate reliable pricing for patients before they are admitted for services. This enables an informed conversation with the patient to prepare them for their payment responsibility. The result surpasses “transparency” into generic hospital pricing lists which often are wildly different from the price paid by an individual patient.
Eligibility Verification works by initiating a real-time eligibility request at the earliest point in the registration process. It then returns insurance eligibility and benefit information customized to the individual hospital’s business rules - only the information desired is presented. Verifying this information at the point of service enables admittance staff to collect co-pays and deductibles immediately. Hospitals integrating Revenue360®’s application platform, with the Eligibility Verification and Pricing Estimation software modules, and some straightforward hospital policy and procedural changes, are achieving 600% and more increases in Point-of-Service collections, and decreases in A/R days down to absolute minimums.
Revenue360®’s hospital clients have experienced significant benefits including true healthcare pricing transparency, increased point-of-service payments, decreased accounts receivable (A/R) days, and increased patient satisfaction. The outcomes from the patients’ perspective include an increased satisfaction with the entire experience. They are happier knowing what the procedure is going to cost them out of pocket and their expectation is set before they arrive for services.
From the employee perspective, their day to day experiences interacting with patients are much more pleasant. They feel empowered by the tools and process controls, and confident in the efficacy of the data. They feel that, even while they’re collecting much more in payments from patients, they are delivering a level of service that was not possible before the deployment of the Revenue360® platform. From the hospital management perspective, revenue losses have been greatly decreased and productivity in Patient Access has been significantly increased. Collection costs and bad debt write-offs have been minimized. A path to a financially secure future for the hospital has been revealed.
Revenue360® helps hospitals GET PAID FASTER!
By integrating public data into the healthcare provider’s workflow, Revenue360 leads staff to higher point-of-service collections and prevents common errors, resulting in cleaner claims. Providing customized guidance based on the user’s business rules, Revenue360 simplifies complex processes including insurance coding, eligibility verification, address and demographic validation, medical necessity, pricing estimation, payment assessment, e-cashiering, and Medicaid and charity assessment. Revenue360 reduces rework, increases and accelerates total revenue, and improves customer satisfaction through better patient communication.
Learn more at: http://www.Revenue360.net
Provider Advantage and Revenue360® are trademarks of Provider Advantage NW, Inc.
© 2013 Provider Advantage, Inc.
All Rights Reserved