Waltham, MA (PRWEB) March 06, 2014
Connance, Inc. (http://www.connance.com), a leading provider of innovative, predictive analytic-based programs that improve financial performance of healthcare enterprises, today announced the expansion of its patient-pay solution including new predictive analytics, expanded platform reporting and additional consumer engagement functionality. Since 2008, Connance's predictive analytics, workflow and vendor management technology combined with specialized advisory services have enabled healthcare providers to realize step-change improvement in cash, cost, employee productivity and patient experience. Providers are realizing cash collection improvement of 10% to 30% and lowering their cost to collect by up to 25%. With these newest enhancements, providers will be able to more quickly identify opportunities, further sharpen their segmentation and engagement strategies and realize additional financial benefits.
“We are entering a new era in the relationship between providers and consumers, one where consumers are responsible for a sizable share in the funding of their care and where health systems must manage patient relationships and collection teams more efficiently and strategically,” said Steve Levin, CEO of Connance. “Connance’s predictive analytics and technology allow any provider to become expert in engaging patients on their financial responsibility and building a virtuous relationship with them. With their existing systems and resources, any provider can realize breakthroughs in collections, cost reductions and patient loyalty.”
Connance’s expanded capabilities include:
The opening of health exchanges and enrollment of millions of new consumers means healthcare providers are experiencing an unprecedented escalation in patient-pay revenue. Bronze and silver plans on the exchanges, predicted to be the most commonly selected by new enrollees, are designed such that consumer out-of-pocket amounts equal 40% and 30% of their annual expected healthcare spending respectively. According to AHIP, there are already more than 15 million people covered by high deductible plans through their employers. A McKinsey study of projected hospital bad debt in 2018 indicates that patient-pay revenue due from insured patients will compose 35% of bad debt, up from 15% in 2010. Patient receivables are the most expensive to work, with the cost to collect being two to three times that of other healthcare revenue, and take the longest time to resolve. With budgets under pressure, health systems are in critical need of solutions that help them efficiently and cost-effectively manage this rise in patient-pay revenue.
About Connance, Inc.
Connance brings world-class predictive analytics and insights from hundreds of clinical settings to transform the performance of financial processes at hospitals, physician groups and outsourcing organizations. Connance solutions sustainably increase cash flow, reduce operating costs and improve policy compliance in self-pay, denial management, charity, and outsourcing processes. With clients like Centura Health, Florida Hospital, and Geisinger Health System, Connance is changing the expectations of financial executives. Connance is headquartered in Waltham, Mass. For more information visit http://www.connance.com or call (781) 577-5000.