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Transformation toward value-based healthcare is reshaping the delivery of care, patient expectations, and payment structures.
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It's official. We're living in a smartphone nation. Half of all mobile phones today are smartphones, according to a March Nielsen report, and that percentage is on a steady rise. Now that more consumers are armed with the computing power of these smart mobile devices, they're embracing the conveniences and connectivity in droves. And we're not just talking about mobile Web browsing. Today's smartphone users are increasingly interested in mobile Web purchases and payments and in managing their billing statements on the go.
This reality begs the question: How "smart" is your website and, in particular, your patient payment portal?
Mobile Internet traffic increased by 102 percent in 4th quarter 2011 compared to the same time period in 2010, according to a January Walker Sands Mobile Traffic Report. Considering this rapid growth, it is imperative that you optimize your website for mobile viewing and navigation to provide the best user experience. The urgency increases when you factor in the growing number of consumers adopting mobile bill payment. From 2011 to 2012, 33 percent more online consumers opted to pay statements by mobile device, according to Highlights from Fiserv's 2012 Billing Household Survey. Of tablet computer owners who've visited billers' sites on their devices, 61 percent have done so to pay bills. When a patient payment portal is not optimized for mobile traffic, collections opportunities are undoubtedly missed, and many patients are likely left dissatisfied by the lack of the option.
If you're aiming to capture the majority of your patient population, the data supports that your best bet is to invest in a mobile-optimized website versus a stand-alone mobile app.
The 2012 Fiserv survey reveals that more consumers access biller sites and payment portals via mobile Web browsers than by mobile apps. Because all smartphones have native Web browsers, consumers (aka, your patients) can quickly access a website, login online, and proceed to payment without having to bother with the added measure of downloading an app. This approach is also advantageous as a mobile-optimized website will look and function well on both smartphones and tablet devices, while a stand-alone app must be configured differently for various screen sizes.
So you're convinced. It's time to transform your patient payment solutions to be mobile-ready and patient friendly. How do you make that happen?
Ideally, your website should run with mobile detection, meaning the site automatically detects the type of computer accessing it and loads the appropriate version accordingly. The mobile version of your site should be lean and clean, visually configured to fit mobile screens with simplified navigation and right-sized buttons to accommodate the users' fingers and thumbs that will do all the work. Here are some examples of mobile website screens.
In addition, here are four more key points to bear in mind.
User friendly = patient friendly. Make certain every button and point of navigation provides an expected outcome for users. Keep all aspects of the site simple, clean, and intuitive; this will help to minimize user hesitation or abandonment of transactions.
Invite users to "pay now." Create a clear path to payment with your mobile site. Make it very simple to see key information, such as amount due and pay-by dates. Likewise, make the pay button prominent and easy to access to encourage quick response.
Prioritize security. Build your site with layered security. Require password confirmations and authentications when accounts are accessed from unrecognized devices. Consider verifying your site's security by a trusted third party.
Seal the e-deal. A patient who's ready for mobile bill payments may also be open to adopting paperless billing. In the 2012 Fiserv survey, nearly half of respondents stated that they would be more likely to convert to electronic statements because of the ability to access a biller's site on their tablet computers. Forty-four percent in the same study reported that paperless billing improved their relationship with the entity. Suffice it to say, it's wise to incorporate the invitation to go paperless into your patient-billing communications.
By investing in your mobile website, you could ultimately cultivate more prompt payments from patients who will pay by mobile device, and you could save on expenses by reducing the number of people who require printed, mailed statements. Going mobile is the smart decision for our smartphone nation.
Looking for a mobile optimized patient billing portal that can help your organization automate the collection of patient receivables for patients on the go? Take a closer look at Emdeon Patient Pay Online or call us at 877.EMDEON.6 (877.363.3666) for more information.
Publication Date: Monday, September 17, 2012
TriMedx helps health systems control costs and uncover savings opportunities by optimizing the clinical engineering function.
Patient financial engagement is more challenging than ever – and more critical. With patient responsibility as a percentage of revenue on the rise, providers have seen their billing-related costs and accounts receivable levels increase. If increasing collection yield and reducing costs are a priority for your organization, the metrics outlined in this presentation will provide the framework you need to understand what’s working and what’s not, in order to guide your overall patient financial engagement initiatives and optimize results.
A leader from McKesson discusses how healthcare reform is forcing hospitals and health systems to take a different approach to capacity management and patient flow.
No two patients are the same. Each has a very personal healthcare experience, and each has distinct financial needs and preferences that have an impact on how, when and if they chose to pay their healthcare bill. It’s no longer effective to apply static billing techniques to solve the complex challenge of collecting balances from patients. The need to tailor financial conversations and payment options to individual needs and preferences is critical. This presentation provides 10 recommendations that will not only help you improve payment performance through a more tailored approach, but take control of rising collection costs.
Emad Rizk, MD, president and CEO of Accretive Health, discusses the uncertainty facing hospitals and the transitions affecting revenue cycle management.
This white paper, written by Apex Vice President of Solutions and Services, Carrie Romandine, discusses the importance of patient segmentation and messaging specifically related to the patient revenue cycle. Applying strategic messaging that is tailored to each patient type will not only better educate consumers on payment options specific to their billing needs, but it will maximize the amount collected before sending to collections. Further, targeted messaging should be applied across all points of patient interaction (i.e. point of service, customer service, patient statements) and analyzed regularly for maximized results.
Jim Bohnsack, vice president, solution & corporate development for Conifer Health Solutions, explains how the company helps healthcare providers leverage data to deliver better outcomes while optimizing reimbursement for all payment arrangements.
This white paper, written by Apex President Patrick Maurer, discusses methods to increase patient adoption of online payments. Providers are now seeking ways to incrementally collect more payments due from patients as well as speeding up the rate of collections. This white paper shows why patient-centric approaches to online payment portals are important complements to traditional provider-centric approaches.
Steve Scibetta, senior director of channel sales for Ontario Systems' healthcare product line, shares insights into effectively managing receivables.
Increased electronic engagement between healthcare providers and patients provides significant opportunities for improving revenue cycle metrics and encouraging patients to access EHRs. This article, written by Apex Founder and CEO Brian Kueppers, explores a number of strategies to create synergy between patient billing, online payment portals and electronic health record (EHR) software to realize a high ROI in speed to payment, patient satisfaction and portal adoption for meaningful use.
Elena White, vice president of risk, quality, and network solutions for Optum, discusses how healthcare providers can leverage data and technology as they enable risk in their organization.
Faced with a rising tide of bad debt, a large Southeastern healthcare system was seeing a sharp decline in net patient revenues. The need to improve collections was dire. By integrating critical tools and processes, the health system was able to increase online payments and improve its financial position. Taking a holistic approach increased overall collection yield by 10% while costs came down because the number of statements sent to patients fell by 10%, which equated to a $1.3M annualized improvement in patient cash over a six-month period. This case study explains how.
Somnia President and CEO Marc Koch, MD, MBA, explains how hospitals can drive transformative change in the perioperative experience for outstanding clinical and financial outcomes.
With the ICD10 deadline quickly approaching and daily responsibilities not slowing down, final preparations for October 1 require strategic prioritization and laser focus.
PMMC President Roger L. Shaul discusses the effects of healthcare reform on revenue cycle management and how PMMC's products help clients adapt to a changing financial environment.
Read how Gwinnett Medical Center provides clear connections to financial information, offers multiple payment options for patients, and gives onsite staff the ability to collect payments at multiple points throughout the care process.
Greg Burgess, Founder and Chief Product Officer at Burgess Group shares insights and opportunities for payment integrity in the rapidly changing healthcare IT landscape.
Read how Orlando Health was able to perform deeper dives into claims data to help the health system see claim rejections more quickly–even on the front end–and reduce A/R days.
To maintain fiscal fitness and boost patient satisfaction and loyalty, healthcare providers need visibility into when and how much they will be paid–by whom–and the ability to better navigate obstacles to payment. They need payment clarity. This whitepaper illuminates this concept that is winning fans at forward-thinking hospitals.
Financial services staff are always looking for ways to improve the verification, billing and collections processes, and Munson Healthcare is no different. Read about how they streamlined the billing process to produce cleaner bills on the front end and helped financial services staff collect more than $1 million in additional upfront annual revenue in one year.
Effective revenue cycle management can be a challenge for any hospital, but for smaller providers it is even tougher. Read how Wallace Thomson identified unreimbursed procedures, streamlined claims management, and improved its ability to determine charity eligibility.
Before launching an energy-efficiency initiative, it’s important to build a solid business case and understand the funding options and potential incentives that are available. Healthcare leaders should consider taking the steps outlined in the whitepaper to ease the process of gaining approval, piloting, implementing, and supporting sustainability projects. You will find that investing in sustainability and energy efficiency helps hospitals add cash to their bottom line. Discover how hospitals and health systems have various options for funding energy-efficient and renewable-energy initiatives, depending on their current financial structure and strategy.
Health care is a dynamic mergers and acquisitions market with numerous hospitals and health systems contemplating or pursuing formal arrangements with other entities. These relationships often pose a strategic benefit, such as enhancing competencies across the continuum, facilitating economies of scale, or giving the participants a competitive advantage in a crowded market. Underpinning any profitable acquisition is a robust capital planning strategy that ensures an organization reserves sufficient funds and efficiently onboards partners that advance the enterprise mission and values.
The success of healthcare mergers, acquisitions, and other affiliations is predicated in part on available capital, and the need for and sources of funding are considerations present throughout the partnering process, from choosing a partner to evaluating an arrangement’s capital needs to selecting an integration model to finding the right money source to finance the deal. This whitepaper offers several strategies that health system leaders have used to assess and manage capital needs for their growing networks.
Copyright 2016, Healthcare Financial Management Association.
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