How do you help healthcare organizations navigate the biggest challenges in healthcare?
To remain competitive and financially strong amid current healthcare dynamics, revenue cycle leaders must ensure high patient satisfaction while maximizing self-pay and balance-after-insurance recoveries. Because these goals are equally important, organizations must work to achieve them simultaneously. State Collection Service is able to create a positive patient experience while improving recovery rates by using a combination of thorough training, dedicated team members and technology that includes real-time speech analytics and call recording for 100% of calls. We also offer patients convenient, self-service payment options.
What advice would you offer to healthcare leaders when choosing among vendors?
Providers should judge potential partners based on their ability to ensure patient satisfaction and maximize recoveries while offering exceptional customer service. You should select a partner that truly understands the healthcare revenue cycle, serves similar clients and has a proven track record of success. Your partner also should be able to provide detailed reporting and analytics that give insight into your patients’ payment trends and patterns.
Additionally, since this is a contingency fee-based service, it is important to focus on the net back recoveries and not just the price. A lower contingency rate often results in less resources focused on serving your patients, which can lead to lower net recoveries and decreased patient satisfaction. By focusing on net back recovery and patient experience metrics and choosing an organization that can demonstrate top performance in these areas, you can invest appropriately to maximize your returns.
What is some advice you can give providers for a successful implementation of a new product or service?
During implementation, it is critical that providers designate IT resources that will provide deliverables in a timely manner and a key contact who serves as a primary resource for questions and escalation if needed.
- Number of years on the Short List: 9 years
- 100% of survey respondents would recommend State to a colleague.
State improves the financial picture for healthcare providers by delivering increased financial results while ensuring a positive patient experience. Rooted in a tradition of ethics, integrity and innovation since 1949, State uses data analytics to drive performance and speech analytics with ongoing training to ensure patient satisfaction. A family-owned company now in its third generation of leadership, State assists healthcare organizations with services spanning the complete revenue cycle, including pre-service financial clearance, early-out self-pay resolution, insurance follow-up and bad debt collection. To learn more, visit www.statecollectionservice.com.
To learn more about HFMA’s Peer Review program, visit hfma.org/peerreview