Course | Intermediate | Self-Payment Collection
In this course we will address patient balance billing after insurance; contract issues and limitations; and required processing differences between bad debt and financial assistance care (such as charity). Appropriate notations are include...
Article | Self-Payment Collection

Professional Credit: Engaging Patients in Their Financial Journeys

Sponsored by Proffesional Credit
Proffesional Credit
Article | Self-Payment Collection

Professional Credit: Engaging Patients in Their Financial Journeys

How do you help healthcare organizations navigate the biggest challenges in healthcare?

Professional Credit helps healthcare clients effectively and positively engage patients throughout the financial portions of their healthcare journeys. We provide full transparency into all patient interactions through a secure portal, and by giving clients access to recordings of any patient contact. In addition, we keep our clients apprised of industry changes, best practices and share insights from our in-house behavioral scientist. 

We also offer patients multiple ways to access account information, set up payment plans or get details about their providers’ charges through our mobile app, patient portal, interactive voice response (IVR) system and help desk. Patients can also communicate with us based on their preferences, including email, text or live chat sessions. Whether interactions occur through the mobile app or directly with our knowledgeable staff, our use of data and behavioral science enables effective and positive collaboration to help patients solve their financial challenges.

What advice would you offer to healthcare leaders when choosing among vendors?

Look for the following characteristics:

  • True visibility into all patient communications. Health system leaders need to know how their patients are being treated and their brand is being represented. This means real-time access to data on patient interactions, and the ability to access transcripts or call recordings.
  • Strict security standard compliance. The Professional Practice Management System® (PPMS) certification from ACA International is the industry’s gold standard for quality and compliance; however, very few collection agencies have achieved this. Also, any qualified agency must have regular SSAE 18 SOC I Type II audits, maintain PCI compliance, and meet ISO/IEC 27002 and NIST standards to ensure that health system and patient data is protected.
  • Referrals from satisfied clients. Specific references from organizations of similar size, structure and philosophy are a must. Do these references illustrate that the potential collections partner can serve a multi-facility, multi-state health system or an independent clinic?
  • Can act as a guide for the future. Healthcare organizations need a strategic ally that can advise them as inevitable industry and regulatory changes occur. This partner should be able to adapt to changing patient communication preferences; be focused on process improvement, employing an active Lean program; and incorporate the latest technology and behavioral science methodologies when engaging patients.

What is some advice you can give providers for a successful implementation of a new product or service?

Move forward with the knowledge that changes will occur and adjustments will be necessary. Plan-Do-Study-Act (PDSA) is a model geared towards implementing process improvements quickly but with safeguards to prevent major setbacks. Plan the way implementation should work and set up metrics. Do or execute the process as a prototype or pilot in a limited area. Study or evaluate the results and adjust the approach. Act or execute on an increasingly wider scale.

Quick facts

Number of years on the Short List:  Four years

100% of Professional Credits’ clients and prospects agree or strongly agree that its services are easy to use and have value.

About Professional Credit

Professional Credit makes the lives of providers and patients easier by incorporating innovative tools, behavioral science and analytics to improve financial engagement and resolve financial obligations. With more than 85 years of experience, Professional Credit is an industry leader in accounts receivable management, offering collection services that yield higher than expected results while treating patients with the utmost respect. As part of the  Hawes Group of companies, and its affiliation with KG Hawes, a consumer engagement technology partner, Professional Credit is able to offer a wide range of patient financial services and technology.


Related Articles | Self-Payment Collection

Trendsetter | Self-Payment Collection

Offering long-term payment plans to meet the financial needs of patients

A forward-thinking bank talks about its accessible patient finance program, which gives patients a way to afford care while ensuring timely payment for healthcare organizations.

Article | Payment Trends

Rethinking patient payments and providing a consumer-friendly experience

An innovative healthcare technology company talks about how its technology-fueled billing and payment platform enables a compassionate patient financial experience while efficiently driving revenue into a healthcare organization.

Article | Revenue Cycle

Virtual Revenue Cycle Conference April 30 will help healthcare finance professionals manage operational stability during the COVID-19 pandemic

Healthcare finance professionals can learn to continue to support their health system’s financial viability and ensure use of consumer-centric strategies during the COVID-19 pandemic at HFMA's Virtual Conference April 30.

Business Profile | Self-Payment Collection

Eliminating cost as a barrier to healthcare

An innovative financial services company talks about how it addresses patient payment pain points, offering patients interest-free payment arrangements without any fees and helping healthcare organizations improve self-pay collections without increasing domestic spend.