Micro-segmentation of patient accounts and machine learning equip healthcare providers to shift to an ROI-focused approach to patient collections -- while maintaining empathy improving patient engagement.
Wonder how Sift impacts healthcare? Watch Sift Healthcare's Founder and CEO, Justin Nicols talk with StartUp Health's Logan Plaster about the impact of Sift's AI and analytics on healthcare payments.
In late 2019, Sift Healthcare and State Collection joined forces to test AI in the revenue cycle. Together, we conducted a rigorous 120-day live, scientific test (with a control group) for Wake Forest Baptist Health, to determine if machine learning impacted patient financial engagement outcomes. The results were impressive — a 6.5% increase in patient collections.
While triage around COVID-19 continues, patient bills are going to pile up, cash on hand is going to dwindle and a more significant number of patients will struggle to pay their medical bills. Now is the time to be strategic and truly commit to being a flexible payment partner for patients. The starting point? Data analytics. Which easily dovetails into machine learning, both providing a powerful advantage for patient collections.
Providers of all sizes, as well as RCMs, will be challenged in 2020 to drive better results in patient collections. Here are six ways to maximize patient payments. They might require some data science, but Sift makes that accessible.
We're at a tipping point where healthcare providers will *have* to implement automation and AI into the revenue cycle. Not only to recover more dollars but also to keep up with the growing (& massive) administrative burden that is persistent in healthcare payments.
Improving the revenue cycle means minimizing costs and increasing collections, from both patients and payers. Even on a small scale, artificial intelligence has a meaningful impact on healthcare payments and operations.
When healthcare providers leverage their patient payments data to drive their collections strategies, they create new and powerful opportunities to increase the revenue they collect, building patient relationships and using payments data to inform business operations. Here are four new and intelligent ways that healthcare providers are using their patient payments data to be more strategic and to drive better payment outcomes. Here are four innovative ways that healthcare providers are leveraging their patient payments data
Unpaid patient medical bills are a growing problem for community hospitals and a downright crippling problem for rural hospitals. These healthcare providers can’t afford not to optimize their revenue cycle, improve their understanding of patient payment behavior and implement collection strategies based on their unique patient populations.
Patient payments are often difficult for healthcare providers. Even more so when the expense is unexpected, as in surprise billing. Surprise bills (or balance billing) increase the odds of underpayment or no payment for provider services. Surprise bills are a problem for the patients who unexpectedly get hit with new expenses as well as the providers who are trying to collect earned revenue.
Healthcare providers must understand federal regulations that apply to payments from self pay-patients, specifically the Fair Debt Collection Practices Act (FDCPA). Litigation around FDCPA is increasing and with surprise medical billing in the crosshairs, healthcare providers and revenue cycle managers need to minimize their risk.
Consumer debt on credit reports is not an indicator of a patient's (or rather, consumer’s) ability or willingness to pay their healthcare bills. Most propensity to pay models rely on credit scores. Healthcare providers need to know how their payments perform — taking into account the uniqueness of their facilities, providers, specialties and regions.
As the volume of patient payments increases, many healthcare providers unknowingly violate regulation around patient targeting (like ECOA). Developing a collections strategy that maximizes patient payments and maintains compliance is critical for healthcare providers of all sizes.