Patient engagement and education are harder than ever — and yet are necessary to keeping cash flow at hospitals and doctor’s offices. Studies have shown that pre-service — setting expectations before a patient arrives — improves hospital receivables.
The Revenue Cycle begins at patient access. The more educated the patient, the better the financial performance. Most community hospitals don’t have the staffing or process in place to counsel patients on what is required of them financially. Patients tend to show up without any idea of their out-of-pocket responsibility.
Professional Recovery Consultants, a Durham-based Revenue Cycle company, realized the need for true patient engagement and education and is offering a new pre-service solution to help.
Our solution is simple: educate and counsel the patient as soon as the procedure has been scheduled — long before he or she arrives at the hospital. This education begins with our staff of highly experienced counselors, who will reach out to patients and go through a list of each hospital’s expectations. The education could include everything: where to park, a location map, and hospital financial policies. Our staff will then review the patient estimated amount and counsel patients on each hospital’s internal payment policies. We can discuss prompt pay discounts, minimum monthly payments, and the length of payments.
PRC believes strongly that a better-educated patient will increase upfront cash, provide less stress for each patient, established well-defined payment terms, and, inevitably, will decrease bad debt. Professional Recovery Consultants can make a difference in your hospitals financial well being.
Please contact Tony Mary, VP of Sales, to hear more about our Pre-Service module.