Articles

Post-Service Collections Done Right: Elevating the Patient Financial Experience

Oct 10, 2024

Patients are faced with many financial barriers in paying for healthcare. Recently, inflation has added further pressure to patient finances and made it more challenging for patients to pay their medical bills, which has resulted in soaring medical debt.

Recent research from Debt.com shows that a third of U.S. adults carry medical, more than half of which has gone into collections. A side effect of this skyrocketing medical debt is its impact on a patient’s propensity to put off care. Surveys indicate that 52% of patients have put off medical care due to their debt. When patients put off care, outcomes can deteriorate, as can revenue for providers participating in value-based care models.

17% of individuals with medical debt say that debt has caused them to declare bankruptcy or lose their homes.

The most effective way to improve collections while elevating the patient experience is to make it easier for patients to pay. There are many post-service opportunities to remove financial barriers so patients can afford to get the care they need when they need it.

Post-service Opportunities

Better Billing Statements

Making it easier for patients to pay begins with effective billing statements. When statements are challenging to understand, they’re less likely to be paid. First, the service(s) the bill is related to should be easy to find and understand, not just codes or medical abbreviations. In addition, patients shouldn’t have to search for the total amount due; it should be clearly visible and in bold font. 

Payment Options

Another post-service opportunity to improve collections and the patient experience is to offer multiple payment options so patients can choose the method that is most convenient for them. Digital options such as online payment portals and mobile apps have become increasingly popular, with surveys indicating that 75% of consumers prefer to pay their bills online. In addition to these digital and online options, providers must still offer traditional payment methods, such as through the mail and over the phone, for patients who aren’t comfortable with newer forms of payment. 

Customized Payment Plans

In addition to effective statements and multiple payment options, providers should consider offering customized payment plans based on a patient’s unique financial situation. When providers offer flexible payment plans, they start getting paid earlier in the revenue cycle. This is much more viable than sending statement after statement, then turning the account over to an agency and collecting only pennies on the dollar.

When offering payment plans, providers should consider allowing patients to add future balances and balances for other family members to their plans. Having a single monthly payment is much more manageable than having to manage multiple bills for multiple family members.

[CALLOUT] 75% of providers surveyed say they have to send more than one statement before collecting from patients.

Access to Compassionate Patient Advocates

Advocacy plays a vital role in helping patients navigate the often-complicated financial aspects of healthcare. Patient advocates can ease the financial burden by connecting patients with assistance programs, insurance reimbursements, or alternative funding sources. Going the extra mile—by not only identifying these resources but also helping patients through the application process—ensures that more people receive the care they need without delays or financial stress. This level of support builds trust and deepens the patient-provider relationship, improving the overall patient financial experience and leading to smoother payment resolutions.

Next Steps

Patients today are facing significant financial pressures, making it difficult for providers to collect payments. The strategies discussed can enhance the patient experience in post-service interactions, helping ensure that patients can afford the care they require. By adopting these approaches, providers simplify the payment process and foster patient satisfaction, loyalty, and well-being. For those providers who may not have the time or resources to implement these changes, Revenue Enterprises offers valuable support.

At Revenue Enterprises, our experts deliver proven patient access and accounts receivable solutions to healthcare organizations nationwide. We immerse ourselves in our clients’ healthcare missions and uphold their culture of care through every stage of the revenue cycle. We operate on the principles of integrity, passion, and respect. Embodying these three simple words helps us set the standard in patient access and accounts receivable management services and deliver the best in outstanding patient experiences and results. They’re not just our founding values; they’re the foundation of our approach and our clients’ success.

Karie Bostwick

VP of People and Compliance

As VP of People and Compliance at Revenue Enterprises, Karie Bostwick oversees People functions including recruiting, training, onboarding, engagement and satisfaction. Additionally, she is responsible for compliance training, oversight and monitoring.

Karie has a long history of working in the revenue cycle support industry. Her skills span leadership, operations start up, policies and procedures development, operations workflow, budgeting and client management.

She is passionate about the experience of our people, patients and the Healthcare clients we serve and believes that a team of diverse, talented and motivated individuals working together toward a common goal can make a difference.

Robert Sterett

VP of Information Technology

As a transformational leader Robert Sterrett has leveraged his 20 years of experience to build effective service lines and exceptional teams. In his role as VP of Information Technology at Revenue Enterprises, Robert excels at taking a unique, balanced, and strategic approach to technology leadership with people first for the best possible outcome. Using his experience from engineering, project management and service line management he takes a multi-faceted approach to ensure the right people are in the correct position coupled with the best technology to meet or exceed all expectations from security to compliance and business continuity.

Robert’s leadership style lends itself to building long term relationships and has consistently been a relied upon strength in many organizations. Over Robert’s time as an IT operational and project leader, he has spent significant time in both hands-on technology facing roles and client centric management roles to bring the best solutions that strive to meet the business and client needs.

Focusing heavily on his personal development skills and opportunities, Robert continues to foster coaching and mentorship relationships everywhere in his life, and the lives around him.

Douglas Dunbar

VP of Sales & Marketing

As VP of Sales and Marketing for Revenue Enterprises, Douglas Dunbar leads with a passion for building strategic partnerships, nurturing relationships, and upholding customer service excellence. In his role, Doug focuses on marketing and brand strategy, sales team leadership, and working closely with members of the management team to best serve company goals.

Doug has over 28 years of National sales and marketing call/contact center leadership, with 10 years of service specifically at Revenue Enterprises. Currently, Doug serves as part of Wyoming HFMA Chapter leadership and has held various roles in Colorado HFMA Chapter leadership for over 9 years.

In his spare time, Doug is very family oriented. Additionally, he loves traveling, cycling, golfing, fishing, hunting, and boating.

Kris Brumley, MBA

SVP/COO

As SVP/COO of Revenue Enterprises, Kris Brumley is a collaborative partner within the executive team and a leader for operational functions across the organization. Kris productively shares vision, drives innovation, and supports those around her in a way that elevates them and fosters continuous improvement and results. She has helped create a supportive environment for clients resulting in 98% client retention and a 65% NPS score for all clients and 75% for top clients by revenue.

Kris possesses an MBA in data analytics and has twenty-five years of experience in the healthcare industry, with 19 specifically in revenue cycle. She brings a wealth of customer service experience to her role and has worn many hats at Revenue Enterprises including Director of Business Development, EBO Division Director, and VP of Client Experience Management.

In her personal life, Kris is as busy outside of work as inside. She values spending time with her family, and enjoys fishing, hiking, traveling and interior decorating and design.

Timothy (Tim) Brainerd

CEO

As CEO of Revenue Enterprises for almost 20 years, Tim Brainerd leads by example. He promotes a shared vision and stewards a culture of Integrity, Passion, and Respect. He has assembled and empowered high-performing talent and teams to support customers, facilitate strategic planning and manage the capital of the company. Under his leadership, Revenue Enterprises has doubled in size three times over the past fifteen years while maintaining a culture of caring and gratefulness.

Tim has close to four decades of revenue cycle experience, including nineteen years with RSI
Enterprises. He has been a past president of Colorado Chapter of the HFMA and a presenting speaker on the topic of Leadership. He is a fifteen-year member of Vistage International, the world’s largest CEO coaching and peer advisory organization for small and midsize business leaders.

Raised in the Midwest, Tim values humble principles like being respectful, caring, passionate, self-reliant, and most importantly grateful. His most important lesson and the lesson he hopes to pass on in all relationships is living the Golden Rule–do unto others as you would have them do unto you. He is intentional in his choices and believes in making decisions, taking action, being accountable, and loving your neighbors.

Whenever possible, Tim spends his time with his wife of nearly forty years, his adult children, and his grandchildren. His hobbies include fishing, golfing, traveling as well as game nights and sharing great food with his family.