Solving the self-pay challenge
Insurance premiums and out-of-pocket healthcare expenses have doubled since 2009, and are accelerating
The complexity of billing/collection leads to late payment or nonpayment. Most hospitals focus on high charge bills, but even people with higher income are unresponsive. Small balances are easier to collect, but there is a diminishing return on investment in pursuing them.
Coupled with the collection burden, healthcare providers need to consider increasing consumerism. They need to ensure that self-pay follow-up is done with tact and consistency, to meet their mission and enhance/preserve their reputation.
We bring patient-centered technology and services to help providers develop and keep customer loyalty to the organization, be it a hospital or a medical practice.
Salud’s self-pay success stories
|Target||Before Salud||Under Salud||Improvement||
Bad debt write-offs
|< 2%-3%||4.8%||1.2%||75%||$48.5 million/yr|
|Charity care adjustments||< 2%-3%||8.9%||10.7%||20%||
The PayVow Collection Suite is a unique integration of telecommunications technology, customer service, social psychology and best practice processes to engage patients, develop patient loyalty and reduce bad debt. It addresses the challenge of increasing numbers of small balance accounts, ensuring that staff has time to spend time on larger balance accounts, and improve overall results.
PayVow harnesses the power of social psychology to improve collections. A vast array of research has cast light on the power of verbal or written statements in influencing future behavior. As Robert Cialdini, Regents’ Professor Emeritus of Psychology and Marketing, Arizona State University and the author of the book, Influence: The Psychology of Persuasion, wrote: “Once we have made a choice or taken a stand, we will encounter personal and interpersonal pressures to behave consistently with that commitment.”
PayVow also creates a special opportunity to enhance patient-provider bonds. Clients can deliver custom messages to show appreciation of the patient, deliver marketing messages, and to ensure that patients understand that financial assistance is available to patients who qualify.
Early out services
Salud’s U.S.-based, bilingual staff, coupled with PayVow, provide patient-friendly customer service and ensure patients pay quickly. Salud will accept payments at any time following services. We will utilize and notate accounts in your systems so you always know the status of self-pay follow-up.
Pre-bad debt program
When you have exhausted internal efforts to collect from patients, consider Salud’s pre-bad debt program to generate addition payments instead of placing accounts an account with a collection agency.
“Once we have made a choice or taken a stand, we will encounter personal and interpersonal pressures to behave consistently with that commitment.”Robert Cialdini, Regents’ Professor Emeritus of Psychology and Marketing, Arizona State University and the author of the book, Influence: The Psychology of Persuasion