SELF-PAY SOLUTIONA patient-centered way to handle high deductible insurance
Middle-income families spend 11% of their annual incomes on out-of-pocket healthcare costs and insurance premiums and deductibles, according to the Commonwealth Fund. Self-pay appears to be on the rise, putting further pressure on providers. Absolving patients of payment obligations isn’t sustainable, nor are harsh collection tactics.
We help providers ensure that self-pay follow-up is done with tact and consistency, to meet their mission and enhance/preserve their reputation.
- Efficient small dollar processes
- Rapid identification of patient intention to pay
- Put patient “on the record”
- Patient partnership
- Ensure alternative payers are exhausted
- Provide financial assistance when appropriate
- Patient-friendly statements
- Communicate in patient’s primary language
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. The platform enables texts, emails and other means, so that patients of any generation feel comfortable in making payments.
“Once we have made a choice or taken a stand, we will encounter personal and interpersonal pressures to behave consistently with that commitment.”