MedEvolve Launches Patient Financial Engagement Services to Help Physician Groups Improve Patient Payments
LITTLE ROCK, Ark .– (COMMERCIAL THREAD) –MedEvolve, Inc., a leading provider of data-driven solutions that deliver unparalleled transparency, automation and accountability to healthcare organizations, today announced the opening of its financial engagement services for healthcare organizations. patients in the United States aimed at helping physicians improve the patient experience and generate more revenue. The new technology-based services will offer patient financial advisory services for physician groups as well as mobile engagement services and a variety of digital payment options.
The offer responds to the growing challenges of providers and patients against a backdrop of continued growth in high-deductible health plans (HDHP) and greater financial responsibility for patients. According to a recent pitchbook report, providers currently only receive 55% of what is owed by patients. Additionally, the report found that “collecting payments from patients costs about four times as much as collecting from an insurance company.”
“Patients who previously relied on insurers to cover their health care now face greater financial responsibility. They often need advice on how to understand how HDHPs work and how much they owe, ”said Todd Greer, CEO of Premier Gastroenterology Associates. “The MedEvolve financial advisory service provides an important link to our practice, improving patient financial experiences and helping us better capture revenue while simultaneously streamlining workflows so we can focus on healthcare. ”
New Patient Financial Engagement Services provide trained, empathetic counselors who proactively engage with patients via phone, text, and email to help them understand their bills, financial responsibility, and offer payment options , including payment plans and discounts where immediate payment is not an option. The service center also takes inbound telephone calls from patients regarding patient reports on behalf of physician groups. The services help providers increase patient revenues while reducing overhead and collection costs associated with using phones and educating patients. Most importantly, the services help patients understand their often confusing medical bills.
Providers who continue to use in-house staff to contact patients by phone or send paper statements achieve a poor return on investment, in part because of the nature of communication preferences today. Recent trends in health care payments report suggests that 85% of consumers prefer electronic payment for medical bills. MedEvolve’s Patient Financial Engagement Services are equipped with secure technology to identify collectable balances and proactively follow up using patients’ preferred method of communication and offer convenient payment options including web, text and phone.
“We believe that patients deserve the same high standard of care for their financial well-being that they can expect for their health. At the same time, medical practices have faced some of the tightest operating margins in decades and need solutions that help them increase profitability and maximize revenue capture, ”said Matt Rolfes, CEO of MedEvolve. . “Our new patient financial engagement services meet both of these needs by improving provider-patient partnerships and the bottom line. ”
Click on here to learn more about how MedEvolve helps financial relationships between providers and patients with cutting-edge technology-based services.
MedEvolve empowers medical practices to work smarter with data-driven solutions that deliver unmatched transparency, automation and accountability. Our suite of analysis software and services, including MedEvolve RCM Scorecard, is designed to uncover cash flow opportunities, identify problems and resolve issues quickly to improve financial, operational and clinical performance. MedEvolve’s workflow automation solutions take the guesswork out of managing a firm’s revenue cycle and leverage AI to define what needs to be worked on, when and by whom. Additionally, MedEvolve offers Practice Management (PM) technology that can integrate with any EHR and Revenue Cycle Management (RCM) technology and services. Visit www.medevolve.com to learn more.