5 Reasons Why VisitPay Is the Right Choice - VISITPAY.COM
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
VISITPAY.COM 5 Reasons Why VisitPay Is the Right Choice to Complement Your Epic Strategy © 2018 VisitPay. All rights reserved.
VISITPAY.COM
We spend a lot of time talking to major health providers
Overview who use Epic. And our client services and analytics teams
spend a lot of time working with health systems who use
VisitPay in conjunction with their Epic implementation. We
work with multiple health systems who use Epic as their
EMR and system of record.
Questions we hear frequently are: “Can’t I get this in
MyChart?” or “How is this different from Epic?” Both are
fair questions, but based on a misconception. Yes, you
can receive patient payments in MyChart and in VisitPay.
But the two solutions are based on fundamentally
different ideas and philosophies, and they yield quite
different results when it comes to patient finance and
patient experience.
So, if you’re a health system committed to Epic and
wondering whether VisitPay is right for you, read on! In
this paper we explore five reasons why VisitPay adds
tremendous value to your Epic implementation. In fact,
we think the two make a perfect combination.
© 2018 VisitPay. All rights reserved. 5 Reasons Why VisitPay Is the Right Choice 1REASON 1:
You want integrated best-in-class
analytics, specifically created for
the patient as payor
We all know that the rise of high deductible plans and other VisitPay was started by passionate people who worked at
pressures have shifted the financial burden of healthcare in Capital One (imagine the whip-smartest, most analytical
the US toward the patient. Looking at data from our clients people you know, and then imagine they’re also really really
we see that post-adjudication patient financial responsibility good skiers, and you’re getting close to picturing the typical
has increased at double-digit rates annually over each of the VisitPay employee at our HQ in Boise). Our original project
last several years. We also know that patient payment rates was to build the best business intelligence platform in
are low, and that consumers treat healthcare bills differently existence to understand the unique financial dynamics of
from other household expenses. the patient as payor. That’s exactly what we did, and we
believe our algorithms are the best at predicting how people
A report from the Consumer Financial Protection Bureau on pay, or don’t pay, their medical bills. But we also realized
debt collection experiences states: “the prevalence of that incredibly good analytics were not in themselves
past-due medical debt regardless of consumer sufficient. We needed a way of bringing that intelligence to
characteristics makes this type of debt collection unique.” In life as an active part of the patient experience.
other words, it doesn’t matter whether you’re rich or poor,
old or young, of one ethnicity or another, medical debt is a
prevailing issue that has unique attributes.
© 2018 VisitPay. All rights reserved. 5 Reasons Why VisitPay Is the Right Choice 2REASON 2: REASON 3:
You want to tailor the You want to offer longer-term
patient financial experience finance plans and experiment
to consumer segments or with consumer finance strategies
individual consumers As we build an understanding of patient payment dynamics,
we believe that most patients want to pay their healthcare
Fundamental to our approach is that when it comes to
bills. As we know, people who don’t pay healthcare bills are
patient finance one-size doesn’t fit all. Our founders
quite likely to pay other household bills on time. And
learned at Capital One that when you treat people as
frequently the patient has been the recipient of a clinical
individuals, based on very precise analytically derived
experience for which they’re deeply appreciative.
segments, you’ve got a much better chance of building
loyalty and keeping their business. We take the same One of the important things that make patients happier
approach with healthcare financing. about paying a larger bill is giving them the time they need
to do it. When a surprise $500 expense is enough to put
The idea is to personalize at scale, which is what
most Americans into debt, more and more patients are
data-driven digital platforms like VisitPay are designed to
setting up longer finance plans in VisitPay to manage larger
do. You may see this as odd in the world of healthcare
obligations.
payments. After all, it’s an approach straight out of a
modern digital marketing playbook (in this article Our data shows that when a patient has configured a
McKinsey calls digital personalization at scale the holy long-term plan, they stick to it. We see incredibly low levels
grail of marketing). But the rise of patient as payor has of bad debt on self-managed plans. Along with a willingness
put the revenue cycle firmly on the front-line of the to offer financing for 12 or 24 months, or even longer, health
consumer experience. systems are increasingly experimenting with other consumer
finance strategies. Charging interest, for example. Not much,
We think that digital marketing principles are entirely
but at least enough to cover your own cost of capital.
relevant to health system leaders who want to integrate
the patient financial journey into the overall patient This can be a difficult topic for non-profits because some
experience. The VisitPay patient portal is not just a way feel it runs against the grain of their community mission.
of digitizing patient collections, but it is a massive rules However, when patients are faced with a large bill they need
engine that allows the experience to be tailored to to finance, they don’t have very many options. With average
individuals based on both provider configuration and interest rates in the mid-teens, credit cards feel like a poor
patient preference. We think that adopting modern choice. VisitPay is designed for providers to explore and test
marketing principles and technologies to tailor the different policies—interest rates, plan durations and
experience is fundamental to increasing payment rates anchoring/nudging strategies—to see what works for
in the short-term, and ongoing provider brand consumers, and for them.
preference in the long-term.
© 2018 VisitPay. All rights reserved. 5 Reasons Why VisitPay Is the Right Choice 3REASON 4:
You feel balance sheet
pressure, but want to preserve
the patient experience
The rise of the patient as payor is having a negative impact Suddenly the patient receives bills from a separate entity.
on health system balance sheets, something that is a They may not understand why. They certainly have no
concern for almost all the finance leaders we work with. If ongoing relationship with the financing provider. Harking
you need to offer longer and more flexible payment terms back to some of our marketing concepts above, we think
then patient obligation remains in your days A/R for longer providers want to maintain a consistent brand experience
too. And, of course, patient payments are more doubtful across the entire continuum of care.
than traditional sources of revenue, hurting the net
realizable value of your assets. It was in response to this pressure, and the poor existing
options available to providers, that we teamed up with JP
There are knock-on effects for a provider’s overall liquidity Morgan. Together we provide an affordable balance sheet
and ability to raise finance. This dynamic has led many and advance more dollars because we understand payment
health systems to turn to specialist balance sheet providers, dynamics so well, all while originating and updating
who will advance a sum equating to some portion of the everything in a single digital experience that is always
patient obligation in order to improve provider liquidity. But branded in the provider's name regardless of where the
we’ve seen two deleterious consequences of such ongoing asset is managed.
approaches. First, they are expensive and inefficient.
Second, they break the patient experience.
© 2018 VisitPay. All rights reserved. 5 Reasons Why VisitPay Is the Right Choice 4REASON 5:
You want to integrate quickly
with adjacent players in the
patient as payor ecosystem
Another thing that makes patient payments unique is the We work hard to present each patient with a single,
ecosystem that surrounds payment. We think it’s important consolidated monthly bill. It's like getting a credit card
to bring this ecosystem to life in a helpful way for statement. And we do that regardless of the complexity or
consumers. Many of our clients are moving in this direction number of systems at the back end. We believe that
as they forge closer links with insurers or manage their own openness needs to be part of the payment experience for
health plans. consumers, and that by making information transparent and
giving people options they will be more likely to pay, and
Part of the configurability of VisitPay lies in its ability to more likely to pay more.
connect to other payment options and insurance information
very easily and intuitively. For example, we present an So, what happens when you bring these five approaches to
Explanation of Benefits alongside visit information from the life in the VisitPay platform in conjunction with an Epic
provider, making it easier for patients to understand their implementation? Outstanding results. St. Luke’s Health
bill, and giving them confidence to pay. We also allow users System was just named one of IBM Watson Health’s top five
to see their deductible information at a glance from within large health systems in the country. Watch their finance and
the VisitPay application. And we can integrate easily with revenue cycle leaders describe how they’ve seen patient
HSA providers, like our friends at HealthEquity, to enable payment rates increase 30%, patient satisfaction increase
consumers to see how much is in their account and use it as 50%, and administrative costs decrease 70% by using
a payment method for one-time or recurring payments. VisitPay with Epic.
Finally, integrating back into the health system is as
important as integrating out into the broader ecosystem.
We look at the world differently, and with laser focus on the
patient as payor. I hope this read has helped illustrate how
and why. If any of these reasons have resonated, let’s chat.
If you want to see us in action, schedule a demo.
© 2018 VisitPay. All rights reserved. 5 Reasons Why VisitPay Is the Right Choice 5VISITPAY.COM
VisitPay is the product of a passionate group of former consumer
About VisitPay finance people now working for the good of the healthcare industry.
Our company was established after our founders made a discovery
while working in revenue cycle management for a large health
system. They found an entire industry that was using outdated and
inadequate systems to manage patient revenue — making it
impossible for providers to adequately service their patients.
We spent the next three years working closely with several health
systems to identify and evaluate over 80 pain points imposed by
today’s payer-focused billing processes. Then we applied proven
thinking and approaches from consumer finance and payment
processing to create a simple, powerful technology that fixes those
issues without disturbing payer billing.
The result was VisitPay, the only online financial engagement
platform that simplifies the entire billing experience for both
patients and health systems — providing unmatched transparency,
choice and control.
© 2017 VisitPay. All rights reserved. 5 Reasons Why VisitPay Is the Right Choice 6You can also read
