The Patient Financial Experience A Link to Patient Satisfaction, Payment, and More:

Transcription

1 The Patient Financial Experience A Link to Patient Satisfaction, Payment, and More: Donham Prescott Vice President, Simplee Thursday, September 22th at 11am 1

2 Donham Prescott is a Vice President at Simplee. Donham has over twenty five years experience in business development, partner development and sales. Prior to Simplee, he worked for prominent global SaaS companies bringing paradigm shifting solutions to the marketplace. Donham holds a bachelor s degree from University of Oregon and an MBA from George Fox University. 2 2

3 1. Healthcare Opportunity 2. Aligning Patient Expectations 3. From the Field 3 3

4 High Deductible Health Plan (HDHP) Enrollee Growth 3.2M 6.1M 10M 13.5M 19.7M 197% Growth from 2010 to 2015 alone SOURCE: AHIP,

5 *** 74% of insured are willing to pay out of pocket expenses up to $1000 *** "...seeing an increase in bad debt and even in charity care for people with high-deductible health plans" Caroline Steinberg (VP Trends Analysis) American Hospital Association SOURCE: 2009 McKinsey Quarterly consumer survey 5 5

6 Patient Leaves Hospital Lack of Transparency, Lots of Jargon Inconvenient Multiple Systems, Inconvenient Access Paper + People Intensive (not digital friendly) Limited Payment Options Patient Delays Payment 6 6

7 Credit: Ryan Ferreras SHOULD I go and to WHOM? What worked well? What information TELL others? do I TRUST? Will it be easy and AFFORDABLE? 7 7

8 Credit: Ryan Ferreras Find a Doctor Schedule Eligibility/ Estimate Pre-Service Call Point of Service Post-Service bill Patient Financial Journey 8 8

9 Credit: happythanksgivingday.xyz Credit: firstwefeast.com 9 9

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11 5X Difference in loyalty 2X Difference in payment behavior SOURCE: 2014 Conance, Consumer Impact Study 11 11

12 Patient financial experience is Strategic complement to clinical experience Last impression First impression OPPORTUNITY! Common to ALL patients Affects significant dollars 12 12

13 1. Healthcare Opportunity 2. Aligning Patient Expectations 3. From the Field 13 13

14 Retail vs. Healthcare Guest payment Required account Easy, flexible payment Complex checkout Transparent, friendly details Technical invoice language Real-time feedback Clinical focus, delayed delivery SOURCE: Crate & Barrel Checkout, UGG Checkout, Carter s Shopping Cart, Sephora Survey 14 14

15 Empower healthcare consumers with a financial experience that enables a successful patient journey (+ builds loyalty!) 15 15

16 Dunning cycles Staff driven Patient Experience Revenue Cycle Integrated engagement Self service optimized Transactional Convenient experience, satisfaction driver Painpoint Marketing 16 16

17 Source: Pay a Bill page via US Bank on Peace Health website as of 28 October

18 Source: Pay a Bill page via US Bank on Peace Health website as of 28 October 2015 Pay a Bill page via QuickPay.net on Mercy Hospital website as of 22 December

19 SYSTEM Bold and clear KPIs Enabling technology PROCESS Challenge norms Lean, experiment culture KPI + patient success focus PEOPLE Executive passion Motivations alignmed Insight: peers + beyond 19 19

20 Engage Compelling info, easy access (eg, what do I owe & why) Convenient flow: guests + registered users (portal) Targeted communications that adapt by stage Empower Pay by any method, any time, any device Self directed financing options Inline feedback, every payment Align Clean, modern designs Consumer friendly billing details integrated into payment Unified experience across hospital & physician services 20 20

21 1. Engage early and adapt Pre-Service call PATIENT STAFF Point of Service Eligibility / Cost Estimate Post-Service bill 2. Aim for empowered patients (think self service!) COLLECTIONS ABANDON / WRITE OFF 3. Measure & drive satisfaction

22 1. Healthcare Opportunity 2. Aligning Patient Expectations 3. From the Field 22 22

23 CASE STUDY Tie estimate, scheduling, and payment together Source: Lancaster General s Apr 2016 launch of Simplee Estimate (patient experience) 23 23

24 CASE STUDY Source: Lancaster General Health s patient statement and online payment portal 24 24

25 CASE STUDY Very nice and quick and convenient. Kudos for using this method! - Lancaster patient Thank you! Probably would have paid it sooner had I known it was going to be this easy. - Lancaster patient Source: Lancaster General Health s patient billing homepage (images Sep 2015) 25 25

26 CASE STUDY Source: Lancaster General Health s patient statement and electronic version with friendly details via Simplee platform (images Nov 2015) 26 26

27 CASE STUDY Go beyond pay us now Messaging adapts to stage Mobile friendly design Welcome New Bill Bill Reminders Pre-collection Alerts Thank you Source: Sample engagement s sent by physician providers at Lancaster General Health to patients via Simplee platform (images Nov 2015) 27 27

28 CASE STUDY Love that it allows you a payment plan option, if necessary! - Lancaster patient Source: Sample engagement s sent by physician providers at Lancaster General Health to patients via Simplee platform (images Nov 2015) 28 28

29 CASE STUDY Single Checkout for Hospital + Physician Convenient guest flow, integrated into patient portal too Source: 2014 baseline analysis from Lancaster General Health (LGH) Rev Cycle team payments summary report from SimpleePAY backoffice for LGH 29 29

30 That was quick and easy!!! Love it! 82% Recommend (Billing and payment experience) I appreciated not having to use a username/password "First tried calling to make payment and was on hold at 10 minutes both times I called. Very frustrating. Paying on online was easy. LOVE that it let me set up a payment plan without having to call in! This was so easy and quick that I almost fell off my chair. LOVE GETTING THE Very quick and far less complicated than most bill pay sites And you don't have to be a rocket scientist to go through the whole process. simple and fast-love it! Source: Patient survey after self-service payment on SimpleePAY Comments for question: How likely is it you would recommend [Leading regional hospital] to a friend or colleague due to your recent payment experience? (n=12,749, Response rate = 30.3%, Answers range 0 to 10, average 8.38) 30 30

31 CASE STUDY Model implementation Live system wide in 5 months 12 hospitals, 135K patients, 1,200 staff Point of Service Lock Box Digital Self Service (Online + IVR) Staff Assisted (Inbound) 3rd Party Collections (Early Out) 3rd Party Collections (Bad Debt) Source: 1. Patient survey after self-service payment on SimpleePAY Comments for question: How likely is it you would recommend [Leading regional hospital] to a friend or colleague due to your recent payment experience? (n=12,749, Response rate = 30.3%, Answers range 0 to 10) 2. Cost per payment on post service basis, excludes point-of-service transactions. 3. Net collections includes all patient self pay, from pre service to point-of-service to post-service

32 CASE STUDY Greater Collections, Faster Gains Very Satisfied Pre-Simplee Self service 1 (24 FTEs re-allocated) Source: Compares pre launch (Epic MyChart with paper statements and online) to post launch with Simplee (paper and online). For savings, compares Simplee licensing, contingency fee, and paper statement costs to average of previous months

33 Closing thoughts: Success in clinical care increasingly requires financial care New competencies: engagement, alignment, and empowerment Proven strategy that delights patients and drives immediate ROI 33 33

34 Questions? Donham Prescott Vice President