New Group Anticipates Changing Dynamics of Patient Pay
SAN DIEGO, Jan. 22, 2018 –Health systems today must balance patient reimbursement with consumer expectations for an affordable, retail-like experience. There’s much at stake for a patient pay strategy that differentiates a health system and creates loyal consumers.
ClearBalance® has created a new division, Customer Success and Innovation, to help healthcare providers adapt and succeed in the face of changing market dynamics for patient pay. Healthcare industry veteran Kathleen Brown will lead the newly formed group. Brown has worked with leading hospitals and health systems for more than 20 years, supporting their clinical and financial strategy with a focus on long-term, strategic partnerships.
“Healthcare providers have made great strides to recognize that patients are consumers who want and need affordable payment options to pay their portion of care,” says ClearBalance President and CEO Bruce Haupt. “The next step is to execute a seamless patient pay experience that delivers financial performance and encourages consumers to return to that same health system when they or family members need care.”
Studies by The Advisory Board Company, KLAS Research and Accenture show that healthcare consumerism and improving the patient experience rank among the top three priorities for health system CEOs and their boards. Healthcare providers that rely on ClearBalance for a patient pay experience see an average 260% ROI for patient reimbursement in the first 12 months, along with impressive statistics for loyalty and referral. In fact, 90 percent of patients/consumers surveyed said they likely will return to a healthcare provider that offers the ClearBalance program and 88 percent will recommend that provider to friends and family (1). Loyalty strategies that capture consumers as repeat users could make a significant difference in a health system’s profitability.
“The revenue cycle is the front and back door to every patient encounter,” Brown says “It sets the tone for the patient’s overall experience and creates the opportunity for the patient’s next service request.”
“Kathleen is a tremendous addition to our team,” Haupt says. “She’s known for her ability to amplify customer value through revenue optimization processes, innovative technology and strategic collaboration.”
Building on Brown’s experience, the ClearBalance Customer Success and Innovation group also will leverage the company’s 26 years of patient loan program success and patient pay management expertise. Brown and the team will work closely with provider partners to develop a patient pay management strategy that creates a positive, lasting impression.
“Navigating patient pay is more demanding than ever. Providers really need a patient pay management expert that understands and can connect their core revenue cycle systems and policies with the right services and tools to create a seamless patient pay experience,” Brown says. “I’m excited to work with our health system partners to elevate the consumer experience and solidify their organization as the care location of choice.”
ClearBalance has been at the forefront of patient pay management since 1992, setting and delivering a high bar for financing solutions, patient pay reimbursement, revenue cycle IT expertise and the patient/consumer experience. Recognizing the trend toward consumerism, ClearBalance was the first to advise providers to replace their low-interest loans with a zero interest loan program that would encourage more patients to repay their cost of care. ClearBalance also introduced the first and only HFMA Peer Reviewed ROI Value Model™, which identifies a providers’ cost to collect patient pay and sets nationally recognized benchmarks for a long-term financing alternative. Clearbalance.org
1. Third Annual Healthcare Consumerism Study, Aug. 2017