CarePayment, an industry leader that partners with providers to improve their financial health by offering 0.00% APR financing to patients, today announced the launch of its Advanced Patient Engagement Platform. The new technology and digital engagement capabilities increase provider cash flow and help patients get the care they need without delay due to medical costs.
“In the wake of the COVID-19 crisis, many patients have delayed medical care, putting a financial strain on the nation’s healthcare system. CarePayment’s Advanced Patient Engagement Platform coupled with our high-touch human engagement allows us to serve more patients than any other solution, resulting in more volume and collections for providers, which can be a lifeline for cash-strapped organizations,” said CarePayment Chief Executive Officer Craig Hodges. “CarePayment’s mission to help patients get the care they need when they need it, while also helping providers realize improved revenue, is more important now than ever before.”
CarePayment’s new Advanced Patient Engagement Platform includes:
- · Early (as early as registration/scheduling) digital patient engagement messaging
- · Digital-first enrollment
- · Text-to-pay capabilities added to multi-channel communications and payment options for members
- · An intelligent account servicing workflow
- · Redesigned website and member portal
- · Comprehensive solution outreach
Through its early patient engagement program, CarePayment can now perform outreach and education on behalf of providers and the program while the patient is waiting for his/her insurance to adjudicate. Early engagement digital messaging is designed to keep patients engaged in the financial conversation starting as early as registration and scheduling and throughout the billing and payment process. Early and frequent communication has been shown to reduce payment latency, build financial trust between patients and providers and increase patient satisfaction and loyalty.
CarePayment’s digital first enrollment solution offers paperless program enrollment and management for patients who prefer real-time access and payment options. Digital enrollment coupled with early engagement outreach messaging drives awareness and adoption of the program. In addition, CarePayment has added text-to-pay to its omni-channel payment and communication approach, which also includes email, paper statements, inbound and outbound service through an in-house call center and Interactive Voice Response available 24/7. Paying by text improves on-time payments with text-based billing reminders, which have an overwhelmingly positive customer response. With the addition of this channel, patients can choose their preferred method of payment and communication, reducing the lag time between billing and payment.
Redesigned to focus on the total user experience, CarePayment’s new website and member portal experience includes improved navigation and updated information for both providers and patients, including case studies, white papers, videos and best practices for managing their complete financial health. The enhanced member portal also allows patients to easily access their account information and make online payments any time.
Multiple engagement methods are critical for increasing patient engagement, but underlying this engagement must be analytics that ensure all accounts are serviced. CarePayment’s intelligent account servicing workflow expands access to more patients through automated account servicing. This technology removes obstacles to service, including traditional balance maximums and requirements for certain information that providers often do not collect, such as social security numbers. These capabilities reduce returned accounts and staff workload while increasing funding and collections.
CarePayment’s comprehensive solution outreach includes the only pre-bad debt program in the industry. Not only does CarePayment engage patients who speak with their providers and opt-in to a payment plan, but also those who are at risk for collections activity. When those at collection risk can be auto-invited to a financing program, providers see a significant increase in payments. Along with the opt-in and pre-bad debt programs, the program also includes conversions of existing payment plans and aged accounts receivables (A/R). Having the ability to quickly convert payment plans and active A/R to cash and ensure balances are immediately funded and paid transforms aged accounts to increased provider cash flow while driving patient satisfaction.
“CarePayment’s Advanced Patient Engagement Platform will provide every patient an opportunity for affordable payment options and every provider an opportunity to remain fiscally healthy. We handle the patient engagement and payment process, so providers can focus on giving the best possible care to their patients,” said Hodges.
For more information about CarePayment’s Advanced Patient Engagement Platform, visit www.CarePayment.com.