Who Are We?Who Are We?

The Millennial Patient: Using Technology to Collect Patient-Owed Balances

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Regional Territory ManagerRegional Territory Managerapopple@poscorp.com

800.331.4976 | poscorp.com |

Jillian BoardmanRegional Territory Manager, Eastern Iowa

Objectives

Millennial Patient

Instant Gratification!

Patient ExperienceBrand battlefield!

Financial Trends

The “As Is Versus Should Be”

Financial Strategies

What’s Out There?

What’s In It For Me?

And our patients!

Millennials

83.1 million (1/4 of pop.) are millennials (born 1982-2000)

“Instant gratification”

“Needs everything at their fingertips”

51% of millennial patients visit doctor less often than once/year

Independent

Lack Brand Loyalty*Daymon Worldwide

The Millennial Profile

Millennial ProfileBy The Numbers

87% Have A Smartphone

+6 Hours A Day

Check It 150+ Times per Day

53% Social Networking

Source: Women’s Advertising

Know Your AudienceLive in Their Space

“8 out of 10 Americans look for health information online” -Pew Research Center

66% search for specific diseases or medical conditions

56% view certain medical treatments and procedures

5% do self treatments at home

28% self diagnose

Know Their Behaviors

Trends in Value-Added ServicesKnow What’s Trending

Online SchedulingAllow patients the

convenience of scheduling their appointments online.

Mobile AppsIn a cell phone society –

connect with patients via a mobile app.

TelemedicineTelemedicine is key to seeing more patients, especially as a shortage of physicians grows.

Concierge MedicineMuch like an attorney,

concierge medicine allows patients to pay a monthly fee to keep providers on

retainer.

Convenient HoursPatients are busy and

healthcare isn’t always a top priority. Convenient Hours

make it easier.

The Challenge:Being Heard Among The Noise

Financial Communication is a Critical Driver of the

Patient Experience

The Facts Are…It’s All In The Numbers

of Americans are unsatisfied with

healthcare systems

1/3 92%of Healthcare

Executives state that Patient Experience is

one of their top priorities

“Any rating drop in a patient’s satisfaction translates into longer delays in collecting payments and an increased likelihood of going to collections…” Fiserv

Financial Facts of HealthcareProject Yearly Timeline

40% 30%

Patient-owed balances have grown to an average of 40% of health industry revenue

Millions of patient-owed dollars go uncollected

.55 patient accounting staff per physician

1 back-end business office employee per

10k claims

75% don’t call delinquent accounts

of practicesMGMA, Woodcock & Associates

Challenges to the Patient Experience

17

For Every Negative Experience,Survey Result

Took

Forever

Confusing

Unfriendly

30%

?!?

10 – 15 People Will be Told About It

What Are Patients Saying?What is your online reputation

19

Improving Your Patient Collection ProcessesBe Proactive!

Dale Carnegie…”AS IS versus SHOULD BE”

How is your patient A/R level trending?

How are calls trending?

Why do patients call your Billing Dept?

What reasons do patients give for “not paying”?

Evaluate your statement.

What is your collection sequence?

How are you handling delinquents?

Your Processes/Workflow

How Patients PayWhere do you collect the most?

% Paying via Check % Paying Up Front

% Paying by Phone% Paying Online

% Paying via Credit Card

Send 3-5 paper

statements

Send to collections

Write off bad-debt

Watch outstanding

A/R grow

The Process is Broken

INSANITY:

“Doing the same thing

over and over again and expecting different results.”

The Technology: Speak “Their” Language

Statement Evaluation• Optimization

• Electronic statement delivery

Auto Pay• Card on File Technology

• Changing front office behavior

Payment Plans• Automation

• Reduce number of patient touches

• Patient independence

Past Due Collection• Automation

• Removing staff burden

Online Bill Pay• Utilization

• Guest Pay

Premium Statement Processing

SEQUENCEUtilize past due and final notice statements to create a sense of urgency for patients to pay their bill.

DRIVE BEHAVIORSimplify your statement by leveraging easy to understand terminology. Advertise Online Bill Pay to drive patients to your website.

CUSTOMIZE

Customize your statement to include your logo to help patient’s identify your practice. Leverage your colors to highlight important information.

Past Dues & Final Notice Sequence

Give Your

Patients OptionsText to Pay

Preferred by patients who are looking for a quick and efficient wat to pay their balance

Emailed StatementConvenient for patients who are on the go and

want full detail on their balance due

Traditional Paper StatementGreat for traditional patients who like to receive

their statements in their mailbox

Statement

24/7 World!

Millennial Consumer Trends

Mobile Bill Pay

½ of millennials use mobile bill pay.

Mobile Banking73% of millennials

use mobile banking compared to 37%

of other age groups.

Automatic Payments

Millennials are 5x as likely to want to set

up automatic payments via

mobile.

This Photo by Unknown Author is licensed under CC BY-NC

This Photo by Unknown Author is licensed under CC BY-NC

This Photo by Unknown Author is licensed under CC BY-NC

Payment Request from Graham Medical:

Amount: $274.50

Access Code: 7141

Click Here to Pay: http:/s.swrv.me/PcbPEg7z

Graham Medical 2/4/2020 14:32:51 UTCType: PaymentAmount: $549.00Method: x1123 (VISA)

Patients or practices can sign up

POS receives a statement file and sends in the patient’s preferred way

Text to Pay

Auto Pay

Auto Pay will automatically charge balances to

a credit card or bank account when insurance

clears.

No phone call to a patient.

No cost of a mailed statement.

An emailed receipt once a payment is

made.

This is a reminder that payment for your U.S. Cellular account 937105910 is due

on 10/31/2019. Autopay and any scheduled payments that you have

setup will be processed on the requested date.

Automate Credit Card Processing

Statements

• Drive patients to pay online

• Statements include online bill pay code

eStatements or Text

• Patients opt-in

• Delivered via email/text with link

BPC0D3

bpc0d3

Increase Utilization of Online Bill PayProject Features

Offer Guest PayAllow patients to pay their bill without needing a username & password.

Save a Credit Card on File

Let patients store their credit cards securely to make payments a breeze.

Enable AutoPay and Text to Pay

Give patients the convenience of storing a credit card & have it autopay when a new balance occurs. Utilize text services.

Automate Payment PlansAllow patients to setup automated payment plans from the privacy of their own home (based on your rules).

Two out of three Americans havenever

gone to a patient portal

Payment/Budget Plans

Some Consumer Facts…

50% of Americans “put off” health because of $

60% of Americans can’t afford a $500 emergency

1/3 of GoFundMe account = Health Care

7 Year Car Loans are becoming the norm

People are now buying shoes/sweaters over time

Payment Plans & The Patient Experience

Flexibility

Control

LoyaltyHealthy Patients

Satisfaction

Remind Patients with Automated MessagingSave your staff time with automated Phone Calls, Texts & Emails

DENTAL INSURANCE

Remind patients to bring their HSA card

PRE-APPT MEDICATIONRemind patients of any pre-visit medication they need to take

WEATHER ALERTS

Alert patients if your office needs to close for the day

BIRTHDAY GREETING

Show your patients you care with a birthday message

PATIENT RECALL

Remind patients it’s time to schedule their teeth cleaning

ANNOUNCEMENTS

Notify your patients of changes happening at your practice

APPOINTMENT REMINDERS

Remind patients of upcoming appointments

PAST DUE REMINDER

Notify your patients that it’s time for them to pay their bill

Graham Clinic recently sent you a statement. Click to pay: goo.gl/mGEqVV or contact us at 800-331-4976. Thank you!

Past Due Notice Messages

Great River Health Systems shows that you or a member of your family has an outstanding balance. Please call 123-456-7890 to speak with a Financial Counselor or pay online at www.abc.com

Check In Solutions

Where to Begin

Existing Processes

• # Statement Notifications

• Format of Statement

• Sequence of Statements

• Existing Collection Workflows

Changing Mindsets

• Everybody is Online

• Checks are becoming Obsolete

• Budget Payment Plans are Reality

• Nobody wants to Call You

Staff Buy In• Understand they have Job Security

• Efficiency is Critical to Business Health

• Must Understand how to Speak to Patients

Educate and Promote• Online Payment ease of Usage

• Collecting a % of Patient Revenue is Critical

• Ability to be Flexible & Caring

• No other Consumer Industry Allows Non-Payment as the Norm

Promoting Technology

Statement Inserts

Office Signage

Patient Communication Upgrade

Educate Your Patients

After setting up BEST PRACTICES:

• 13% Drop in Statement Volume

• 50% Drop in Past Due Volume

• 40% Payments now paid via OLBP

• $8,400 Annual Savings by going from PAPER to ELECTRONIC

• 27% Reduction in outstanding 60 day A/R

Case Study: Northwest Asthma & Allergy

Your Opportunities

Statement Audit

Embrace Technology

Online bill pay, Auto Pay, automated payment plans

Automate Bill Pay

Reminders

Prioritize the Patient Experience

Provide Options & Be Flexible

Electronic statements

Regional Territory ManagerRegional Territory Managerapopple@poscorp.com

800.331.4976 | poscorp.com |

Jillian BoardmanRegional Territory Manager, Eastern Iowa