As I've shared before, we work with large and small providers of medical equipment and services to get the most revenue and profit from their customer base. Most patients are covered by insurance or Medicare, but there's often a small balance left on every purchase that the coverage and the deductible don't pay. So our typical healthcare client has to reach out to patients to collect those balances.
Why an invoice isn't enough
Ideally, that small amount would be collected by emailing an invoice and letting the patient pay online. But years of experience show that at least 30% of patients don't pay their balance until the provider contacts them directly.
If live agents make those contacts, even agents supplied by outsourcers or collection firms, a large share of the unpaid balance is spent on collecting it. That can dramatically affect the profitability of the entire patient relationship.
What we built instead
For one of our major clients, we built an entirely automated outreach program:
- SMS texts;
- outbound calls from the dialer;
- inbound IVR for patients who call back;
- all connected directly to the client's existing payment collection system.
It collects a payment for less than 50¢, total cost. And it does so with a low-touch, non-intrusive approach designed to protect and continue the patient relationship.
Last year the program collected over $14 million for our largest customer, up from $1 million in 2006, the first year we worked together.
All of it with little to no upfront cost to our customer.
How we would start with you
We'd be glad to discuss just this one capability with you. We typically start with a fixed-scope pilot on your real patient list. Billing is usage-based rather than per seat; here's how pricing works.
If capabilities and results like these interest you, book a short call. I'll share how we use our platform and what we've learned to get these results for you.
Thanks for reading.
