hfma: How to Increase Point of Service Collections
Recently, Michelle Fox was featured on hfma’s blog sharing how Health First started in January 2018 began using a “100% estimate, 100% ask” approach to patient financial communications for all services, inpatient and outpatient, delivered throughout our system. The results have been noteworthy.
Michell Fox, Director of Revenue Operations & Patient Access at Health First, shares “In the first month after we went live with this approach, we saw a 27% increase in point-of-service (POS) collections. POS collections at all four hospitals hit 2.8% of net patient revenue, well above the industry average of 0.7% and the best-practice benchmark of 2%.
Equally important, this initiative is improving the patient financial experience because we are proactively setting expectations. When we have the “money talk” with patients, we gain more insight on their financial situation and work with them to help them afford their healthcare.
This strategy also has proved to be a win for our associates on the front lines. Having an estimate of a patient’s out-of-pocket costs allows associates to confidently speak to the patient about his or her insurance benefits and financial responsibility. And because the estimate is in writing and an associate explains what it means, the patient is confident we know what we are talking about.”