There’s a common business maxim that says “you can’t manage what you can’t measure.” Sophisticated measurement tools can help hospitals and clinics improve:
- Collections from patients (both amounts and time-to-payment)
- Patient adoption of electronic payments and statements (less expensive to process)
- Other billing-related metrics
- Patient response rates to marketing promotions included with statements
As bad debts continue to rise, healthcare providers are seeking innovative ways to meet these goals. In our experience, it’s not enough to “just try” something like a new statement design. Instead, healthcare providers should apply reporting and analysis tools to see what’s working and what is not working.
If something isn’t working—for example, a specific approach to encouraging online payment—then change the approach…and measure the results. Apex’s myRevCycle℠ offers dashboard reporting of payments made via all channels, including on-line and via lockbox, and can even post back to a provider’s system. If you would like to learn more about this technology, we welcome you to contact us for complimentary demonstration.