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Positive Patient Financial Engagement and the Revenue Cycle

Posted by Meduit RCM on Feb 23, 2022 2:39:00 PM


Patient engagement impacts patient financial health and satisfaction as well as the cost of delivering care and the revenue cycle. Patients satisfied with their care are more likely to follow treatment plans than those who are not. Patients failing to adhere to their treatment plans have a higher likelihood of being readmitted due to complications and can end up costing the provider more money or result in delayed payment.

When it comes to patient preferences regarding accessing their accounts and paying their medical bills, 50% of patients like engaging digitally; however, 50% prefer a personal touch, according to internal Meduit research. In addition, about half of those who engage digitally become confused and need help. Non-digital and digital-only solutions are both missing the mark. Comprehensive solutions are the ONLY way to engage patients to drive the revenue cycle and a positive patient financial experience.

A robust patient engagement strategy should include:

  • Services provided by a patient-focused team that treats patients with respect
  • Digital patient engagement tools that empower patients to access their information and pay medical bills easily and conveniently
  • Tech-powered solutions that consistently evaluate and measure patient encounters in order to continually improve the patient financial experience

Meduit’s Game-changing Patient Engagement Solutions and Technologies

Hospital, health system and physician groups partnering with Meduit have an array of digital patient engagement solutions and technologies working for them, including:

  • Patient Scheduling, Pre-registration and Pre-authorization – Pre-service customer service
  • MedQualifyTM – Patient Medicaid eligibility screening
  • Patient Concierge app – Explains every part of the hospital bill to the patient
  • Voice Analytics – Analyzes 100% of collections calls to improve revenue cycle processes and translates audio into text for client reporting and team training
  • Self-pay Follow-up – Patient collections via mail, phone, email and text
  • Patient text-to-pay portal – Helps patients access and pay their bills on their phone
  • MedEZPay – Patient financing options that benefit both patient and provider
  • MedFPx Scoring – Evaluates patient satisfaction to identify trends and pinpoint root causes of escalation in order to improve, score and benchmark the patient financial experience

Meduit leveraged Patient Engagement solutions to help one health system increase its self-pay collections by $6 million per year.

Learn more about Meduit’s Patient Engagement solutions here:

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