Price Transparency and Self-Service Options Can Benefit Healthcare Providers as Patients Return for Care
June 22 2020 - 8:00AM
As patients and providers continue to face the economic impacts of
COVID-19, a new analysis points to the importance for the
healthcare industry to address the ongoing calls for greater price
transparency and more personalized and convenient payment options.
A recent analysis to be featured in an upcoming TransUnion (NYSE:
TRU) and VisitPay webinar found that between mid-March and mid-May
2020 healthcare providers experienced a 47% decline in daily total
patient payments. However, for the subset of patients at those same
providers using VisitPay’s platform, the providers experienced a
10% increase in patient payments.1
During the same time period, Net Promoter Scores (i.e. a core
metric that measures customer experience) for patients using the
VisitPay platform averaged 47.2 This score is on par with top
consumer brands and three times greater than the healthcare
industry average, underscoring patients’ satisfaction with
solutions that offer more personalization and clarity. Further, a
case study from TransUnion Healthcare shows a 42% increase in
point-of-service collections as a result of the greater
transparency provided to the patient through the company’s
estimation solution, ClearIQ .3
TransUnion Healthcare and VisitPay announced their partnership
earlier this year, enabling a comprehensive end-to-end patient
payment experience. To arm healthcare leaders with insights and
holistic strategies to address patient payments throughout the
revenue lifecycle, the two companies will present a webinar on June
25, hosted by the National Association of Healthcare Access
Management (NAHAM).
“Given the rise in unemployment – and the transition between
health plans that patients may face due to the loss of
employer-sponsored benefits – now more than ever, patients are
expecting transparency and personalized experiences, particularly
as they re-engage with providers amidst COVID-19,” said David
Wojczynski, President of TransUnion Healthcare. “In turn, providers
will need to accommodate patients’ unique financial needs and
utilize their preferred medium for both payment and communication.
In partnership with VisitPay, our solutions help providers build a
reliable basis of trust with their patients.”
According to a TransUnion Healthcare patient survey, 70% of
patients said knowing costs before a procedure helps them
anticipate charges and budget for payments, but only 25% are very
satisfied with the payment methods offered by their provider. Given
this desire to better understand costs, there exists an opportunity
to provide patients with pre-service estimates – which can be
created by either the patient or the provider – and customized
payment options. These elements can help drive patients’ likelihood
to pay and demonstrate providers’ understanding of patient
financial situations. Further, the combined functionalities of the
solutions offered by TransUnion Healthcare and VisitPay enable
health systems and patients to create customized payment plans that
are manageable and achievable for both parties.
A recent analysis from the advisory firm Aite Group further
emphasizes how the partnership addresses the market need for a more
personalized patient financial experience. Aite Group found that
the combined technologies of TransUnion Healthcare and VisitPay
create a turnkey patient financial engagement solution. The key
characteristics which differentiate a joint TransUnion Healthcare
and VisitPay solution from other offerings in the marketplace are
the pre-service patient experience (i.e. the time an appointment is
scheduled to the time of the appointment) and the data powering the
patient experience behind the scenes. Overall, the analysis focuses
on the unique capabilities of the partnership and the fact that it
helps address three (3) key consumer/patient requirements:
transparency, personalization, and convenience.
“This partnership addresses the need to financially engage the
consumer at the earliest point in the process – before a service is
provided. The key is the linkage in using an estimate to create a
clear pathway to payment,” said Mike Trilli, Research Director for
Aite Group’s Health Insurance and Payments practice. “This link is
critical as it delivers needed transparency, and time, for patients
to make their financial decision on how to pay the bill and for
providers to increase their likelihood to collect in full.”
The webinar, titled “Change Your Engagement Approach to Improve
and Empower Pre-Service Patient Payments,” is scheduled for June 25
at 1:00 p.m. CT (2:00 p.m. ET). Healthcare leaders interested in
learning more can register for the webinar here.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that
makes trust possible in the modern economy. We do this by providing
a comprehensive picture of each person so they can be reliably and
safely represented in the marketplace. As a result, businesses and
consumers can transact with confidence and achieve great things. We
call this Information for Good.®
TransUnion Healthcare, a wholly owned subsidiary of TransUnion,
makes mutual trust possible between patients, providers, and payers
by helping them navigate payment uncertainty. Our Revenue
Protection® solutions leverage comprehensive data, accurate
insights and industry expertise to engage patients early, ensure
earned revenue gets paid and optimize payment strategies.
TransUnion Healthcare helps over 1,850 hospitals and 550,000
physicians collectively recover more than $1.2 billion annually in
revenue.
A leading presence in more than 30 countries across five
continents, TransUnion provides solutions that help create economic
opportunity, great experiences and personal empowerment for
hundreds of millions of people.
http://www.transunionhealthcare.com
About VisitPay
Founded in 2010, VisitPay is the leader in patient financial
engagement. The company’s third-generation cloud-based platform is
used by the nation’s largest and most innovative health systems to
deliver transparency, choice, and control to patients managing
healthcare payments and transactions. Through VisitPay, patients
can access a comprehensive accounting of their financial
obligations, as well as critical health plan and healthcare
information, via a health system-branded portal. VisitPay’s
proprietary analytics tailor consistent and fully compliant
financing options that meet the unique needs of patients and their
families, creating a simplified billing experience that drives both
higher payment rates and improved patient satisfaction scores.
VisitPay’s investors include Norwest Venture Partners, Flare
Capital Partners, and Ascension Ventures.
Follow us on Twitter and LinkedIn. Visit our Company Blog to
access case studies, thought leadership, and news.
https://www.visitpay.com
___________________________
1 Based on internal VisitPay study2 Based on internal VisitPay
study3 Based on blinded case study from TransUnion
Contact |
Dave Blumberg |
|
TransUnion |
|
|
E-mail |
david.blumberg@transunion.com |
Telephone |
312-972-6646 |
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