Dramatically Improve Revenues by Engaging Patients

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For several weeks now, our blogs have focused on the need for price transparency. Not only is it a hot topic across the spectrum of care, the time is coming that price transparency will be mandated by the government. Still, many providers balk at publishing true prices. We can assure you, if you’re willing to do so, your hospital system or practice, along with your patients, will all benefit.

Transform Your Financial Outlook in a Few Months

It’s no secret. Hospital systems are faltering financially. Ten US hospitals and health systems filed for bankruptcy in 2016.[1] Five more systems have declared bankruptcy in the first quarter of 2017.[2] What can you do within the next 60 days to not only stop the hemorrhaging of bad debt but increase your margins and your revenues with cash flowing into your bank account?

If someone told you that one simple software subscription could literally change your financial outlook would you believe it? HealthQRS has two solutions that can be used in tandem or separately. One or both will provide great results. The two used together will transform your organization.

Feeling incredulous? Here are three, real life examples, not just theories, to help you see what happens to the bottom line when you let HealthQRS help.

Small Community Hospital Collects More Than 10x Normal Amounts

We helped a small community hospital that was having difficulty collecting the patient’s out-of-pocket, particularly, the deductible portion. This hospital was collecting pennies per registration, upfront, at the point-of-service. Within 90 days of implementing our solution they were consistently collecting more than $10 per registration. Much more than ten times what they were getting before using our point-of-service solution.

A 25-bed critical access hospital sought our help. Once they started using our service, their upfront collections grew by $50,00-$100,000 cash per month. That’s $600,000 – $1 million per year in extra money. Money that was being left on the table before we helped them transform their financials at the point-of-service.

Low Cost to You

You may be wondering how much this costs. Very little compared to your gain. HealthQRS doesn’t have huge upfront fees, and our system provides immediate return. We install our solution and input all of your data for you. You start collecting money at once. We had a health system that was averaging $7.69 per encounter in up-front collections. In just five months after implementation, their up-front collections increased to $23.83 per encounter, with an increase overall in $3.5 – $4 million additional revenue in just five months, During that time they paid us $16,500 per month. Yet they added $700,000 per month in extra cash to their bottom line.

Engage Your Patients

The improved revenues are huge, yet they represent only a portion of the overall benefits to your health system. Our solution uses specialized algorithms to quickly and automatically calculate the patient’s true costs. Patients can access this information using our Retail Medical Marketplace (which is basically a representation of YOUR entire network that allows patient to shop, book and pay online from their smartphones, tablets or laptops). Or they can access this information at the point-of-service, a solution that provides interactive scripts for your entire team and allows your staff to have financial conversations with patients with confidence. Both of our solutions help patients utilize their health savings accounts. We can tell them their actual HSA balances and can help them use their funds to pay the bill in full or to set up monthly payment plans.

HealthQRS solutions empower your staff and patients with tools they need to improve your cash flow. We invite you to learn more about HealthQRS’ solutions. Click here to schedule a demo, or feel free to contact us with any questions.

 

 

 

 

 

 

 

 

 

 

 

http://www.usatoday.com/story/opinion/2017/03/20/consumers-need-health-care-price-transparency-column/99380632/

 

 

[1] Ayla Ellison, 10 Hospital Bankruptcies in 2016, Becker Hospital Review, Dec. 13, 2016, http://www.beckershospitalreview.com/finance/10-hospital-bankruptcies-in-2016-decmeber13.html

[2] Ayla Ellison, 5 hospital bankruptcies, closures so far in 2017, Becker Hospital Review, Mar. 6, 2016,

http://www.beckershospitalreview.com/finance/5-hospital-bankruptcies-closures-so-far-in-2017.html

 

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