Featured Use Case
Many healthcare specialties earn a significant portion of their revenue from client responsibility payments in addition to payments from insurance companies. For example, some services like behavioral health are less likely to be covered by insurance or may have a higher client responsibility portion. However, there are some unique challenges in collecting and processing client payments in a timely and efficient manner.
No standardized process
The process for collecting from insurance companies is relatively consistent, but when it comes to patient responsibility collection, different providers often do things very differently. Some invoice upfront while others wait for a claim to be adjudicated; some only accept checks while others use online portals. The same organization may even have different processes for different patients. The problem with the lack of a standard workflow is there are many manual, ad hoc workarounds and gaps where things can slip through the cracks.
Just like insurance claims, client responsibility portions need to be submitted in a timely fashion. It’s well accepted that the odds of collecting client payments decrease rapidly over time, and without RPA, the collection process can be very slow. The longer it takes you to invoice and collect, the more you will write off.
We all know people make mistakes. And when a team is processing thousands of invoices, those mistakes can add up quickly and become costly.
Non-standardized, human-led processes are difficult to track with organized records, so it can be hard to evaluate success or identify when and why things go wrong.
Monthly collection detracts a team’s focus for part of the month, reducing overall efficiency and productivity.
Poor client experience
With complicated and error-prone workflows, the client often loses as much as the company, as untimely invoices and mistakes can cause headaches and hassle on both ends of the transaction.
Autonomous bots can solve these problems and more by creating a standard, automatic, and error-free collection process. A bot can create an invoice, e-mail it to the client, charge credit cards, send receipts, and even send text message notifications – all in the background without human intervention. And each of these steps will occur exactly when you want it to. For example, a bot can invoice the client the moment a response comes from an insurance company, or even at the time of service delivery. Another one of the great things about our RPA bots is they aren’t limited to the functions of your EHR and billing systems – they are completely custom built to carry out a huge range of software processes to improve your business.
Enhanced client experience
Clients know what they are going to pay and what they’ve paid for. You’ll get fewer inquiries, too.
Reduced cost of collections
One bot can do the work of an entire RCM team. This will dramatically reduce the cost to collect, which is already very high for these portions.
Your revenue will increase because people will be invoiced with the most accurate information as quickly as possible, leading to reduced write-offs, payment plan administration, and more.
Staff are free to focus on your mission
These chores are time consuming and often do not contribute to employee satisfaction or advance your cause.
Simple Fractal is one of the most experienced RPA companies addressing these workflows. Contact us to learn more.
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