NASHVILLE, Tenn.--(BUSINESS WIRE)--Change Healthcare today unveiled a dynamic solution to address some of the most critical challenges faced by providers: reducing bad debt in a growing self-pay environment while markedly improving the patient experience. The Change Healthcare Patient Liability Management solutions suite was developed in partnership with health systems, and combines best-of-breed revenue cycle management solutions with expert advisory and patient engagement services. It is designed to achieve a more synchronized and engaging patient experience, to help increase collections and improve patient satisfaction.
Patient liability is an increasing burden on health systems as out-of-pocket costs continue to rise, and disjointed patient experiences lead to dissatisfaction, reduced payments, and delays in receiving payments. By comprehensively addressing all facets of this challenge, health systems can dramatically improve relationships with patients and help realize greater revenue collection.
“In this era of high-deductible health plans, providers are spending more and collecting less because they feel they need to invest in multiple solutions and costly consultants to close myriad gaps in patient self-pay liability,” said Kelley Blair, senior vice president and general manager, Health Systems & Corporate Revenue Cycle Services, Change Healthcare. “Implementing this suite of solutions will empower providers to improve their revenue cycle operations and create a more streamlined process that will reduce patient friction and provide better coordination for resolving patient balances.”
Halifax Health, a large multi-hospital system, has implemented the solution with great success, realizing more than $69 million of self-pay revenue in the initial phase of implementation. While the primary phase of the project focused on coverage discovery and Medicaid enrollment, the second phase will be concentrated on patient engagement and communications to increase collections and patient satisfaction. This patient-centric model shepherds the patient from financial clearance, price transparency, and coverage discovery through billing and payments. Customized communications help keep patients informed of their liability and payment options at the appropriate times, while keeping a pulse on their levels of satisfaction as they navigate their care journey.
“Like many healthcare providers, we need to find paths to effectively reduce uncompensated care, increase collections, and improve patient satisfaction,” said Steve Mach, director of Patient Financial Services, Halifax Health. “Working in concert with Change Healthcare, our team was able to effectively streamline operations and create synergies between siloed departments. We see this as the path forward to reduce self-pay liability, increase accounts assigned to payer sources, and enhance our focus on patient communications.”
Change Healthcare’s solutions are complemented with expert services and consulting that work with the provider organizations’ teams to provide training, optimize workflows, introduce best practices, and position these teams for future success.
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About Change Healthcare
Change Healthcare is a leading independent healthcare technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes in the U.S. healthcare system. We are a key catalyst of a value-based healthcare system, accelerating the journey toward improved lives and healthier communities. Learn more at changehealthcare.com.