At the Becker's 29th Annual ASC Meeting: The Business and Operations of ASCs, David Law, chief client officer of Zotec Partners, and Lisa Bridwell, client relationship manager at the revenue cycle management company, discussed the importance of a patient-focused approach in revenue cycle management.
They highlighted the need for best practices regarding prior authorizations, eligibility verification and collection at the time of service. They also emphasized the importance of using artificial intelligence to optimize the revenue cycle and improve patient experience. They suggested healthcare providers explore new technologies to create a more patient-focused approach and improve patient experience with reputation management. They also noted that a significant percentage of patients expect a healthcare digital experience similar to what they have with Amazon and Uber.
Key takeaways
1. Zotec Partners is a revenue cycle management company that processes medical encounters and collects payments for clients across the country.
"We process over 120 million medical encounters and collect about $8 billion for our clients across the country," Mr. Law said.
2. Zotec focuses on providing access to data and tools for its clients to accurately predict and manage revenue collection.
"We give our clients access to all the data points that we're collecting on their behalf and give them tools to be able to mine and accurately predict how much money is going to come in the door and what the patient responsibility is going to be," Mr. Law said.
3. Patient financial experience is just as important as the clinical experience, and a poor financial experience can lead to negative reviews and patient dissatisfaction.
"Seventy-five percent [of patients] simply won't pay a bill if it's confusing," Mr. Law said. "... Ninety percent of the patients say their loyalty relies on the patient financial experience and is just as important as the clinical experience that they're seeing."
4. The healthcare industry is facing challenges such as increasing healthcare costs, higher deductibles and the need for a better digital experience for patients.
"Since 2001, healthcare costs increased faster, 3.3%, than costs of all goods and services," Mr. Law said. "... Fifty-nine percent [of patients] expect the healthcare digital experience similar to what they have with Amazon and Uber and Google out there."