The financial stability of the healthcare industry depends on managing patient financial responsibility.
(Kaisar Family Foundation)
(The National Center for Health Statistics)
Total out-of-pocket health care expenses are predicted to surpass $459 billion by 2022 (Center for Medicare and Medicaid Services, Office of The Actuary)
Most healthcare providers, including our clients, have had Accounts Receivable and collection processes in place for decades. Patient financial management is not a collection problem so expanding collection efforts is not the answer. Post-care strategies will never solve the problem; they only damage your brand image.
“A post-care patient financial management strategy creates profit leaks in your business plan”
– Patient Financial Management Institute
88.1% Patient Financial Responsibility Collected
62% of Patient Financial Responsibility collected “prior” to care
100% Compliant with Consumer Protection Laws
Robust patient payment analytics
Patients routinely thank us for the experience!
It seems everyone in healthcare today is talking about re-thinking their Patient
Financial Management strategy and the need to manage patient financial responsibility more effectively.
FinPays’ solution will deliver on three primary objectives:
All of these can be achieved by implementing strategies that engage healthcare consumers in a more effective way.
FinPay enhances the patient financial experience by providing the education, transparency, and payment options that make patient financial responsibility digestible and affordable to the patient.
Proprietary tool that reveals the common patient situations that cause financial risk and bad outcomes for the provider.
Financial Clearance Policy Builder
Proprietary tool for creating financial clearance policies and rules engine that target and segment high-risk patients.
Patient Financial Management Playbook
Workflow tool that maps financial clearance policies and rule engine to the educational curriculum, payment options, and scripting for each risk class.
Pre-Care Patient Engagement
FinPay’s Engagement Filter will determine which patients receive an automated engagement experience and which will receive a high-touch engagement with a FinPay Certified Payment Specialist. Our team is trained in healthcare financial literacy to educate patients about their financial responsibility, cost saving strategies, insurance benefits, and preauthorized payment programs. Staffing and training models are available.
Payment Program Automation
Patent-pending “set it and forget it” payment automation. Platform originates, manages, and automates all payment program types.
Consumer Protection and Compliance
Digitally capture and store all required CFPB documents and authorizations.
Patient Financial Management Analytics
Robust reporting and analytics provide a clear line of sight along with actionable intelligence to adapt your patient finical management strategy in real-time.
Income Verification and Capacity To Pay Reporting
Proprietary consumer reporting tool utilizing actual internal revenue service tax filings to verify income for charity care eligibility and capacity to pay scores to drive our automated rules engine.