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Revenue Cycle Management Software Helps Hospital Improve Collections
HealthWare Systems Blog
Revenue Cycle Management Software Helps Hospital Improve Collections
Posted on Wed, Oct 16, 2013
One financial area that is particularly difficult for hospitals to manage is self-pay collections. Botsford realized that by not actively managing its patient pay program, it was leaving a lot of money on the table. Despite the fact that patient pay accounted for about 15% of gross accounts receivable, Botsford was not addressing it as a major pay category.
That changed in 2009. Looking at its disjointed tools and programs, which were missing key elements of self-pay management, such as payment estimation, online payment collection and posting, Botsford decided to change its approach from avoiding self-pay to actively engaging the self-pay patient.
The first thing it did was look at what technology was available to simplify the self-pay process. After checking the pulse on a number of healthcare technology solutions, Botsford determined that HealthWare System’s ActiveWARE software was the right point-of-service (POS) collection solution for them.
Botsford was impressed with ActiveWARE’s ability to offer real-time insurance eligibility verification, patient payment estimations, and POS collection processing tools. In addition, because Botsford could integrate the revenue cycle management solution into its existing workflow management based in McKesson’s core system, the hospital was able to meet its goal of addressing self-pay management head on.
Currently, Botsford uses ActiveWARE for all elements of self-pay management. The tool is critical to Botsford’s point of service POS collection strategy and is used in all access areas and to date has helped the hospital decrease uncompensated care to a low of $22 million in 2011, increase POS collections from $400,000 in 2009 to $1 million in 2011, and support self-pay management process improvements, particularly in the Emergency Department.
Read the case study and find out more about how Botsford Hospital improved its self-pay management with ActiveWARE.