How to Create a World-Class Financial Service Center
4:00pm - 5:00pmTuesday, March 6
Las Vegas - Venetian Convention Center
The shift to consumerism has caused patients to become more engaged in their own care, and because they are now also purchasers, they view the financial interaction as a critical element of their experience. One negative financial encounter could overshadow an otherwise positive patient experience and adversely affect the perceived value.
Learn how Yale New Haven Health (YNHH) implemented a patient engagement strategy that went beyond patient self-service tools and focused on empowering staff to be efficient and consistent in their interactions with patients. Staff also used real-time data and insights for insurance coverage to provide patients with financial counseling and compassionate billing.
Building a pre-service financial center for patients has allowed YNHH to move patient billing to the front of the revenue cycle process to drive revenue and increase patient satisfaction scores. You will also learn how engaging a Patient Advisory Council can bring great value.
Explain how to increase front-end revenue cycle by engaging patients in early conversations about their out-of-pocket cost for care through real-time insights into their co-pays, co-insurance and deductibles, based on their unique benefit plan
Identify ways to educate and empower employees with consistent and efficient practices that allow for an automated process of the collection of patient fees that reflect any negotiated contracts that the health plan has with different providers
Define the key elements of a patient engagement strategy that will increase patient satisfaction through price transparency and self-service payment options
Illustrate the necessary components of a patient self-service portal to make it easy to navigate and provide a price that is inclusive of all costs to the consumer including hospital, physician, ancillary, and pharmacy