In 2015, St. Luke's Health System in Boise fundamentally re-imagined the patient financial journey, creating a personalized experience that offers patients transparency, choice and control over billing obligations while turning bad debt into consistent payments.
St. Luke's has since enjoyed a 38% improvement in self-pay collections by month over the last 16 months and a 21% reduction in cost-per-dollar collected across the revenue cycle. Patient satisfaction has risen from 28% in 2015 to more than 50% today.
• A patient with better financial experience has higher yields, better collections, and a much smaller operational footprint driven by fewer questions and concerns.
• Tools like advanced analytics and concepts like patient segmentation can help health systems understand who their patients are and meet them where they’re at in life.
• Understand the role automation plays in devising personalized financial experience journeys and empowering patients with transparency, choice, and control.