Revenue cycle management (RCM) growth trend is valued at $47 billion in 2017, and expected to experience an 11.8% compound annual growth rate from 2018 to 2024.
Healthcare leaders are looking to RCM to control increasing patient payment rates (expected to grow to $515 billion in 2019), revenue loss due to bad debt, new government regulations, and increase adoption of EHRs.
Meeting these requirements can present complex challenges. Simplee is helping health system executives simplify the process of building out their revenue cycle. Simplee’s consumer-centric, patient payment platform consistently helps the largest health systems reach higher levels of patient satisfaction and achieve better financial performance.
Here are seven steps to simplify the journey to revenue cycle success:
1. Use innovative technology
New technology like automation, AI, and predictive analytics are pushing payment services forward and enabling organizations to take action on every account. Choosing a vendor who is leading the innovative challenge in revenue cycle is paramount.
For example, Simplee’s pre-service Access Platform platform addresses patients’ propensity to pay by providing self-service estimation, check-in, and payment services that are consumer-centric, intuitive, and personalized to the needs of the individual.
By enabling healthcare providers to engage with patients earlier — before they set foot in an office — Simplee Access helps increase collections, patient throughput, and satisfaction while reducing staff workloads and enhancing the accuracy of patient registration data.
2. Get expert guidance
A recent survey revealed that 80% of hospital leaders were vetting or considering outsourcing full RCM by 2019. Highlighting the increased demand for revenue cycle outsourcing — 18 percent of hospitals implemented a full RCM outsourcing project in 2018, compared to 11% three years prior.
Two major hospital networks, Kettering Health Network and AdventHealth, show how partnering with Simplee can transform patient billing.
With AdventHealth, Simplee designed a system that provides patients with a single bill for all services and that clearly identifies patient payment obligations with multiple payment options. Engaging patients at pre-service through post service self-service payments, AdventHealth’s results have been nothing short of remarkable.
Likewise, Kettering Health Network partnered with Simplee to implement an end-to-end patient financial engagement experience that complements their existing Epic EHR. After a 6 month implementation, Kettering immediately saw amazing results with an astounding increase in self-service payments and significant decrease in call center payment volume. Get the stats on their rev cycle program here.
3. Aim for organizational strategic goal alignment
Simplee’s AI and iterative machine learning software model provides partners with key performance indicators, patient satisfaction, financial performance monitoring, and benchmarking for operational improvement. All Simplee partnered providers (like Kettering Health Network) can view reports on their Net Promoter Score (43) and patient satisfaction rating (4.2 out of 5 stars).
4. Scalable, dependable, solution
Hospitals, taking into account changes within the healthcare industry, are looking for the right partner who can help them keep ahead of the curve with a flexible and scalable solution.
Simplee’s patient payment platform has successfully scaled to serve 2,100 hospitals and clinics, 17 million patients with $1.5 billion in payments.
5. Tech that integrates
Providers are under pressure to integrate the key systems in RCM processes, including integrations with EHRs such as Cerner, Epic, Athena, and others. Underlying this need, more than 50% of providers can’t keep up with EHR upgrades or fail to maximize improvements.
Simplee integrates with all the major health information and EHR providers. Notably, in September of 2019, Cerner announced a partnership with Simplee to offer premier patient financial engagement experience for Cerner customers.
EPIC customers like St. Luke’s University Health Network have had incredible success from easy integrations with Simplee, seeing over a 40% increase in patient self-service payments.
6. Reliable, secure service
Protecting the privacy and security of healthcare consumer information as data is shared across transactional websites remains a critical concern for patient billing platforms.
The Simplee platform is one of the most flexible and secure cloud environments available today, offering an extremely scalable, highly reliable platform that enables partners to deploy data quickly and securely.
Simplee supports a wide variety of security features and tools, including compliance with SOC2, specifically designed for service providers storing customer information in the cloud.
7. An accountable vendor you can trust
An important intangible in achieving success in your revenue cycle management journey is developing confidence in your RCM vendor. It’s critical for them to deliver a technically diverse platform that drives revcycle results while meeting patient needs with personalized paths to payment from pre-to-post service.
After rigorous review, the Healthcare Financial Management Association (HFMA) awarded the Simplee platform for Patient Financial Care the “Peer Reviewed by HFMA®” designation. The Peer Review status of the healthcare business solution and its performance claims are based on effectiveness, quality and usability, price, value, and customer and technical support.
What’s more, as the founder of patient financial care, Simplee has continued a strong history of innovation to ensure its customers stay ahead of the consumerism curve. Simplee’s hundreds of customers also heartily endorse its payment platform. From executives at leading providers stating,
“We have elevated billing from a source of frustration to a satisfaction driver.”
to grateful patients across the U.S. – Simplee is creating a patient financial experience you can trust.