“Patient financial responsibility in the healthcare industry is becoming an explosive problem, considering nationally only 19 percent of the $400 billion in annual patient responsibility is ever paid,” begins Christopher Wolfington, CEO of FinPay, LLC. The lack of pre-care engagement to provide transparency and education to patients on their financial responsibility for care remains the leading cause of this problem, resulting in a negative and frustrating financial experience for the patient and increased bad debt for the healthcare provider. The current reactive collection models do nothing to solve the problem and only aggravate patients while increasing costs throughout the entire healthcare ecosystem. Experts predict that the shift of costs from insurance companies to the consumer will continue and soon the patient will be responsible for 25-30 percent of the overall cost of care. Wolfington says, “Considering health care providers already work on slim profit margins, many providers face insolvency if they don’t take action today to solve this problem.”
Pennsylvania-based FinPay taps this complicated niche through its pioneering solution that brings transparency in patient financial responsibility by initiating timely pre-care communication and engagement. FinPay has crafted a smart platform using a pre-care model that leverages the power of artificial intelligence & analytics to target & segment patients by situational risk coupled with engagement filters which determine which patients receive an automated experience and which require high touch engagement and counseling via phone or face-to-face. With a risk stratification model at its core, the platform helps providers to segment patients based on situational risks that routinely cause bad financial outcomes for the provider. This segmentation allows for the educational curriculum, payment rules, payment options, policy considerations, exceptions, and thresholds to be tailored to each identified situational risk.
FinPay’s educational curriculum includes healthcare financial literacy, health benefits review, managing expectations on the billing & claims process, and cost-saving strategies to name a few. Focusing on providing the best possible financial experience, with pre-care patient education at the core, is the only way to truly make patient financial responsibility digestible and affordable for the patient. FinPay delivers this enhanced financial experience through a staffing model with FinPay certified payment specialists or a training model where FinPay trains the provider’s current staff.
Having integrated FinPay’s solution into their patient financial management strategy, several providers have witnessed colossal improvements in patient payments and patient satisfaction, as evident by the collection of over 50 percent of patient financial responsibility before the patient even walked through the door and 78 percent or more overall.
FinPay has crafted a smart platform using a pre-care model that leverages the power of artificial intelligence & analytics coupled with engagement filters that determine which patients receive an automated experience and which require high touch engagement
Recently, FinPay partnered with Recovery Centers of America, which operates in the behavioral health space, to address their growing problem with patient financial responsibility. Prior to FinPay less than 2 percent of patient financial responsibility was paid prior to care and only 16 percent overall. FinPay’s solution resulted in a 600 percent increase in pre-care payments and their client achieved an ROI of a whopping 946 percent.
Having witnessed tremendous success in the broader adoption of its solution by providers across acute care, specialty pharma, physician networks, and behavioral health, FinPay has recently announced the release of their solution for employers and payers so pre-care engagement, education, and automated payment options can be delivered as an employee or policy holder benefit. FinPay has clearly become the leader in pre-care payments and patient engagement.