RCM Firms: Rev Up Results with Technology That Delivers a Better Patient Financial Experience

HFMA Annual Conference

We’re headed to the HFMA Annual Conference in Denver this week, where the agenda showcases top health industry leaders on topics ranging from leveraging data analytics for improved finances to driving patient financial engagement while reducing cost to collect.

The common denominator? Technology is the linchpin for driving innovation and performance.

It was just a few years ago that the president of HFMA warned that the industry was lagging far behind consumer and industrial companies in using automation and technology. That gap remains distressingly true today for many revenue cycle management (RCM) companies—and by extension, their provider clients—when it comes to patient financial communications and payments.

According to the March 2021 InstaMed Consumer Healthcare Payments Survey,

  • 75% want e-statements from providers
  • 85% prefer an electronic payment method for medical bills

Yet 93% of providers still rely on manual and paper-based transactions to collect patient payments.

This disconnect is hurting the RCM firms’ ability deliver a satisfying patient financial experience, which in turn negatively impacts payments and thus provider revenues and cashflow.

Meeting patient communication expectations

Cloud-based customer communications management (CCM) software can empower RCM firms to leapfrog to state-of-the-art patient bills and other financial communications, including much-in-demand email and texting. RCM firms can compose, customize, update, distribute, track, report on and archive print and digital communications with a single secure, HIPAA-compliant system such as Nordis’ patented Expresso® CCM platform.

Taking back control

Another key value of CCM technology is having the ability to control the communications process so the RCM provider is not held hostage to print vendor delays in making needed content and disclosure changes. One Nordis client said, “Considering the pace and competitive nature of this industry, I need to be in control. Waiting on someone else does not work.”

What’s the big deal? Here’s what another RCM client said: “New letters can be implemented in 24 to 48 hours and any subsequent edits can be done in minutes. That compares to 30 to 60 days just to get letters set up with other vendors.”

Improving client responsiveness

This control means better service for provider clients.  After all, healthcare providers don’t want excuses for  “why” a new letter or content change is delayed. They just want it to happen ASAP. With patients now paying more of the bills, time is of the essence for collections.

CCM can even solve issues related to institutions changing lockboxes, where scanlines on remittance coupons can be quickly reconfigured as needed.

Boosting operating results

A powerful CCM platform automates, simplifies and streamlines the process of developing and distributing communications. Replacing time-consuming, manual processes with digital technology and automation ignites productivity and efficiency. As patients switch to digital options, companies can reduce spending on paper, printing and postage, too.

Accelerating new-client onboarding

CCM technology makes onboarding fast and easy, setting the tone for the entire client relationship. Using Expresso®, one RCM client has gone live with new providers in as little as a week. That implementation includes customized documents featuring each hospital’s logos and designs and personalized patient messaging.

Essential CCM features

Not all CCM systems are alike. Check for key functionality that can strengthen operating efficiency while delivering a better experience to provider clients and patients:

  • Omnichannel delivery ensures the customer experience and messaging are consistent and seamless across all channels–digital, in-person, print and agent-assisted.
  • Real-time access to patient communication records improves customer service and responsiveness.
  • A flexible archive helps determine which documents to preserve and for how long.
  • Tracking and reporting on KPIs gives current information about delivery, mail returns/email bounces, email open rates, and other key metrics.
  • A cloud-based platform provides teams with easy access and no on-premise software to host and maintain.

With Nordis, RCM clients benefit from a CCM system integrated with print and electronic production. This end-to-end solution makes it fast and easy to execute and coordinate all print/mail, email, and text communications.

Providers also can get the same benefits by partnering directly with a CCM vendor. See our recent press release on TD Bank and Nordis Technologies collaborating to deliver a fully integrated patient billing and payments solution for Hackensack Meridian Health, New Jersey’s largest and most comprehensive health system.

To learn more about how our patented Expresso CCM platform can give you a competitive edge and help deliver better patient satisfaction and financial performance, reach out to us during HFMA to schedule a consultation.