Enhancing Healthcare Revenue Cycle Management with Text Messaging and ExpressoPay®
THE CHALLENGE
With provider margins tightening, a prominent RCM firm that provides patient financial engagement and insurance reimbursement solutions to dozens of hospitals and physician groups nationwide sought ways to reduce clients’ costs while improving efficiency. One hot spot: Paper billing and payments.
Traditional mail-based statements were becoming increasingly expensive due to semi-annual USPS rate hikes. What’s more, the RCM firm was experiencing higher days sales outstanding (DSO) for patient bills and reduced cash flow as USPS slowed service and reduced on-time deliveries. In addition, staffing costs tied to 73,000 patient billing and payment calls to contact centers per month were a significant burden.
The RCM company embarked on a strategic initiative to move more patient financial communications and patient payments online. While cost reduction was a big driver, the company’s digital shift also aimed to improve patient financial experience and engagement.
Consumer studies on billing preferences found that 60% want to receive electronic statements, and 25% want a combination of paper and digital. Most patients also prefer to pay medical bills electronically, primarily through online portals and mobile apps. In fact, a whopping 88% of Gen Z and Millennial consumers and 66% of all consumers are willing to pay a bill within a text message, according to Datos Insights.
THE SOLUTION
Already a nearly 10-year power-user of Nordis Technologies’ Expresso® omnichannel customer communications management (CCM) platform integrated with print and mail services, the RCM company was well-positioned to expand to much less costly digital options for the billing process while maintaining high levels of compliance and consistency across communication channels.
With the introduction of Expresso text messaging, 17% of patients immediately opted in to receive text-only communications.
“The business is continuously evolving, so we wanted to add ExpressoPay and text messaging,” said the vice president of RCM operations. “Because we’ve been moving in this direction, having a partner like Nordis that could expand and implement new features along with us is important.”
THE RESULTS
The RCM firm maximized the full benefit of the Expresso platform for managing print and digital channels while catering to each patient’s preferences for communications and payments. In turn, it met key strategic goals:
- Cost savings The company significantly reduced print and mail costs by emphasizing digital communications. After the initial targeted communication announcing the availability of a text messaging option, 17% of patients opted in to receive text-only communications and the number has increased over time. The move also reduced the volume of live agent calls, directly lowering staffing costs, which are the company’s greatest expense.
- Increased patient engagement and payment adoption Incorporating ExpressoPay with Expresso reduced operational complexity, sped up the collection process, and enhanced the patient payment experience. Communicating via text has increased traffic to the portals, supporting the push to reduce reliance on mailed payments. Approximately 40% of patient payments are now made via digital self-service channels, primarily secure provider-branded payment portals. Even when the firm mails statements, it promotes paying online, further reducing call center traffic.
- Improved operational efficiency By combining all communication and payment tools into one platform, the firm integrated multiple elements of its workflow seamlessly and holistically. Expresso enabled the company to implement a “no-print split” strategy, which automatically suppresses paper statements when payments are received via text and other digital means, making the billing process more efficient and eliminating unnecessary printing and mailing costs.
- Better cash flow and margin growth Improved digital payment adoptions, reduced operational costs, and the ability to cycle communications faster have contributed to improved revenue and cash flow and healthier margins. Patients engage with their healthcare provider’s brand through the most comfortable and convenient channel and on their terms, further optimizing collections.
- Client development The successful integration of these technologies allowed the RCM firm to expand its service offerings with existing clients and win new business, including securing contracts with one of the country’s largest regional health systems.
These actions have led to bottom–line benefits and promoted goodwill, as reflected in the firm’s 98% patient satisfaction rating.
BENEFITS
Cost Savings
The company significantly reduced print and mail costs by emphasizing digital communications. The move also reduced the volume of live agent calls, directly lowering staffing costs, which are the company’s greatest expense.
Increased Patient Engagement and Payment Adoption
Incorporating ExpressoPay with Expresso reduced operational complexity, sped up the collection process, and enhanced the patient payment experience. Communicating via text has increased traffic to the portals, supporting the push to reduce reliance on mailed payments.
Improved Operational Efficiency
By combining all communication and payment tools into one platform, the firm integrated multiple elements of its workflow seamlessly and holistically.
Better Cash Flow and Margin Growth
Improved digital payment adoptions, reduced operational costs, and the ability to cycle communications faster have contributed to improved revenue and cash flow and healthier margins.
Healthcare RCM Communications
Expresso® is an intuitive healthcare revenue cycle management communications solution that lets you simplify and automate the process of developing and distributing patient billing and communications. Our cloud-based customer communications management technology seamlessly integrates with our print/mail and digital delivery services to give you unmatched control and flexibility.
Ready to Transform Your Customer Communications?
Experience a whole new way to manage customer communications with the proven Expresso CCM platform.
