Boca Raton Regional Hospital is a 400-bed acute care facility in Florida. A private, not-for-profit hospital, its patient population skews older, with 70 percent of the patient mix on Medicare, and another 27 percent on managed care plans. Only 2 percent are uninsured and 1 percent qualify for Medicaid.
Can a hospital increase cash flow without compromising patient satisfaction?
Like many hospitals, the current economic crunch has resulted in declining patient volumes. “That means more and more it’s so important for us to look at patient satisfaction,” says Veronica Small, patient financial services director at Boca Raton. When patients evaluate what constitutes quality care, they look at the “whole continuum,” she says, which includes not only clinical care but also patient financial service touchpoints: “payment processing, point-of-service collections, and that statement in the mail that tells them how much they may owe.”
Boca Raton wanted to increase its cash flow and decrease its account receivable days, but not at the price of patient satisfaction. Whatever the solution, it had to be convenient to patients. It also had to increase convenience to PFS staff internally, making it easier and therefore more efficient for them to collect at point-of-service.
Before this project, Boca Raton used a centralized credit card processing workflow that was so cumbersome it resulted in missed opportunities to collect fees and charges at initial patient touchpoints. The cold reality in today’s healthcare finance world is that “patients need to pay up front,” says Small. “We need to get paid and we need to get it the right way.”
What Boca Raton would not accept is an increase in its infrastructure. Whatever the solution, it could not mean adding hardware or software that the hospital’s IT organization would have to purchase or maintain. The hospital selected RelayHealth’s RelayAccount product, an online solution that appeared to solve the internal challenges, but would it find acceptance by the patient community?
Revolutionizing Point-of-Service Collections
Read this case study to find out how Boca Raton Regional Hospital and RelayHealth:
- Increased total online payments
- Increased the overall number of payments
- Increased the number of collection points from 10 to approximately 40
- Improved account transparency for patients
- Enhanced reporting capabilities
- Cut operating costs by reducing FTE headcount
Chief Content Officer, insidePatientFinance.com