The Becker’s Hospital Review Annual Meeting in Chicago this last May included a discussion on commonly overlooked revenue sources in healthcare. And while this was a meeting focused mostly on large enterprise healthcare organizations, many of the discussion points should resonate with health systems and practices of all sizes.
Becker’s Hospital Review posted a quick recap of the session with this interesting quote from Vince Pryor, CFO of Edward Hospital:
“I don’t think you can go into a revenue cycle and not find at least 1 or 2 percent,” said Pryor. “There’s always something you can work on”.
Scott Christiansen, president of CCO Healthcare Partners, shared this as one of his tips for finding new revenue sources:
Consider automated voice messaging for appointment reminder, marketing and payment reminders.
Many of you who follow the TeleVox Blogclosely have already adopted automated notifications for your appointment communications. But have you applied that same technology to your payment reminders? Alegent Health sees $74 in return for every $1 they spend on automated payment reminders. There has been a 26% increase in monthly collections, with 55% greater ROI than their previous strategy that relied heavily on mailed statements.
For those of you who have a relationship with TeleVox with more of a marketing focus (attracting patients through your website, etc.), have you considered adding automated voice messaging as a part of that marketing mix? Many TeleVox clients are seeing strong return this time of year on notifications about patients’ use of end-of-year benefits. A simple reminder about unused benefits is an effective way to grow appointment volume in December.
Automated voice messaging continues to create more buzz at industry conferences and among healthcare’s thought leaders. Have you made the most of this technology in your office? Have you found your “1 or 2 percent”?