It’s always exciting to hear stories from practices that experience quantifiable success after automating notifications to their patients.
Here’s yet another example of engagement in action, where Mountain View Medical Group in Colorado Springs, CO has seen a significant reduction in mailing expenses after adopting TeleVox’s automated notifications to past due accounts. How significant? They’ve been able to send 19% fewer past due letters at the 60-day mark, representing an annual cost savings of over $14,000!
A comparison of similar three-month periods before and after adopting TeleVox notifications showed a significant reduction in mailing expenses for the practice.
Pre-TeleVox Strategy (April-June 2014)
After sending two statements to patients to encourage them to make payment, a past due letter was mailed to those patients that continued to carry a balance. At an estimated all-inclusive cost of $10 per mailing, the practice spent an estimated $18,410 during April-June 2014. This equated to an annual investment of $73,640 in past due letters.
TeleVox Strategy (April-June 2015)
The practice’s new strategy involved an automated phone call to each account at 45 days past due. These notifications resulted in 357 fewer 60-day past due letters that the practice sent to patients with outstanding balances – a 19% reduction from pre-TeleVox figures. This resulted in a three-month savings of $3,570 and an estimated annual savings of $14,280.
The practice attributes part of the success of the TeleVox notifications to an implementation that takes full advantage of the solution’s functionality while properly leveraging staff resources. TeleVox calls offer patients the ability to immediately make payment by pressing their phone keypad. Because of this feature, calls go out during business hours when staff is available to handle payments and any questions from patients. These calls are spread across Tuesday-Thursday to help the team manage inbound responses.
Are there opportunities to reduce mailed letters or statements in your practice? Click HERE to learn more about how to connect with past due accounts through automated messaging.