Are You Considering Expanding Into Patient Communication Services?
For healthcare suppliers such as RCM companies and clearinghouses, shrinking margins from traditional services has created the need to expand services elsewhere. One such opportunity is the addition of print and digital patient communication services.
Not only could a new service offering in patient communications make up the earnings shortfall, it is also a great opportunity to be positioned as an innovator, providing valuable business services and tangible benefits, such as reduced revenue cycle times.
The healthcare industry as a whole is suffering from increased complexity and performance challenges driven by “shifts in payment responsibility and bad debt, changes in payment requirements and heightened administrative burdens (McKinsey, 2019).”
So, why aren’t all RCM companies and clearing houses expanding into patient communication services?
There are several legitimate reasons for caution when it comes to expanding into patient communications. What’s most likely to be holding providers back, is the complexity of managing data and document composition in line with strict regulatory and security requirements, as well as concern around their inability to achieve this at scale.
Let’s take patient statements as an example. The distribution of statements is a critical touchpoint. Without a statement, patients are often unsure of the exact amounts due, especially taking into account the complexity of co-payments, fund approvals, claim rejections, etc.
Although it’s a vital touchpoint in the bill-to-payment journey, the ability to produce patient statements at scale is both complex and risky, especially considering the consequences of non-compliance.
Outsourcing means speed to market and less risk
Outsourcing is a great option for RCM companies and clearinghouses that are keen to add more value to their existing client base, and want to offer a quick win to clients, through the addition of a communication service.
An outsource partnership means speed to market and less risk in that the partner takes care of integration issues, compliance audits and certification. Opting for a proven SaaS solution also results in a lower capital outlay.
The right outsource partner is one that keeps pace with leading technology, ensuring that digitization and automation are prioritized to reduce inefficiency and manage resources optimally.
Outsourcing to the experts means leveraging years of expertise in design & development, ensuring a great patient experience and compliance with regulations.
In addition, an outsource partner should offer services across the full range of communication channels, allowing patients to choose how they want to receive their statements.
While more than 70% of patients today say they prefer digital communication (Accenture 2019), the ideal partner will offer efficient print and digital services, and be able to share a roadmap towards achieving a fully omnichannel communication capability.
Partnering with Doxim enables you to deliver a modern patient experience, within a secure and compliant patient communication framework.
Talk to us about our Patient Statement solution
Regional Vice President, Utilities and Healthcare at Doxim.
Jason has 22+ years of experience serving a diverse array of industries, across a wide range of print and digital communication technologies. Prior to joining Doxim in July 2020, he was a Senior Client Services Manager at Taylor Communications.
In his current position as Regional Vice President, Utilities, Jason is focused on developing long-term client relationships to facilitate account growth and expedient conflict resolution, He retains a key interest in communication management in other regulated industries, such as the Healthcare sector.