As patients begin to request price quotes for hospital services more frequently, there may be several advantages to honing in on more efficient patient charge estimates, according to a case study from Craneware (pdf).
St. Joseph Hospital, a 112-bed hospital in Bangor, Maine, experienced an increased volume of price quote requests from patients, and hospital officials decided to improve its patient estimates. The hospital noted five main benefits from enhancing the process.
1. Increased patient satisfaction. As patients are given a more thorough and accurate range of costs, their views and satisfaction of the hospital are enhanced, according to the study.
2. Simplified price quote processes. A phone number used strictly for patient price quoting and automated processes streamline the workflow for hospital employees and ensure that patients' requests do not get left behind.
3. Improved cash flow. Setting advanced expectations on pricing could expedite upfront collections, which ultimately improves the hospital's cash flow and reduces bad debt.
4. Better prepared patients when financial obligations are due. Utilizing an improved patient charge system could help self-pay and emergency co-pay patients, who could receive an advance notice of costs so they know their financial obligations beforehand.
5. Reliable audit trail. Just like an electronic medical record, an automated patient charge estimator can leave notes and details about the process in case patients ever question the price later.
St. Joseph Hospital, a 112-bed hospital in Bangor, Maine, experienced an increased volume of price quote requests from patients, and hospital officials decided to improve its patient estimates. The hospital noted five main benefits from enhancing the process.
1. Increased patient satisfaction. As patients are given a more thorough and accurate range of costs, their views and satisfaction of the hospital are enhanced, according to the study.
2. Simplified price quote processes. A phone number used strictly for patient price quoting and automated processes streamline the workflow for hospital employees and ensure that patients' requests do not get left behind.
3. Improved cash flow. Setting advanced expectations on pricing could expedite upfront collections, which ultimately improves the hospital's cash flow and reduces bad debt.
4. Better prepared patients when financial obligations are due. Utilizing an improved patient charge system could help self-pay and emergency co-pay patients, who could receive an advance notice of costs so they know their financial obligations beforehand.
5. Reliable audit trail. Just like an electronic medical record, an automated patient charge estimator can leave notes and details about the process in case patients ever question the price later.
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