REVENUE CYCLE ANALYTICS SOLUTIONS
“With Connance, we’ve been able to reduce our costs, decrease our aging and be more effective because of the smart user interface and the tools Connance provides. It’s a strategic relationship for us. They have a vested interest in our success. They are attuned to our situation and continually help drive improvement.”
– Ryan Thompson, VP Revenue Cycle, CHRISTUS Health
Patient Pay Optimization
Engage patients before they arrive for treatment.
Powerful patient engagement. Superior patient financial experience. Enhanced financial performance.
- 10 to 20% increase in first year cash yield
3 to 5% increase in subsequent year cash yield
- Reduce cost-to-collect by up to 20%
- Reduce collection costs up to 20%
- Reduce bad debt by up to 30% while increasing community benefit
As a result of the continuing shift to high-deductible health plans, both in employee sponsored plans and in the Exchanges, there has been a rise in patient deductibles and liability after insurance. Historically, patient responsibility was about 8% of A/R, today the national average is 19% and it is likely to rise to as much as 30%. This shift has had a negative impact on net income and cash flow for hospitals and created a critical question for them, “How can I balance collecting more from my patients while maintaining my patient’s satisfaction?” Operating in this new environment, providers are increasingly recognizing that patient pay is a unique financial class and needs be addressed in new and different ways.
Connance Integrated Patient Engagement is a robust multi-modal patient engagement program whose turnkey package uniquely combines analytics, staff augmentation, digital and telephonic outreach, a payment portal, and financing options to drive cost-effective patient collections anywhere, anytime.
- Advanced Propensity to Pay
- Presumptive Charity
- Integrated Patient Engagement
- Portal & Payment Plan Optimization
Predictable. Productive. AR Management.
Stay ahead of the Accounts Receivables (A/R) curve with the only solution that unleashes breakthrough productivity in claims follow up by combining the insights and tools required to create analytically-driven workflows.
In today’s environment of shrinking reimbursements, the rising cost to collect, and constantly changing payor rules, healthcare providers are facing a new epidemic: 9% of all submitted claims are denied costing the typical health system roughly $5 million per year. Managing and preventing denials has become a strategic imperative for healthcare organizations.
Stay ahead of the A/R curve with the only solution that unleashes breakthrough productivity in claims follow-up by combining the insights and tools required to create analytically driven workflows with powerful reporting to measure results and uncover improvement opportunities.
The Reimbursement Optimization suite includes:
- AR Manager
- Denial & Underpayment Analytic
- Claims Statusing
- 10 to 25% reduction in unnecessary denial and underpayment follow-up
- 1 to 3% net to cash improvement
- 12% backlog reduction
- Up to 42% reduction in A/R days
- Up to 165% improvement in FTE efficiency
- 75% Write off reduction
Know the score. Ensure invoice integrity. Achieve a healthy bottom line
Improve agency results through an independent scorecard and benchmarks offering instant insights into agency performance and activity, automated invoice verification and a view into inventory status and liquidation.
In today’s environment, health systems are facing declining revenues and reimbursements, the increasing complexity of cash recovery and rising patient balances are reducing the ability for revenue cycle teams to keep up. They are increasingly relying on third-party collections agencies to cut costs and drive cash collections. Because this approach has proven to be effective, most smart revenue cycle teams are employing multiple agencies with increasing specialization. The rise in the number of agencies increases the complexity of agency management. Achieving improvements in collections and patient satisfaction is difficult when a provider is solely reliant upon information provided to them by the agency. Agencies are an extension of the business office and touch patients every day. It is critical to have trust in this relationship but the basic structure and lack of shared information often puts providers at odds with these important agencies.
Connance Agency Manager delivers healthcare organizations a workable scorecard into the collection agency activity and performance; invoice verification technology to ensure commission accuracy, and reconciliation tools to show accounts being worked by the correct vendor and helping to avoid accounts falling through the cracks.
- Performance Analytics: Instantly gauge and compare agency performance, use data to drive performance improvements, monitor activity details and gain insights into the entire account inventory.
- Invoice Verification: Automate the audit of agency invoices providing validation of transactions and the commissions to be paid.
- Communication Portal: Avoid the loss of requests, help patients resolve their accounts and create an audit trail of approvals
- Structure agency requests for approval through a consolidated work list
- Performance Coach: Utilize Connance’s analytics experts to identify areas for performance improvement and agency network change.
- Connance’s Connected Agencies: Gain seamless access to the services of more than 90 connected agencies. This access greatly reduces implementation hassles and adds sophistication to the network design.
- Increase agency collections by 10-15%
- Reduce invoice errors by 3-7%
- Increase productivity by .5-1 FTE per business office