In the face of increasing healthcare costs, patients are bearing a heavier financial burden. According to a report by TransUnion Healthcare, patient financial responsibility increased by 11% in the last 5 years alone. This has created significant challenges for healthcare providers when it comes to managing unpaid patient balances, affecting revenue streams and causing significant cash flow problems. In response to these challenges, a new approach has been developed that is revolutionizing the patient payment experience – dynamic guarantor outreach in medical billing.
What is Dynamic Guarantor Outreach?
Dynamic guarantor outreach is a revolutionary approach to medical billing that uses intelligent automation to communicate with patients and guarantors in real-time. The system uses advanced algorithms to analyze patient and guarantor data, identifying which accounts are most likely to result in unpaid balances. It then sends personalized communications to patients and guarantors with clear payment instructions, reminders, and payment options.
How Does Dynamic Guarantor Outreach Work?
Dynamic guarantor outreach systems analyze patient and guarantor data to identify accounts that are most likely to result in unpaid balances. From there, personalized communications are sent to the patient and guarantor with payment options, reminders, and clear payment instructions. The communications can be delivered through various channels such as email, text messages, print statements, and phone calls. The advanced algorithms ensure that patients and guarantors only receive communications that are relevant to them, improving the patient-payment experience and reducing the frequency of missed payments.
Zotec’s ZiGO technology does this for its healthcare clients and much more. With Zotec’s Intelligent Guarantor Outreach, email launch and discovery occurs at the onset of guarantor outreach to make sure patients are matched and identified. Once a patient is found, ZiGO sends one email to the patient notifying them of their medical bill. After completing a superior payment process, ZiGO also prompts patients to leave a positive online Google review about their experience via text or after making a payment in the patient billing portal.
What Are the Benefits of Dynamic Guarantor Outreach?
Dynamic guarantor outreach has several benefits for healthcare providers. Firstly, it can significantly reduce the number of unpaid balances, improving the bottom line. Secondly, it reduces the time it takes to receive payment for services rendered, which can improve cash flow. Thirdly, the system provides patients with a better payment experience by delivering personalized communications that are clear and relevant to their specific needs. This can increase patient satisfaction and retention rates.
In conclusion, dynamic guarantor outreach is a revolutionary approach to medical billing that is improving the patient payment experience while providing significant benefits to healthcare providers. By using intelligent automation to communicate with patients and guarantors in real-time, healthcare providers can reduce the number of unpaid balances, improve cash flow, and increase patient satisfaction. As healthcare costs continue to rise, dynamic guarantor outreach is an essential tool that healthcare providers can use to stay ahead of the curve and remain financially viable in a challenging market. To learn more about ZiGO, Zotec’s dynamic guarantor outreach solution, schedule a demo here.
