Zotec’s game-changing guarantor outreach system is helping healthcare organizations collect more while improving patient satisfaction
In 2023, Zotec Partners focused on ways to maximize money collected while improving overall patient satisfaction for our clients. This was key as new challenges and outside pressures continued to run rampant.
When developing technology that met our clients’ needs, Zotec considered the changing economic environment. We took into account new healthcare regulations and restrictions, less effectiveness from collection agencies, and limited patient accountability and ability to pay. Compliance and security also remained front and center in everything we continue to do, as proven by our SOC-1 and HITRUST certifications.
Over the past year, Zotec managed over 120 million medical encounters for more than 25,000 medical providers. We also launched a new disruptive solution that simplified patient payments. Our people worked hard to ensure our existing revenue cycle management (RCM) processes and technologies continued to evolve. Due to all this, we drove our mission to improve the way healthcare works for everyone.
Zotec’s new ZiGO (“Zee-Go”) solution is designed to create compassionate patient experiences and optimize provider collections
Zotec Partners, with its culture of innovation in healthcare revenue cycle management, introduced a revolutionary guarantor outreach approach in 2023. ZiGO, the Zotec Intelligent Guarantor Outreach, is optimizing patient billing and creating more satisfied patients as part of Zotec’s proprietary, end-to-end revenue cycle management platform.
ZiGO goes outside of a traditional billing approach. It applies intelligent algorithms and models, based on historical trends and data, and allows Zotec to approach outreach in a patient-centric way. Instead of following a pre-determined set of steps, or the traditional linear approach for all patients, ZiGO uses AI technology to leverage historical trends and data from Zotec’s 185-million patient transactions. This helps us determine the optimal outreach and next best action for each patient. We apply all learning to future outreach and continuously improve and optimize patient billing.
We’re proud to announce that leading healthcare organizations like Atlantic Health System, Quantum Radiology, Sound Physicians, and Radiology Associates of North Texas have already implemented ZiGO. After using ZiGO for just six months, our client base is experiencing a positive impact. Some metrics include increased daily guarantor payments up to 30%, increased revenue by over 20%, increased payment plans by over 400%, and increased google reviews by over 80%. ZiGO also significantly increased patient satisfaction scores for our clients. That’s a lot of positive increase in a short amount of time.
Reputation management efforts show proven increase in client and patient satisfaction
Zotec’s client reputation management offering (as part of ZiGO), shows we’re creating a more satisfied client and patient base. As of December 2023, our Client Net Promoter Score (NPS) is 46. The score is an 8-point increase from 2022 and 39 points higher than the Qualtrics industry benchmark for B2B Financial Services. Our annualized Patient NPS is 36, a 42-point increase over the Qualtrics benchmark for Consumer Payments. We have successfully sustained this level of performance for several years.
Zotec’s continued technology investments center around RCM optimization technologies using AI and machine learning
By taking a preventative approach to billing, Zotec minimizes unnecessary patient friction in the process. Our insurance coverage Detection services (Z-Check) and intelligently timed claim holds (ZiTCH) assist in reducing a patient’s deductible before we activate ZiGO. These two solutions have long been a cornerstone in the Zotec solutions suite. Zotec continued to make new solution enhancements to these, with AI and machine learning additions in 2023. Doing so ensured that we continued to simplify the billing process, optimize revenue for our healthcare clients, and create compassionate experiences for their patients.
Z-Check, Zotec’s Coverage Detection Service, updates denied or true self pay claims that have inaccurate or incomplete insurance information. It works by finding patient matches in Zotec’s successful adjudication database, thus reducing friction that leads to bad debt. We use powerful technologies to automate this process, speeding up the revenue cycle and providing our healthcare clients with optimal allowed reimbursements. Last year, we made matching algorithm improvements to Z-Check. These changes resulted in $279 million of open AR resolved for our clients, reducing their bad debt by $223 million, with just under $50 million in total payments.
ZiTCH (Zotec Intelligently Timed Claim Holds) maximizes both patient experience and provider reimbursement. It does this by reducing providers’ reliance on self-pay collections to receive contractually obligated payments. ZiTCH reviews claim info and gives the claim a score based on how likely it is to be adjudicated as a patient deductible. If the score meets the thresholds criteria, it holds the claim for up to 32 days from DOS. Last year, ZiTCH reduced over $200 million in bad debt for our clients across the board.
“Many of today’s RCM companies aren’t making investments or looking at disruptive ways to improve the way billing works for patient consumers. Because of this, increased medical debt and patient suffering is exacerbated in an already-flawed healthcare system,” said David Law, Chief Client Officer of Zotec. “Zotec is revolutionizing the industry by placing patients at the center of their financial health. As we look forward to 2024, we’re thrilled to continue our work with healthcare organizations, to improve patient outreach with superior billing experiences. Join us on this compassionate, groundbreaking journey to improve the business of healthcare.”
Zotec will exhibit at multiple conferences across the U.S. to connect with healthcare organizations and discuss ways they can optimize their revenue and boost patient satisfaction in 2024. To learn more about Zotec, visit www.zotecpartners.com.