The Patient Financial Experience: A Link to Patient Satisfaction, Payment, and More

© 2015 Simplee All Rights Reserved.

@adractas


Friday, December 4, 201512:00–1:15 pm PST

The Patient Financial Experience:A Link to Patient Satisfaction, Payment and More

https://twitter.com/adractas



@adractas

John Adractas is the Chief Marketing and Growth Officer at Simplee.

John is an expert and frequent speaker on innovation marketing,

engagement, and analytics. He held leadership roles at three venture-

backed enterprise companies in addition to Google. Earlier in his career,

John was a venture capitalist.

He holds an MBA from Harvard Business School and a BA from the

University of Pennsylvania.

Speaker

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@adractas

Gameplan

1. Perspective

2. New model

3. Field learnings

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Credit: J. K

ohl




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© 2015 Simplee All Rights Reserved.4

Credit: happythanksgivingday.xyz

Delivering food vs. creating a dining experience




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Consider...Patient view of their financial journey

Am I making smart choices?

How much WILL THIS COST?

Are these the CORRECT

AMOUNTS?

Is this going to be a hassle?

How will (can) I pay?

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Transaction → ExperienceWrap complexity to focus on “patient success”

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Price / Cost Estimate Post-Servicebill

Point of ServicePre-Service CallEligibility

Check-In

Patient Financial Experience




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Links to payment + loyalty

Source: Longitudinal study of patient satisfaction with billing and payment experience by Connance (Consumer Impact Study, 5th annual, results published Aug 2014, sample size n=500)




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References: BAI = Balance After Insurance1. Kaiser Employer Health Benefits Survey (2014) http://kff.org/report-section/ehbs-2014-section-five-market-shares-of-health-plans/2. The Advisory Board: The Daily Briefing (13 Aug 2013) https://www.advisory.com/daily-briefing/2013/08/13/khn-hospital-bad-debt-climbs-as-coverage-costs-are-shifted-onto-workers

"Hearing from members they are seeing an increase in bad debt and even in charity care for people with high-deductible health plans"

Caroline Steinberg (VP Trends Analysis)American Hospital Association

5x in 8 years

BAI is the new black (I mean RED…)



http://kff.org/report-section/ehbs-2014-section-five-market-shares-of-health-plans/

https://www.advisory.com/daily-briefing/2013/08/13/khn-hospital-bad-debt-climbs-as-coverage-costs-are-shifted-onto-workers


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Creates high expectations

Think “1 click”.... “2 seconds or less” before abandon.

71% consumers report valuing their time is most important thing a company can do to provide good service.

Source: Forrester: “Understand Communication Channel Needs To Craft Your Customer Service Strategy”, March 11, 2013Photo credit: https://www.helpscout.net/blog/self-service/



https://www.helpscout.net/blog/self-service/


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Banking

● 58% prefer self-service banking3

● 35% use mobiles for banking3

Retail

● 100M visit Amazon monthly1

● 66% supermarkets have self-service2

● 25% of all transactions2

Energy

● 71% prefer bills online2

● 69% prefer payment online2

INSIGHTSelf-service already a norm (outside healthcare…)

References: 1. Richter, Felix. “E-Commerce in the United States.” Statista. 30 October 2012. Accessed October 8, 2014. www.statista.com/chart/683/e-commerce-in-the-united-states. 2. Jones, Raymond D. “Maximizing Opportunities at Self-Checkout.” Dechert Hampe Consulting. 2012. Accessed October 8, 2014. www.dechert-hampe.com/images/stories/Opportunities_at_Self_Checkout_120427.pdf. 3. Geffner, Marcie. “Consumers still like online banking.” Bankrate.com. October 9, 2013. Accessed October 10, 2014. www.bankrate.com/financing/banking/consumers-still-like-online-banking.

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http://www.statista.com/chart/683/e-commerce-in-the-united-states/

http://www.dechert-hampe.com/images/stories/Opportunities_at_Self_Checkout_120427.pdf

http://www.bankrate.com/financing/banking/consumers-still-like-online-banking


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Requires trust + convenience, good to do anyway

Case study: Airlines

● Jumped 20% → 80% in 8 years1

● Transformed check-in experience and agent’s role

Reference: 1. Drennen, Hannah. “Self Service Technology in Airports and the Customer Experience.” (2011). UNLV Theses/Dissertations/ Professional Papers/Capstones. Paper 1053. Accessed October 8. 2014. digitalscholarship.unlv.edu/cgi/viewcontent.cgi?article=2054&context=thesesdissertations.

Credit: P

aul Sabelm

an (Flickr)

Credit: Tom

er Shoval

11© 2015 Simplee All Rights Reserved.



http://digitalscholarship.unlv.edu/cgi/viewcontent.cgi?article=2054&context=thesesdissertations

https://www.flickr.com/photos/pasa/5752370842


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All Rights Reserved.12

OPPORTUNITY!Strategic complement to clinical experiencePatient financial experience is...

A. Last impression

B. First impression

C. Common to ALL patients

D. Affects “significant” dollars




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1. Perspective

2. New model

3. Field learnings

Gameplan

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Source: Registered trademarks of Amazon, Inc, Southwest Airlines, Inc, and Vanguard, Inc




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Vision

Empower healthcare consumers with a financial experience

that enables a successful patient journey (+ builds loyalty!)




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Marketing

Revenue Cycle

Patient Experience“Dunning cycles”

Staff driven

Transactional

Painpoint

Integrated engagement

Self service optimized

Convenient “experience”, satisfaction driver

How?




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Let’s shield patients from back end complexity

Source: “Pay a Bill” page via US Bank on Peace Health website as of 28 October 2015




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… and do better than this.

Source: “Pay a Bill” page via US Bank on Peace Health website as of 28 October 2015




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Engagement is like exercising a new muscle...

● Lean culture

● Challenge norms

PROCESS

PEOPLE● Executive passion

● Motivation alignment

● Insight: peers + beyond

SYSTEMS● Bold and clear KPIs

● Supporting technology

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Engage

AlignEmpower● Clean, modern designs

● Consumer friendly billing details integrated into payment

● Unified experience across hospital & physician services

● Pay by any method, any time, any device

● Self directed financing options

● Inline feedback, every payment

● Compelling info, easy access (eg, what do I owe & why)

● Convenient flow: guests + registered users (portal)

● Targeted communications that adapt by stage

Be agile Foster continuous learning around patient success




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Set a high barNew dimensions of success, aligned with patients

Price / Cost Estimate Post-Servicebill

Point of ServicePre-Service CallEligibility

Check-In

PATIENT

STAFF

COLLECTIONS

1. Engage early and adapt

2. Aim for empoweredpatients (think self service!)

ABANDON / WRITE OFF 3. Measure & drive satisfaction

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@adractas

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Source: National survey of “How Consumers Pay” by Federal Reserve of Boston, 2011 https://www.bostonfed.org/economic/wp/wp2012/wp1202.pdfNational survey of Healthcare CFOs and Revenue Cycle Executives by HFMA and Simplee (2014, n=150)

10X

5-10%

>50%

Healthcare bills

Household bills

Self Service Payment Habits

Healthcare opportunity to close gap



https://www.bostonfed.org/economic/wp/wp2012/wp1202.pdf


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1. Perspective

2. New model

3. Field learnings

Gameplan

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@adractas


1. Engage patients and improve satisfaction

2. Create effective, scalable system for billing patients

3. Enable transparency across patient revenue cycle

Leadership matters:Define bold vision for patient revenue cycle

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STAFF ASSISTED● Answer phones● Post payments● Scheduling

Challenge→ Headcount pressure

SELF SERVICE ● Online/mobile payment● Patient driven payment plans

Challenge→ Learning skills, no existing headcount

It’s a balancing act

Borrowing today, tomorrow’s gains




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Re-envision traditional experience

CASE STUDY

Source: Lancaster General Health’s patient statement and online payment portal




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Build trust:Make it easy to be confident along the journey

CASE STUDY

Source: Lancaster General Health’s patient statement and electronic version with friendly details via Simplee platform (images Nov 2015)




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Increase engagement:Create financial journey campaignsCASE STUDY

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Source: Sample engagement emails sent by physician providers at Lancaster General Health to patients via Simplee platform (images Nov 2015)

● Go beyond “pay us now”

● Messaging adapts to stage

● Mobile friendly design

Welcome New BillBill

Reminders

Pre-collection Alerts

Thank you




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Empower patients:Help patients to pay on their own

“Love that it allows you a payment plan option, if necessary!”- Lancaster patient

CASE STUDY

Source: Sample engagement emails sent by physician providers at Lancaster General Health to patients via Simplee platform (images Nov 2015)




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Capture more patients:Give patients flexibility, portal (SSO) + guests

“Very nice and quick and convenient. Kudos for using this method!”- Lancaster patient

“Thank you! Probably would have paid it sooner had I known it was going to be this easy.”- Lancaster patient

CASE STUDY

Source: Lancaster General Health’s patient billing homepage (images Sep 2015)




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Metrics matter: Self-service focus drives satisfaction + more

Source: 2014 baseline analysis from Lancaster General Health (LGH) Rev Cycle team + 2015 payments summary report from SimpleePAY backoffice for LGH

↑122%Self service

(2014 vs. 2015 Y-o-Y)

82%Recommend

(Billing and payment experience)

Single Checkout for Hospital + PhysicianConvenient guest flow, integrated into patient portal too

CASE STUDY




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Net collections increase too

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1

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Source: 2014 baseline analysis from Lancaster General Health (LGH) Rev Cycle team + 2015 payments summary report from SimpleePAY backoffice for LGH

Overall growth $1.6M, self-service up $1.7M

CASE STUDY

↑ 14% growth year over year




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CASE STUDY

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Making it easy captures inbound interest

Source: Memorial Hermann homepage (16 Oct 2015)




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Self service focus can have many benefits

Source: 1. Patient survey after self-service payment on SimpleePAY Comments for question: “How likely is it you would recommend [Leading regional hospital] to a friend or colleague due to your recent payment experience?” (n=12,749, Response rate = 30.3%, Answers range 0 to 10)2. Cost per payment on post service basis, excludes point-of-service transactions. 3. Net collections includes all patient self pay, from pre service to point-of-service to post-service.

↑ 57% Digital self-service

↓ 24%Cost per payment

(Post service2)

↑ 17%Net collections3

“Model implementation”Live system wide in 5 months

12 hospitals, 135K patients, 1,200 staff

41Net Promoter Score

(Billing and payment experience1)

CASE STUDY




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Net Promoter Score

41

1

-45

Source: Patient survey after self-service payment on SimpleePAY Comments for question: “How likely is it you would recommend [Leading regional hospital] to a friend or colleague due to your recent payment experience?” (n=12,749, Response rate = 30.3%, Answers range 0 to 10, average 8.38)

“Very easy and fast! I didn't even have to enter my address.”

“I was on hold, so I decided to log on and it was faster and convenient for me. Thanks”

“Payment plan was REALLY easy to set up.”

“I appreciated not having to use a username/password”

“Love that I can see what amount owed is for.“

“Just paid one at [different hospital] and it took me twice as long.”

“I really like this new email bill.”“Thank you for allowing me to pay you in small payments and when I am able to do so. Thank you very much.”

“This was so easy and quick that I almost fell off my chair.”

Extend visibility for satisfaction and insights CASE STUDY




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CASE STUDY

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Empower staff to shift to higher value activity

Source: Compares pre launch (Epic MyChart with paper statements and online) to post launch with Simplee (paper and online). For savings, compares Simplee licensing, contingency fee, and paper statement costs to average of previous months.

↓ 21%Cost per payment

(post service1)

↓ 50%Incoming calls(24 FTEs re-allocated)

Greater Collections, Faster Gains

Self service

75%“Very Satisfied”

(Billing and payment experience)




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Easy access to patient estimates are coming...




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Patient seeks:● Confidence (to proceed…)

● Price

Provider seeks:● More patients, better engaged

● More payments, sooner● Insights

Estimates are a HUGE opportunity

Support decisions: education + value




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Closing thoughts:

Financial journey is a common denominator

“Brand” is what your prospect thinks of when he/she hears your brand name

Today’s painpoint → tomorrow’s advantage




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Q&A

One platform, one (delightful) experience.

John AdractasChief Marketing and Growth Officer

[email protected]

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