Optimize Payment Policies for Increased Revenue

While a one-size-fits-all payment policy was once sufficient for collecting patient balances, today's consumer-driven market demands a more flexible approach that better reflects the unique financial situation of individual patients.

MPV gives healthcare organizations the ability to customize payment policies based on each patient's specific circumstances and the associated financial risk through its propensity to pay capability. Offered as a part of MPV Patient Portion Pricer, the propensity to pay tool conducts real-time soft credit checks and does not require patient permission or impact the patient's existing credit score.

The system then generates a rating of a patient's likelihood to pay medical bills, giving healthcare providers the information they need to determine the most appropriate collection policy and initiate patient financial counseling discussions. Armed with this information, caregivers can also flag patients for charity care and more accurately pinpoint which bills to turn over to an outside collection agency. Additionally, providers receive any varying demographic data that is secured during the soft credit check with which they can update their billing system for more accurate records.

By incorporating a patient's credit rating into daily workflow, healthcare providers can successfully shift patient collections to the front-end of the revenue cycle, ultimately helping to minimize bad debt, reduce collection costs and improve cash flow.