Preventing Hospital Failure by Securing Patient Payment
Threat of hospital failure increasing dramatically!
More than 380 hospitals have shut down across America in the last decade and many more are facing the same fate in the very near future. With the prospect of imminent financial failure hanging like a dark cloud over you, your staff and management, you must make critical decisions immediately.
Why is this happening?
In 2005 the portion of hospital revenue attributable to patients was around 2-3% and very few of these patients failed to pay their accounts. Hospital bad debt was pretty much an irrelevancy. Twelve years later the landscape is dramatically different and an epidemic of medical debt is devastating patients, communities and hospitals. Today between 30%-35% of hospital revenue comes from patients – a fifteen-fold increase. Premiums have skyrocketed and this, combined with high deductibles of $5,000 or more, is why medical costs are the biggest contributor to personal bankruptcies for patients.
Revenue cycle management solutions cannot solve this problem. Their process for collecting payment from patients typically results in 85% of patients not paying.
How can you prevent or stop the bleeding?
There is one way to protect your hospital. It requires securing patient payment just before or at the time of service. Accomplishing this effectively, while still treating your patients compassionately, requires a unique solution. VestaCare is the only system capable of providing that solution.
• Enrolls patients at time of service, secures payment, yet gives the patient compassionate financial flexibility
• Simplifies estimating, which staff can perform quickly and confidently
• Automatically processes monthly payments, greatly reduces billing costs
• Precisely reconciles patient payment plans after insurance settlement
• Rapidly integrates seamlessly with your hospital billing system
• Trains your registration team to drive immediate revenue increases
Compare our results
(Patient revenue secured for a 110-bed hospital.)
Consistently, 90% of patients set up on the VestaCare system pay their bills to completion without further human engagement. The key difference between VestaCare and RCM solutions is that our success emanates from the number of patients enrolled at the time of service rather than the number of patients contacted after final EOB submission to pay their bills.
How does it work?
We use powerful systems integration and synchronization technologies to allow real-time interaction between your hospital’s billing systems and VestaCare. As changes occur to patient accounts in your billing system, VestaCare automatically adjusts. Unique patent-pending technologies allow us to reconcile with any hospital billing system.
What can you expect for you hospital
Take your total patient-responsible revenues from your most recent fiscal year. In the first month you should see a 10% to 15% increase in patient revenue secured. In the next 90 days, revenue should increase 40%, then 60% in the next 90 days. The VestaCare system has proven effective in the ER as well as for outpatients, inpatients, surgery and ancillary service departments
VestaPay is proven effective in the ER, as well as for outpatients, inpatients, surgery and ancillary service departments. To learn more about how VestaPay can benefit your hospital, call VestaCare at 858.454.7800.