CHICAGO--(EON: Enhanced Online News)--MethodCare, Inc. launches today its Self-Pay Analytics Solution that utilizes a hospital’s own big data asset to predict patients’ propensity to pay with up to 89 percent accuracy, resulting in a greater yield on collections and improved resource prioritization. Presbyterian Healthcare Services expanded its long-term relationship with MethodCare with the implementation of the new Self-Pay Solution.
“By adopting the right technology to improve existing processes, Presbyterian is poised to meet growing economic and regulatory demands.”
Based on proven predictive analytics and methodology, MethodCare’s Self-Pay Analytics Solution is a more efficient and effective approach to self-pay collections as compared to conventional processes. The solution allows hospitals to be more strategic in their use of third-party data and collection agencies.
“With MethodCare’s Self-Pay Analytics Solution we can leverage our own patient data for analysis, which allows us to more strategically align resources and focus on the right accounts at the right time,” said Dave Hennigan, Vice President, Revenue Cycle, Presbyterian Healthcare Services. “We can continue to improve our patient experience and proactively assist in identifying alternative payment options for those in need.”
MethodCare’s solution arms Presbyterian with the necessary sustainable efficiencies and accuracies around patient collections, and specifically:
- Predicts a patient’s propensity to pay
- Creates risk segments to efficiently allocate resources
- Integrates seamlessly with patient access processes
- Increases point-of-service collections
- Provides workflow for in-house follow-up
- Measures vendor collection performance
“Our goal is to equip hospitals like Presbyterian with the analytics and smart workflow so they can optimize internal resources, limit unnecessary expenses, and drive greater financial and operational performance,” said Jeff Kaplan, Chief Executive Officer, MethodCare. “By adopting the right technology to improve existing processes, Presbyterian is poised to meet growing economic and regulatory demands.”
Since collaborating with MethodCare five years ago, Presbyterian has garnered more than $75 million in cash improvement along with an increase of 150 percent in staff productivity. MethodCare’s cloud-based Revenue Cycle Solutions empower Presbyterian staff by providing the necessary advanced workflow and analytics to proactively identify revenue and cost savings opportunities. The solutions allow staff to quickly zero in on targeted accounts in the area of; AR follow-up, denial processing, payment variance and credit balance management, and now self-pay collections.
About MethodCare, Inc.:
MethodCare, Inc. is the leading provider of Big Data analytics to help healthcare organizations achieve financial and clinical excellence. Our cloud solutions provide the platform for data integration of all patient accounting and clinical systems, and the advanced analytics to extract actionable insights that improve the revenue cycle and support population health management. MethodCare’s robust workflow and real-time predictive modeling improves patient access, charge integrity, reimbursement, and accurately estimates the health and financial risk of patient populations. Our data-driven method delivers greater revenue, reduces costs and arms healthcare providers with the intelligence to make strategic, proactive decisions that lead to greater value care.