Empowering Patients & Exceeding Goals: How UTMC Achieved a 42.77% Increase in Patient Estimates
Healthcare organizations today face a dual challenge: navigating evolving price transparency regulations and improving the patient financial experiance. The University of Toledo Medical Center (UTMC) successfully tackled both, exceeding their strategic goal to increase patient estimates by a remarkable 42.77%. This success wasn’t achieved through isolated efforts, but through a strategic integration of patient-focused financial tools.
Here’s how UTMC transformed their approach, and what your institution can learn from their journey.
The challenge: Complexity & Patient Anxiety
Traditionally, understanding healthcare costs has been a source of frustration and anxiety for patients. Estimates were often delayed, lacked detail, and left patients feeling unprepared for potential financial obligations. This created friction in the billing process and hindered proactive financial conversations.
As Ross, a key figure at UTMC, explains, “Estimates and payments are complicated to unravel for many of our patients. And patients are scared and nervous about procedures. It is indeed helpful to have a simple, clear breakdown of costs to help guide these conversations.”
The Solution: A Fully Integrated Patient Financial Experience
UTMC implemented a comprehensive solution leveraging Experian Health’s suite of patient financial tools, including:
* Patient Estimates: Providing accurate, detailed cost breakdowns.
* Self-Service Patient Estimates: Empowering patients to access estimates conveniently online.
* PaymentSafe: Offering secure and flexible payment options.
* Patient Financial Advisor: Guiding patients through financial arrangements and support.
This integrated system wasn’t simply about technology; it was about creating a more clear and supportive experience for patients.
The Results: Beyond Meeting the Goal
The impact was meaningful. UTMC not only met their goal of increasing estimates delivered, but surpassed it by over 42%. Beyond the numbers, the new system delivered key benefits:
* Faster estimates: Estimates are now delivered days earlier than before.
* Improved Accuracy: Robust cost breakdowns provide clarity and reduce billing disputes.
* Empowered Staff: Staff are better equipped to have compassionate financial conversations.
* Increased Patient Confidence: Patients have more time to understand costs and plan accordingly.
* enhanced Compliance: The system supports adherence to evolving price transparency regulations.
Key Takeaways for Your Organization
UTMC’s success offers valuable lessons for healthcare organizations looking to improve their patient financial experience. Here’s what you need to consider:
- Prioritize Contract Data: Accurate and up-to-date contract data is the foundation of accurate estimates. Invest in cleaning and maintaining this data.
- Choose the Right Technology partner: Select a partner who can evolve with your needs. Experian Health’s ability to adapt to UTMC’s changing requirements was critical to their success.
- Embrace Cultural Change: Implementing a new system is more than just a technical upgrade. It requires educating patients and staff about the benefits of transparency and proactive financial planning. Remember, this is a shift in how you approach patient care.
- Focus on Patient Empowerment: Give patients the tools and information they need to understand their financial duty. Self-service options and clear communication are key.
as Ross emphasizes, “This is a cultural change, not just a system change. And like all change,it takes time.”
Staying Compliant & Empowering Patients with Price Transparency
Navigating price transparency regulations can be complex. Experian Health offers comprehensive price transparency solutions designed to help your organization stay compliant while simultaneously improving the patient experience.
ready to learn more about how Experian Health can help you achieve similar results? Contact us today to discuss your specific needs and explore our solutions.
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