P O W E R F U L I N S I G H T S

Leading Insights for Today’s Healthcare Systems

SearchAmerica®’s Collection Performance AdvisorSM delivers powerful insights to healthcare systems that can increase recovery rates and optimize the revenue cycle.

Insight #1: The Power of Segmentation & Analytics

Can you identify the 10% of your patients that account for 50% of your self-pay revenue?

Through detailed segmentation analysis, you can gain powerful insights into your overall account mix to determine which groups of accounts you may need to focus more attention on internally or through your outsource vendor.

Patients generally pay their healthcare accounts much differently than any of their other bills. Therefore, it is important to utilize a healthcare specifi c score that includes multiple variables like credit data, demographics, and previous payment history to identify that small group representing the largest portion of your total self pay collection dollars.

By utilizing all these attributes, you can rank order the accounts to fi nd the most likely to pay. The below heat map shows net total payments for a healthcare system. The accounts are clustered into four segments. Each segment represents a specifi c account strategy the healthcare system pursued.

Segment One was the most collectable and the healthcare system identifi ed the top 10% of their accounts that generated over 50% of their patient revenue. Segment One and Segment Two together represent 50% of the accounts that yield 90% of all payments. Based on this information, a decision can be made to focus more collection effort on this group in order to collect more dollars or choose to outsource to an agency at a lower contingency rate.

Remember: A small group of patients represent most of your collectible accounts. Focus on this group to increase collections.

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Insight #2: The Impact of Displaying Open Balances

Did you know that $50 million in open balances walk through your door each year?

SearchAmerica conducted an analysis for a healthcare system with 15-20 facilities and found that about half of the patients had a prior visit at the hospital in the past fi ve years. Almost a third (27%) of patients had a prior balance either at the facility they were visiting or at another facility within the healthcare system. The average balance owed for this population was just over $1,025. For a three hospital healthcare system, this would equate to $4.15 million dollars in previous open balances per month which could be collected when the patient is seen again. For different sized healthcare systems, the graph below illustrates what this could mean based upon your annual

patient visits.

Industry research indicates that when a patient presents at a visit, simply asking them if they want to pay a portion of their past accounts resulted in 3% of the debt being collected. For a three hospital healthcare system, this would translate to an additional $125,000 per month of collections.

Most hospitals have created some form of a point-of-service (POS) collections program in the last few years. Let SearchAmerica help you take that to the next level by

identifying and aggregating your healthcare system’s open balances. Regardless of HIS system, SearchAmerica can seamlessly present this information to your registration representative during the pre-registration or registration process.

Remember: One out of every three patients has a previous open balance. An effective point-of-service collections process will generate signifi cant revenues for your healthcare system.

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Through Collection Performance AdvisorSM, SearchAmerica takes complex data scenarios and transforms them into easy to understand, key analytical insights for healthcare systems across the U.S. We not only provide these insights, but work with you to implement strategies that can positively impact your bottom line.

For more information on how your healthcare system can leverage insights to optimize the revenue cycle and improve fi nancial performance, please contact SearchAmerica at 1 763 416 1000 or visit our web site at www.searchamerica.com.

OPTIMIZE YOUR REVENUE CYCLE WITH COLLECTION PERFORMANCE ADVISORSM

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