VOL. 2, ISSUE 4 | SEPTEMBER 2023
Medicaid Continuous Enrollment Concludes: Strategies to Support Patients and Optimize Revenue Continued from page 6
4. Monitor Referring/Ordering Client Profitability It is essential to regularly identify referring clients who may not be as profitable due to the changes in the patient or payor mix. Be sure to leverage analytics to determine client profitability and identify the root cause of changes in revenue. Once identified, take the opportunity to educate clients on the value of obtaining accurate insurance information and using the XiFin Patient Responsibility Estimator to calculate and share the expected out-of-pocket expense with their patients. If you need help identifying the XiFin BI reports that deliver these insights, contact your Customer Success Manager (CSM) or your Customer Account Manager (CAM) if you are an outsourced billing services customer. 5. Promote Self-Pay Options Educate uninsured patients on the options they have for settling their bills, such as financial assistance, potential discounts for prompt payments, and the ability to set up payment plans. Also, evaluate the method and frequency for delivering patient statements to accelerate payments. An analysis of XiFin customer data shows increased patient payments received in the first 30 days after integrating texting and automated calls. Contact your CSM (or CAM) for assistance activating integrated texting, email, or interactive voice response (IVR). Learn more about XiFin’s IVR partner , RevSpring. 6. Offer Enhanced Patient Self-Service Capabilities A friendly reminder that XiFin RPM includes a Patient Portal and associated callable web services (also known as application programming interfaces (APIs)), making it easier to offer
patient self-serve capabilities based on your organization’s digital patient experience strategy. Wherever you want your patients to engage, XiFin can help you ensure they can pay their bills, update their information, or manage their payment plans. Interested in providing patients with a summary of their statements and outstanding balances to help them manage
multiple bills at once? We support that as well. 7. Use Patient Financial Responsibility Estimation
Patient estimation tools help patients understand out-of-pocket expenses before an encounter is performed. Patients are more likely to pay for or decline services they can’t afford if they are aware of the cost of the service. Access the XiFin Patient Financial Responsibility Calculator through the XiFin Client Portal. Once available, the estimate is delivered to the Patient
Portal via the Patient Service Center screen. 8. Educate Patient Service Representatives
To effectively navigate the expected rise in uninsured patients due to the ending of the continuous enrollment requirement, evaluate all patient touchpoints and educate your patient service teams on the changes. Empowering patients with a clear understanding of their financial responsibility and payment options streamlines the collections process and minimizes payment delays. The anticipated rise in the number of patients no longer insured with Medicaid presents a significant challenge for many healthcare providers. By adopting proactive strategies and technology tools, providers can continue to deliver quality care while maintaining financial sustainability.
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