Collections Optimization Manager
Experian's data-driven patient collections solution that helps revenue cycle management staff collect more patient balances based on comprehensive segmentation.
Are you leaving revenue on the table?
If you are a revenue cycle or patient financial services leader, the last thing you want is aged accounts receivable (AR) to keep on growing and pending patient balances written off as bad debt. Inefficient collections strategies, lack of visibility into patients' unique financial behaviors, and inability to gauge the success of your collection agencies may be costing you millions of dollars in lost revenue and leaving your patients dissatisfied.
It's time to take action with Experian's data-driven collections solution.
Powerful propensity-to-pay scores
- Go beyond basic segmentation available in your HIS to get advanced propensity-to-pay scores and understand which patient has the most likelihood to pay their bill
- Save time and resources by only focusing on patient accounts with the highest likelihood of payment
- Keep patient accounts with high propensity-to-pay scores in-house and save costs with third party collection agencies
Expert collections advice
- You get a dedicated collections consultant who provides best practices to increase collections
- Your consultant will help you decode segmentation data to target patient accounts with the highest propensity-to-pay scores
- Provide quarterly reports showcasing ROI and wins to senior leadership with the help of your consultant
Agency management
- Identify top-performing agencies with easy-to-use monthly scorecards. These scorecards allow you to see how each agency stacks up against performance metrics such as their collection rate.
- Maintain accurate financial records by quickly spotting discrepancies in patient accounts by matching data from your agency and your HIS.
10:1 ROI
In 2024, our clients achieved an exceptional Return on Investment (ROI) of 10:1
Screen
Cleanse your AR by screening out patient accounts for bankruptcy, deceased, Medicaid, and charity to focus efforts on accounts with a higher likelihood of payment. By removing accounts that are unlikely to generate payment, your team can concentrate efforts on accounts with a higher chance of recovery. This improves cash flow and reduces wasted time and resources.
Segment
Our healthcare segmentation model uses credit, behavior, socio-economic, and demographic data to identify accounts most likely to pay. These propensity-to-pay scores help collection staff prioritize outreach and resources more effectively – improving recovery rates and driving better financial outcomes.
Route and reconcile
We know every billing and collections team works differently. That’s why our routing feature lets you send patient accounts to the right agencies based on your specific workflows. Plus, we match the amounts collected by those agencies back into your Health Information System (HIS), so your financial records stay accurate and up to date.
Performance management
Use reports and dashboards to track key metrics, compare performance to industry standards, improve patient payment forecasting, and manage bad debt reserves.
Monitor
Track patient accounts for new financial activities, like getting a new job, to efficiently transition accounts from bad debt to active collections, maximizing recovery rates and improving financial outcomes.
Consulting
Experienced consultants offer best practice collection strategies and provide invaluable industry expertise to help you succeed.
Read Weill Cornell’s journey to $15M in collections revenue with Collections Optimization Manager
Discover how Novant Health realized an ROI of 8:5:1 with robust segmentation through Collections Optimization Manager
Read Wooster’s success story of collecting $3.8M in just 1 year of implementing Collections Optimization Manager
Hear how UC San Diego uplifted their collections to $1.5M by automating their collections strategies
Listen in as Stanford Health Care shares its success story of increasing monthly patient collections to $4M+ per month and reducing agency contingency fees
Discover Novant Health & Cone Health's 7:1 ROI & $14M patient collections success with Collections Optimization Manager
Read how automation and digital technology can help improve the patient collections processes and help patients navigate their financial obligations more easily.
Learn strategies and best practices to simplify patient collections, maximize revenue and keep the focus on patient-centered care.
PatientDial
Say goodbye to the tedious task of manually calling patients for pending balances. With PatientDial, you can effortlessly automate your outreach strategy.
Enjoy the flexibility of inbound, outbound, and blended call environments, perfect for both live agent and messaging campaigns. Cut down on collections costs, boost your in-house cash collections, and give patients the convenience of checking balances and paying bills with ease through our automated systems.
PatientText
We know patients love the convenience of text messages, and PatientText makes it easy to connect with them. Reach out to high-propensity-to-pay patients with just one text and watch your collections soar. Automate your manual work, cut down on collections costs, and boost your revenue.