Benefits of Pricing Estimation:
- Increase price transparency
- Increase point-of-service collections
- Improve patient satisfaction
- Increase practice management efficiency
- Reduce days in accounts receivable
Healthcare providers struggle to establish their patients’ out-of-pocket responsibility for specific procedures. Patients do not want to know how much their procedure will cost, they want to know how much it will cost them. With the higher percentage of patient financial responsibility included in the cost of healthcare, now more than ever providers must find a way to adjust the timing of patient collections with accurate data.
The Revenue360® Pricing Estimation module applies intelligent logic by calculating procedural charges, analyzing historical data, evaluating contract pricing between your organization and the payer, and applying patient insurance benefit information to establish an estimated patient financial obligation at the earliest point of patient contact.
The result? Increased collections at the time of service, improved cash flow, and reduced patient receivables and bad debt. And more importantly, Revenue360 Pricing Estimation improves patient to provider relations, by educating the patient on their financial responsibility from the beginning, allowing financial planning with no surprises.
Revenue360 Pricing Estimation is powered by integration with TransUnion’s ClearQuote™ solution, the only HFMA Peer Reviewed* pricing estimation tool in today’s market. Improve your patient payment processes with minimal changes to your existing systems using the solution ranked Best in KLAS in 2013 for Patient Bill Estimation.
Step 1: Patient demographic and service information is collected or auto-populated from the registration system.
Step 2: Procedure and diagnosis codes are collected.
Step 3: Patient insurance eligibility and benefit levels are verified. Benefit information can be transmitted automatically via a direct EDI interface or manually entered.
Step 4: Based on the information entered in the first three steps, an estimate is generated for review.
Step 5: A printable, customizable letter with your practice’s logo and contact information is printed and saved for easy future access. The letter contains the patient’s demographic, procedure, benefit and payment information, which can combine facility and clinic estimates or be broken out by facility.
* HFMA staff and volunteers determined that TransUnion ClearQuote™ has met specific criteria developed under the HFMA Peer Review Process. HFMA does not endorse or guaranty the use of these products.