An Immediate Impact Makes a Huge Difference
For PatientPay, we’re all about bringing the value. As we’ve written many times in our posts, we feel like one of our key differentiators is driving better results. The result that gets the most attention (and rightfully so) is more dollars. That said, taking into account not just new dollars, but how quickly you attain them compounds the value of a great solution exponentially. Too often, solutions, whether technology or not, take a long time for the acquirer to realize real benefits.
The ability to drive an immediate impact will benefit everyone involved. If a patient is able to pay you within a minute of receiving a bill, then that tells you that their experience was great. It tells you the solution is easy, well planned and well executed. It tells you and the decision makers of the solution that you all did the right thing. Sometimes that impact is within minutes. We’ve had new clients get their first payments within two minutes of our initial go-live several times now. The one-minute mark was just eclipsed in the last two weeks. Records are made to be broken and we hope that one continues to improve. But, the speed at which you can take a single payment isn’t the only factor of immediate impact.
What sort of results can you get in the first full day? The first week? In patient billing and payments, historically “success” was measured in thirty-day increments. I don’t mean monthly numbers. I mean the expectation was any new solution in this area wouldn’t have a measurable impact for 30 days. This may sound familiar: We’re changing the way we bill patients - they should start paying around day thirty. If this new paper statement format works, maybe we’ll get a few more payments at day twenty. We’ve updated our patient payment portal. We’ll promote that and we should get a few more people to use it within the next thirty days.
What if the new normal was to expect results on day one?
Two newly on-boarded PatientPay clients were able to feel the benefits of a well-planned and well executed solution. Client one had an average daily collection amount of around $15K. On day one using our solution, they collected just under $45K. The head of finance was, needless to say, pleased. They’ve maintained an average daily collection amount between 2X - 3X that original amount. More dollars, right away.
Client two had a similar experience and was so taken by the situation that the controller called the bank to ask if the deposit amount was correct, assuming there had been some mistake. No mistake. Just results. Immediate, real results.
We’d be remiss if we didn’t give some credit to the ease of integration as a contributing factor to speedy benefits. For other vendors out there, you’ll appreciate that one of the most common challenges we all face is that providers looking at new solutions often come to the conclusion that making a change is just “too hard”. And you know, they’re right. It’s often too time consuming or even technically challenging to move to a new partner. So, besides great potential financial benefits, no change is made. Part of helping make a quick impact is making it easier to move to your solution. Be flexible. We’ve made investments in the past so that PatientPay is doing the heavy lift on integration, not our partner or client. We want to make a difference and drive value. We want providers using and getting the immediate benefits of our solution. The first step is to create the bridge to get to us.
