Apex founder and CEO Brian Kueppers is often asked what key considerations healthcare leaders think about when choosing solutions that encourage and enable patient payments. In Apex’s recently published HFMA business profile, he addresses this question with the following response:
Although organizations should seek vendors that offer an array of solutions, it is even more imperative for the vendor to have a structure for measuring and communicating data about the tools’ performance. Otherwise, the healthcare organization can’t be sure that the selected products are making a difference in patient revenue. There are several metrics to measure, including days outstanding, patient satisfaction, charity care percentage, bad debt percentage, and so forth. Vendors should be willing and able to regularly share this data, allowing the healthcare organization to gauge the impact of new software, processes, and workflows.
Seeking vendors that can deliver quick results is also important. With most organizations in belt-tightening mode, there is a genuine need to make sure any technology investments rapidly move the needle toward more revenue. For example, Apex clients realize significant improvements in just a matter of months, seeing on average a 10 percent increase in cash, a 10 percent decrease in billing-related costs, and a 350 percent increase in online payments—when patients take advantage of online payment opportunities, the organization can see faster payments in fewer cycles.