Early Out Program
While performance is key in any first party outsourcing partnership, Revco Solutions understands how critical it is that the patient’s satisfaction in their experience is maintained, being sensitive to our client’s reputation in the community and protecting their brand. Particularly within the context of the ongoing Covid-19 situation, we take extra care to be mindful of a patient’s situation.
We work with each client to establish Key Performance Indicators (KPI) critical to our shared goals to benchmark our performance, generally including performance targets, IVR targets, including average speed of answering calls, hold times, and abandonment rates.
Some of the primary market conditions which are most influential in formulating our strategy include the following:
- Increasing Patient Pay Responsibility
- Work Force Labor availability
- 501(r) regulation
- Financial Assistance determinations
Each program we design in cooperation with our clients is customized to meet the unique needs of the specific provider. However, with that said, the Self-Pay Early Out programs that create the best value for our customers are based on several factors, including:
- Realistic goal establishment and expectations
- Sharing of information, consistently
- A cost approach that allows us to achieve the greatest “netback” for our customer
- A comprehensive/collaborative implementation to establish the proper framework for a successful partnership
- Informative and accurate reporting structure
- Frequent and on-going communication
- A culture that supports outsourcing and the value we can deliver
Your Extended Business Office Team
Revco Solutions provides devoted Early Out business offices, dedicated solely to the management of Early Out inventories, with staffing who will be specifically trained in the administration of your Early Out accounts.
Training for our Early Out healthcare representatives covers many healthcare-specific topics including healthcare claims management, insurance overview, filing timelines, explanation of benefits, deductibles, HSA cards, benefits and payments, insurance information for rebilling, HIPAA, patient satisfaction (as most are repeat customers to the hospital), and patient versus guarantor. As our new hires become familiar with the different healthcare verticals, they also do side-by-side training with our experienced recovery account representatives and supervisors. They listen to live calls and conversations to gain a better understanding of the complexities involved.
We provide a local and toll-free number to allow patients who live both in and outside the local calling area to use in contacting Revco Solutions. All calls will be conducted on behalf of your patient accounting department, ensuring that we reflect the positive relationship that you have cultivated in your communities.
Advanced Self Pay Strategy
In addition to our primary Early Out services, we have also developed an innovative Advanced Self Pay Strategy to augment your follow-up efforts on all self-pay AR. We leverage our unique data and technology capabilities to increase strategically targeted outbound calling. And our cost structure is simple, fixed, and non-contingency based.
Throughout the early out process, we can also collect valuable intelligence on your remaining inventory, including:
- Identifying patients who quality for presumptive charity
- Providing propensity to pay scoring on every account
- Making demographic updates
- Updating your hospital system with real-time or daily notes
Step One: Account Scrubbing
We begin by scrubbing your accounts through multiple databases to identify bankruptcy, deceased, or litigious patients. During this process, we will also identify cell phones and obtain demographic updates.
Step Two: Account Scoring
After the initial data scrubs are completed, the accounts are scored using Revco Solutions’ proprietary propensity-to-pay scoring model, which is backed by our unique access to over 200 million consumer credit files, through our affiliation with Innovis, the fourth largest credit bureau in the country.
Step Three: Strategic Outbound Calling
Upon assignment of a propensity score, our tenured team of trained and dedicated representatives will reach out to the highest scoring accounts first, using our LiveVox dialer technology. We’ll work directly with you to determine the range of propensity-to-pay segments to be called. By only calling on the higher scoring accounts, with the greatest ability to pay, we ensure the highest return on investment for your organization.
Step Four: Securing Payment
Our representatives, acting as an extension of your business office, will encourage payment via your own online payment portal and negotiate arrangements per hospital policies and procedures.
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