Experian Health and Frost & Sullivan joined together to identify the critical success factors in the transition to a value-based care reimbursement environment. In a four-part white paper that centers on patient engagement, identity management, care coordination and revenue cycle management, Frost & Sullivan interviewed leading healthcare providers and technology experts on how to best partner with health IT solutions to achieve success.
For example, most patient portals in use today fail to incorporate patient-specific financial information from various payer organizations, which prohibits providers from effectively preadjudicating claims to optimize payment collection.
“Vendors with background data from the financial services sector are beginning to deliver data and solutions to healthcare providers that assist in identifying relevant social determinants of health, along with data that will assist in financial planning for patient payments,” said Greg Caressi, Senior Vice President, Transformational Health, at Frost & Sullivan.
For the first time in history, there is a growing convergence of powerful, internet-connected personal devices and massive amounts of analytical, social, financial and behavioral data tied to individual patients. Experian Health’s timely patient engagement tools allow providers to tap into this convergence to revolutionize how they engage with patients at all points throughout their care.
For example, by analyzing patient-specific financial information, this engagement technology can help providers identify when patients may benefit from financial assistance, especially for upcoming treatments. In turn, the provider can send the patient information about how to request this type of assistance through an interactive portal with accurate estimates.
To help reduce readmission rates for noncritical concerns, Experian Health’s tools can also help identify when patients may need unique, targeted engagement. For instance, patients with heart conditions can benefit from information regarding diet and lifestyle changes that improve cardiovascular health. These tools help providers determine the best type of content to send and the appropriate medium to send it through, such as email, text or app notifications, according to the patient’s specific preferences.
By working together with healthcare providers, Experian Health’s solutions combine highly personalized self-service with accurate price transparency and patient-risk stratification to engage with patients proactively.
For more information about Experian Health, visit www.experianhealth.com or visit us at HIMSS Booth #7329.
About Experian Health
Today, more than 3,400 hospitals and more than 10,000 other healthcare organizations representing more than 500,000 providers — more than 61 percent of the market — partner with Experian Health. Our clients make smarter business decisions, boast a better bottom line and foster stronger patient relationships by using our industry-leading revenue cycle management, identity management, patient engagement and care management solutions.
Experian® was named to the Forbes World’s Most Innovative Companies list, the definitive ranking of 100 “new idea creation” firms. Experian Health is known for award-winning patient access heritage, advanced data insights and patent-pending Touchless WorkflowTM. We’re helping providers, labs, pharmacies and other risk-bearing entities power opportunities in today’s value-based healthcare environment. For more information about Experian Health, visit www.experianhealth.com.