Author: Kenneth Balibalos

How TrueAccord Can Address Patient Financial Responsibility

By on August 4th, 2021 in Industry Insights
TrueAccord Blog

As hospitals face growing and aging accounts receivable systems, and with limited data and visibility into their organizations’ financial health, the most common revenue challenges in today’s healthcare landscape all relate to not getting paid on time, every time. With patient financial responsibility increasing since the enactment of the Affordable Care Act, the challenge for hospitals and healthcare providers to collect payments consistently will become even more difficult to manage as more of the financial burden falls on patients. 

To quantify this increase in patient financial responsibility, TransUnion Healthcare’s 2019 study found a 12 percent increase in out-of-pocket costs for inpatient, outpatient, and emergency department care from 2017-2018. At the same time, Instamed reports that 78% of healthcare providers cannot collect on a bill of over $1000 in 30 days.

The issue of patient financial responsibility is complex, but one aspect is the patient financial experience. Patients who have a better experience are more likely to pay, but healthcare organizations are lagging far behind the financial experience that patients want. Patients often grapple with sticker shock due to the costs of healthcare  confusing medical bills from their healthcare providers in addition to insurance coverage notices and challenges. Many healthcare consumers are frustrated with their provider’s billing and collections process especially those that are not yet digital. Patients could benefit from better clarity and communications from their healthcare providers as well as easier and faster payments.

Patients who have a good financial experience with a healthcare organization are more likely to remain customers, which leads to future revenue. 41 percent of patients would consider switching to a new healthcare provider that offered a better digital billing and collections experience. In an increasingly transparent marketplace where there are many options for healthcare, ensuring that patients have a good clinical and financial experience is integral to retaining them.

TrueAccord helps health care providers alleviate these payment issues.  By delivering clear communication about amounts owed, an empathetic approach, and digital self-service, TrueAccord can offer a better financial experience for patients. Powered by AI, our system reaches out to the consumer with the right information at the right time so that they are empowered to take the steps necessary to fulfill their patient financial responsibility. We seek to understand the patient and meet him or her where they are with empathetic communications that take into consideration both the message and how and when it’s delivered. Rather than fostering frustration about their financial responsibilities, TrueAccord eases patients into the process. We also provide a self-service portal where patients can customize their payment plans and find other options for easily settling their bill. 

Since we were founded in 2013, TrueAccord has worked with more than 13 million consumers. Hundreds of thousands have resolved their debts with convenient payment plans, customized billing schedules, and easy documentation. Learn more about how TrueAccord can help your healthcare organization today.

Key Takeaways from TrueAccord’s Utilities Roundtable on LIHEAP and COVID-19 Assistance

By on December 18th, 2020 in Industry Insights
TrueAccord Blog

By March 2021, small business and residential utilities customers could owe up to $40 billion in unpaid debt.  To better understand this moment of increased financial hardship and economic uncertainty, TrueAccord hosted a roundtable with several Northeast and Midwest utilities companies. Participants shared insights and brainstormed creative solutions to better help their utilities customers, including:

  • Educating consumers on assistance programs
  • Reaching consumers where they are, with the use of digital strategies
  • Streamlining assistance programs to make them more accessible for consumers
  • Developing partnerships with faith-based & community organizations

Educating Consumers about Assistance Programs

Utilities companies have found it both necessary and effective to educate customers on various assistance programs. The Low Income Home Energy Assistance Program gives families a cash grant to pay for their heating bills, or payment assistance programs that give families monthly credit based on a household’s income and energy use.  For those that do not qualify, there are deferred payment plans or Customer Assistance Referral and Evaluation Programs (CARES), like the one that the Pennsylvania Public Utilities Commission set-up to assist family emergencies.  However, even with the right messaging and the right programs, there’s still challenges in reaching consumers. 

Reaching Consumers Where They Are

Communication methods are quickly moving digital. Consumers are increasingly finding phone calls disruptive, and traditional letters pile up or are simply thrown away.  To reach the most consumers, emails, calls, social media, and text messages are now table-stakes.  Though over 60% of millennials are burdened by debt, they expect highly tailored experiences, mobile-optimized payment portals, and extensive use of social media.  To reach other demographics, some utilities are exploring radio, television commercials, and other creative solutions.  One organization repurposed a fleet truck and traveled to food banks to educate low-income consumers on assistance programs.  Another organization hosted a virtual tradeshow to help consumers navigate paperwork and helped over 4,900 of their customers complete applications on the spot! 

Streamlining Assistance Programs

On the ground, many utilities found that consumers simply did not have basic access to the internet, lacked the time to complete an application, or found the bureaucratic process confusing and cumbersome.  With that in mind, some utilities created a one-stop shop to merge assistance applications so if consumers did not qualify for a low-income program, they might qualify for a government grant or a deferred payment program.  Another utility partnered with the Department of Human Services and had their representatives certified to complete state emergency relief applications with customer consent, which greatly aided the elderly’s ability to complete applications.

Developing Partnerships with Organizations 

Lastly, some utilities are building grassroot support to develop partnerships with trusted community organizations and churches.  Because these organizations have an unparalleled reach and trust, many utilities can use community spaces, rely on trusted sponsors, use co-branded email campaigns, and leverage intimate knowledge of their network to tailor outreach and programs to increase awareness.

Summary

With only an hour to talk about these topics at the roundtable, our team at TrueAccord and the participating utilities all felt like we needed to host another virtual event in 2021.  If you’re interested in participating in a future roundtable, please email Matt Buffalini at  mbuffalini@trueaccord.com.  

You can learn more about TrueAccord’s digital-first, machine-learning AI software in a new e-book or schedule a call to see how TrueAccord can help your utility deliver better results, provide industry-leading customer experience, or assist with LIHEAP and assistance program awareness.

TrueAccord Releases The Buyer’s Guide to Digital Debt Collections Solutions

By on November 27th, 2020 in Industry Insights
TrueAccord Blog

TrueAccord released Ten Critical Questions: The Buyer’s Guide to Digital Debt Collections Solutions. The ebook is the definitive guidebook for organizations looking to jumpstart their digital debt collection journey. 

“We wrote this book to distill what we’ve learned after many years in the industry,” said Sheila Monroe, TrueAccord Corp. CEO. “There’s no question that digital-first debt collection delivers superior results for creditors and a better experience for consumers. But not all solutions are created equal.” 

The Buyer’s Guide starts with four key trends that explain why digital debt collection is the wave of the future. It then lays out the critical questions that organizations should ask before entering into a partnership with a digital debt collection vendor. 

The ebook equips potential buyers with benchmark data and insights into key questions like:

  • What channels do you use to reach consumers?
  • Do you use advanced technology like machine learning? If so, how?
  • What percentage of customers resolve their debt through self-service, without any human interaction? 
  • On average, how many accounts does each agent handle?

“Ultimately, our goal is to give collections and recovery professionals the tools they need to navigate a complex landscape and select the best digital collections solution for their organization – and their consumers,” said Monroe. 

Download the ebook today to learn more.