Effective Financial Assistance Program Management is critical to hospital operations. Patient satisfaction and compliance have become important factors in today’s reimbursement environment. Patients who qualify for your organization’s policy have a new set of rights and responsibilities as designated by the new 501(r) regulations. In order to improve customer service, while eliminating unnecessary expense, FAPolicy.com provides your organization with the tools required to remove cumbersome eligibility tasks while ensuring that best practices for revenue assurance remain intact.
Hospitals and Healthcare systems are complex organizations with many services and patient types moving throughout the registration and billing processes each day. The Emergency Department often feeds primary and specialty care follow up appointments while inpatient and observation admissions create high dollar accounts and the rush to identify a payor source. Departments often operate independently of one another, making patient navigation difficult to manage.
The landscape of the “Self-Pay” patient population is changing rapidly. With the growth of High Deductible Health Plans (HDHPs), the number of accounts with balances after insurance continues to grow. The cost sharing mechanisms of co-pays and deductibles require hospitals to collect from both traditional or “Pure Self-Pay” patients as well as those with commercial insurance and government reimbursement programs.
Historically, hospitals have put programs in place to underwrite applications for Financial Assistance. These programs have required the completion of detailed financial forms, the collection of extensive documentation and the work of Patient Financial Services staff to administer the program. In other words, traditionally hospitals have spent a great deal of money to operate a program to write off or write down accounts.
FAPolicy.com will work with each organization to leverage existing systems to efficiently manage your Financial Assitance Program: for less than the cost of a single full time employee.
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