AccuReg Launches Estimate My Cost™
Self-service online tool creates price transparency by enabling patients to accurately estimate out-of-pocket costs before care is provided
FRANKLIN, Tenn. – June 11, 2019 – AccuReg, a healthcare technology solutions company offering a full suite of front-end revenue cycle SaaS solutions for hospitals, has launched Estimate My Cost™, a web-based, patient-facing tool that quickly and accurately estimates a patient’s financial responsibility in advance of a clinical procedure.
AccuReg Estimate My Cost empowers patients to determine their financial liability for surgeries or other complex health procedures, improves staff productivity by reducing the need to respond individually to patient inquiries and “shoppers” and enhances the patient financial experience.
“As consumer demand for price transparency grows, health systems are under pressure to provide patients with self-service estimation and payment tools,” said Paul Shorrosh, AccuReg Founder and Chief Executive Officer. “Estimate My Cost goes far beyond posting retail chargemaster prices; it gives patients an accurate estimation of their balance due after insurance or self-pay discounts. Health systems benefit by increasing pre-service collections, reducing no-shows, and reducing labor cost by giving patients access to the same powerful estimation tool used by hospital staff.”
Patients simply click a link on the hospital’s website from their computer or mobile device, answer a few questions, and an accurate estimate is generated. Each estimate includes a reference code patients can share with hospital staff, who can verify that all information was correctly entered, including the service to be provided. Estimate My Cost gives patients an opportunity to pay their balance in advance of service, when the likelihood of collecting is highest and the cost to collect is lowest.
Estimate My Cost is built on AccuReg’s market-leading patient estimation tool already in use by frontline staff around the country to respond to patient estimate requests. It combines data from the provider’s chargemaster, claims history, payer contract terms and the patient’s insurance benefits to generate either a self-pay estimate or price estimate for ordered procedures. AccuReg continuously monitors and improves the accuracy of its estimates with a data analytics process that identifies errors and recalibrates the system for continuous quality improvement.
About AccuReg: AccuReg has delivered revenue cycle and patient access innovation to the healthcare industry since 2005. Known for their integrated suite which includes their top-ranked QA rules engine, intelligence-driven eligibility and benefit verification workflow and guaranteed patient estimations, AccuReg’s cloud-based solutions automate the front-end process critical to the patient financial experience and revenue capture. It’s powered by artificial intelligence and an exception-based workflow that holds staff accountable to self-correct. AccuReg executives are industry leaders who have contributed to HFMA and NAHAM, including architecting the AccessKeys, the industry standard KPIs and benchmarks for Patient Access. For more information, visit www.AccuRegSoftware.com.