Patient Access Impact
Revenue Cycle Impact
Hospital Financial Impact
We’re collecting the money now, (and) we’re collecting way more than we did!
Patient Access Director, Murray-Calloway County Hospital
As much as 30% of hospital revenue now comes from patients. That’s more incentive than ever to automate estimation of payments.
Healthcare price transparency goes beyond meeting federal compliance rules, it’s about giving patients what they really want—accurate out-of-pocket costs. By providing accurate patient estimates prior to service, your hospital has the opportunity to:
- Collect more revenue up-front
- Decrease cost to collect, right-offs and bad debt
- Increase patient satisfaction
- Avoid losing revenue to hospitals that can tell patients their out-of-pocket costs—yes, that happens!
How it Works: Cost Estimating Software for Healthcare
Patient Cost Estimation Accuracy Guaranteed
Hospital Revenue from Patients
As a leading healthcare price transparency company, AccuReg developed patient estimation software that can be used by your staff and online by patients. These price transparency tools create accurate cost estimates for specific services, which can be done at the time of registration or anytime, anywhere by patients.
Using our cost estimating software is as easy as entering a few data fields. Then, our intelligence does the rest—including real-time, procedure-specific benefit validation and deductible balances, which create guaranteed accurate estimates of out-of-pocket costs.
Next, our automated workflow takes over. Using predictive technology, AccuReg Payment Estimation notifies your patient access team of collection opportunities using real-time alerts. Your staff can:
- Print the price estimate that they created
- Use a reference code to access the self-estimate created by the patient
Our estimation software makes it easy to walk through cost estimates with the patient, simplifying the explanation of costs of care and enabling them to collect payment immediately, which can be done quickly and cost effectively using AccuReg Payment Processing.
What it Features: Advanced Patient Estimation Software
Our patient estimation tool automatically:
- Projects liabilities based on payer contract terms
- Includes co-pays, deductibles and co-insurance
- Estimates private pay based on chargemaster pricing with optional prompt-pay or self-pay discounts
- Pulls information from electronic orders and scheduling
- Incorporates claims history, eligibility and benefits
- Compares actual vs. expected reimbursement
- Leverages artificial intelligence (AI) to adjust formulas for improved performance
Our healthcare cost transparency solution includes the functionality for patients to self-estimate their out-of-pocket costs with Estimate My Cost™. This technology empowers your patients with procedure cost estimates, which increase your hospital’s opportunity to get paid faster.