How Bingham Memorial Hospital Pivoted their Patient Financial Engagement Strategy and Increased Monthly Card Revenue
Background
Bingham Memorial Hospital is a non-profit hospital located in Blackfoot, Idaho, that strives to provide exquisite patient care in a compassionate manner. Established in 1950, the award-winning healthcare provider has grown from just six doctors to over 140 medical providers and 700 staff. Bingham Memorial offers over 100 types of patient services, including in-patient, out-patient, critical care, emergency, rehabilitation, same day surgery, and transitional care services.
Objective
Bingham Memorial had been dealing with a patient payment platform that made it difficult to enter and reconcile payments and had difficulty integrating with their EHR, Paragon. They needed a solution that would work seamlessly with Paragon but would also reduce, not increase, the time it took to collect a payment.
Bingham Memorial was also looking for a patient payment platform that would help them collect copays and outstanding balances in a single view at point-of-service. Finally, they were hoping to find a solution to help them manage their non-patient accounts receivables in a way that saved their employees time and that would integrate Paragon without a lot of manual touches.
Our Solutions
Bingham Memorial worked with the team at HealthPay24 to implement a patient payment platform that integrated with Paragon to allow them to easily get payments and balances reconciled automatically. Although they did not previously have a system in place to support non-patient general ledger items, HealthPay24 was able to set the hospital up with a solution that allowed them to capture all non-patient accounts receivable items and post to the correct general ledger account. The solution also integrated with Paragon so posting and managing items for Bingham Memorial is easy and clean for the staff to perform.
“HealthPay24 has been a tremendous asset to our patients and organization. We’ve gone from a very manual, error-prone process to one that seamlessly integrates with our EMR, allowing us to cut down on the time it takes staff to process and balance payments. Patients also have appreciated the intuitive online payment portal to check on their balances, apply discounts, and make payments on their account. I would recommend HealthPay24 to any healthcare facility that is looking to streamline their patient payment process with ease and satisfaction.”
– Garrett Moulton
Director of Finance at Bingham Memorial Hospital
The Results
Card Payment Revenue
Card payment revenue increase from $350k to $900k per month (in less than 1 year) due to better payment engagement workflows at pre & point-of-service and an overall increase in credit card use.
Days To Collect
Decrease in days-to-collect due to an increase in pre-service communications and collection of copays.
Consumer Satisfaction Score
Average consumer satisfaction score of 4.51/5.0 from users who engaged in the patient portal.
Insights
More insights into their patients via reporting and analytics.
Reconciliation
Improved daily deposit reconciliation with a reduced number of errors.
Discounts, Payment Plans
Implementation of discounts, payment plans, and refunds directly in the patient portal that interfaced effortlessly on the back end with Paragon.
The Future of Patient Financial Engagement
Bingham Memorial is one of many provider organizations managing the shift towards consumerism and digital transformation in healthcare. Here’s how they are pivoting their patient engagement strategy in the next 24-months to better engage with patients and offer elevated communications.
Make the payment experience as patient friendly as possible.
Meet patients where they are electronically for payments, scheduling, and pre-, point-, and post-service communications.
Adopt more payment methods to create convenience for all consumers.
Pull more insights on consumer payment habits and trends.
Create consolidated payment views
Make it easier for employees to make healthcare payments.
“HealthPay24’s Cash Management feature is reducing the amount of errors we are making when we post cash. Better yet, it makes the errors we do have more visible so we can fix them before they become a liability.”
– Julie Lopez
Admissions/PFC/PFA Manager at Bingham Memorial Hospital
