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Medical / Health Care (Early Out/Recovery)
Business Opportunity
The Healthcare collection industry must balance the existing patient relationship and 3rd party insurance
billing while continually coordinating self pay efforts. The traditionally complex, three-tier, collection
procedure must coordinate payment as related to in-patient, out-patient, ambulatory, special surgery,
emergency, clinic, private physician and patient accounts. The inability to easily access third party
insurance billing completion, and rejection standards can make the conversation with the patient a frustrating
exercise in attempting to explain all the dynamics affecting the balance due. Fusion was created to
specifically address these complex issues.
Operational Shift
Regardless of the client's location, Fusion can uniformly represent the entire receivable dynamic. In addition,
Fusion allows the healthcare industry to:
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- recreate entire patient account management information
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- utilize a client-specific patient financial calculator to emphasis historical payment and insurance transactions
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- create specific workflow and work standards for every segment of the receivable based on age, balance and billing status
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- re-deploy collection events based on the historical transactional information including calls/penetration, skip-tracing applications and phone contact results
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- allocate accounts to multiple centers or work environments from one location
Financial Benefits
The healthcare industry requires applications that substantially improve historical financial results. Fusion assures:
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- reduced write-off of 6%-12% versus current standards
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- improvement in Recovery collections 3%-10%
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- decreased cost to manage overall receivable and specifically cost to collect
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- increased work effort in the form of greater transactional attempts at lower cost
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- increased average payment as a percentage of balance
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- increase in patient account representative's ability to work an account to successful conclusion
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- rule-based calculation systems that coordinate billing efforts for accuracy and completion thereby lowering operational man-hour cost
Business Benefits
Healthcare providers not only benefit from the immediate and increased financial returns that Fusion provides but
also reap other benefits, such as the ability to:
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- coordinate many aspects of a patient's account in terms of current and historical information in one environment
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- build a decision tree of events that processes accounts based on available information and best practices
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- increase process, and deployment time in a seamless environment
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- design reporting around account status for third party and self pay scenarios
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