System integration is the bane of most IT shops. VestaPay largely circumvents this headwind by using our advanced robotics technology. VestaCare created its own robotic technology in 2006, and first applied it to interfacing with major Payor claims systems. The result is a technical prowess that when combined with our advanced robotic system enables VestaPay to interface with all EHR and supplemental systems. This also requires substantially less time (weeks vs months) and costs, a winning formula for IT teams and their hospitals.
Technology is great! But it is made even better when human-like elements are also introduced at the same time to assist patients. Not all patients are facile with their mobile phones. Even though VestaPay’s mobile registration is very simple to use, we still anticipated that some patients may not be able to use their phone effectively to register. Because of that we introduced Chatbots to facilitate the patient’s mobile registration, essentially taking the patients by the hand and walking them through the complete registration process. The result is a much higher level of patient adoption, which is a key concern for any patient access professional. This is further complemented by our new Virtual Financial Desk enabling patients to have instantaneous live support with a human registrar that can assist them in completing the set up of their payments.
Revenue Cycle Management (RCM) execs have multiple objectives. Financial results are a key concern for management, to whom RCM execs report to. RCM staff also have to address patient intake satisfaction goals and objectives within their hospital. VestaPay’s suite of patient payment management tools covers the whole patient engagement cycle, including end-to-end tracking of a patient’s progress, while securing the maximum possible financial liability owed by the patient. Patients really like the Dynamic Balance Adjustment Auto Pay Plan (DBA-APP) as it permits them to schedule payments that are affordable, consolidating all their bills under one DBA-APP. It also provides patients with complete visibility into their payment schedule. This is all set up at time of service before the hospital and patients know exactly what they owe. According to Tom Brekka, Chief Revenue Officer at VestaCare, Inc., “When you can secure 100% of the patients’ known and unknown liabilities at time of service. i.e., before they leave, that is when you achieve the breakthrough in securing the maximum patient liabilities.”
VestaPay’s solution for securing 100% of the patient liability at or before time of service (not after) provides tools that enable hospital financial management to greatly increase revenues in areas that have historically struggled.
This is not hype.
It has been proven in several hospitals with widely varying demographics and economic headwinds. Further still, for the first time hospitals are able to secure a significant portion of patient liabilities in the ED, again upon checkout, and not conflicting with EMTALA constraints. Most hospital EDs collect little to no patient payments. As a result, introducing VestaPay generates immediate and dramatic increases in revenues. A true game changer for your finance department.