As a leader in Accounts Receivable (AR) management for almost two decades, PFS Group hasidentified how to harness the latest developments in AI to cut costs by an average of 25% and increase patient cash by at least 20%.
By gleaning insights into decades worth of patient payment behavior, our disruptive AI and machine learning (ML) technologies are being used to streamline rote functions—delivering better patient satisfaction and eliminating tedious tasks for our employees and partners.
We’ve outlined three of the most powerful ways that we are using AI to cut costs, boost patient cash, and benefit all stakeholders.
1. Optimize Workflow
Collections calls are time-consuming and expensive—gauging a patient’s ability to pay encompasses a host of factors and requires accessing information from disparate sources. By utilizing our proprietary AI- and ML-enhanced tools, including tracking patterns in our current and archived datasets, we’ve made this process easier and the conclusions more accurate.
Our AI-based solutions can deduce how likely each patient is to pay, help determine which payment or collection method is the most productive for them, and continue to streamline the workflow over time. By identifying more receptive and willing patients, we can better assign customer service representatives (CSRs) to accounts that can benefit most from interpersonal interaction.
2. Boost patient satisfaction
Patients with the greatest propensity to pay—based on our AI-developed profiles and rules—understand the transactional aspect of healthcare. These patients are more receptive to having a conversation about their billing. They welcome having our CSRs help them better understand hospital accounts, explain healthcare coverage and reimbursement, and work out payment schedules. Far from feeling put-upon, these patients are looking for a way to satisfy their financial obligation to providers—and these technological adjustments narrow their path.
AI solutions drive success at the other end of the payment spectrum, too. If they owe a small sum, patients with little to no propensity to pay are identified and proactively resolved, avoiding time and effort going after a claim that will likely never be satisfied, and allowing our CSRs to allocate their efforts to likelier prospects.
3. Use time more efficiently
By leveraging AI for more strategic, efficient, and profitable processes, our CSRs can optimize their time spent on a live call. Natural language processing, such as that built into our AI-technology solutions, recognizes patient account information including their phone number and any associated data. Our virtual agents (embedded with HIPAA and PCI compliant features) handle the front-end identification, authentication, and purpose of call.
With our virtual agents handling the logistical burden, our CSRs spend more time actively helping patients rather than mired in rote administration. Moreover, freeing staff from repetitious workflows boosts efficiency—and allows employees to focus on the rewarding aspects of their jobs.
Gain an experienced partner
The thoughtful care patients receive from their medical teams should extend to every touchpoint in an organization, including billing and customer service.
Talk to PFS Group about implementing AI-based solutions, deepening insights, and optimizing processes. As a patient financial services organization that partners with some of the largest hospitals and healthcare systems in the country, we’re dedicated to helping our clients maximize their revenue—and drive patient satisfaction.