Revenue360 Pricing Estimation

Pricing Estimation

Provide simple and reliable out-of pocket-cost estimates to the patient before rendering services.

Hospital Pricing Estimation ModuleThe Revenue360® Pricing Estimation module delivers credible patient payment estimates for medical services at or before the point-of-service. Pricing Estimation analyzes historical charges, payer contract terms, and current patient insurance and benefit information to predict what patients are likely to owe for services provided.

The result? Increased collections at the time of service, improved cash flow, and reduced patient receivables and bad debt. And more importantly, Revenue360 Pricing Estimation improves patient to provider relations, by educating the patient on their financial responsibility from the beginning, allowing financial planning with no surprises.

Revenue360 - Hospital procedure pricing estimation.

Hospital staff can quickly & easily estimate the patients out of pocket cost for any procedure, prior to treatment

This is how the 5-step estimation process works: (use arrows below to navigate)

Navigate with the arrows above after pressing start – use the bottom right button for full screen.

Step 1: Patient demographic and service information is collected or auto-populated from the registration system.
Step 2: Procedure and diagnosis codes are collected.
Step 3: Patient insurance eligibility and benefit levels are verified. Benefit information can be transmitted automatically via a direct EDI interface or manually entered.
Step 4: Based on the information entered in the first three steps, an estimate is generated for review.
Step 5: A printable, customizable letter with your practice’s logo and contact information is printed and saved for easy future access. The letter contains the patient’s demographic, procedure, benefit and payment information, which can combine facility and clinic estimates or be broken out by facility.

Pricing Estimation Advantages For:

Patients who know and understand their financial responsibilities are more likely to pay than those who do not.

The Revenue360® Pricing Estimator module applies intelligent logic by calculating procedural charges, analyzing historical data, evaluating contract pricing between your organization and the payer, and applying patient insurance benefit information to establish an estimated patient financial obligation at the earliest point of patient contact.

The result? Increased collections at the time of service, improved cash flow, reduced patient receivables and bad debt. More importantly, Revenue360® Pricing Estimator improves patient to provider relations, by educating the patient on their financial responsibility from the beginning, allowing financial planning with no surprises.

Patients who know and understand their financial responsibilities are more likely to pay than those who do not.  How can you empower your front-line staff to have positive, proactive, and accurate conversations regarding the patients’ financial responsibilities?

The Revenue360® Pricing Estimation module applies intelligent logic by calculating procedural charges, analyzing historical data, evaluating contract pricing between your organization and the payer, and applying patient insurance benefit information to establish an estimated patient financial obligation at the earliest point of patient contact.

The result? Increased collections at the time of service, improved cash flow, reduced patient receivables and bad debt. More importantly, Revenue360® Pricing Estimator improves patient to provider relations, by educating the patient on their financial responsibility from the beginning, allowing financial planning with no surprises.

At some point during the registration process, the patient may ask you how much they will have to pay the hospital for their medical procedure.  How will you explain their charges accurately when there are so many elements to consider? Revenue360 Pricing Estimator module evaluates three key data components:  Your charges, the patient’s charges, and the negotiated contract pricing between the hospital and the payer.  Producing an estimate that can be printed for the patient, Revenue360 summarizes their total charges, benefits and finally estimated out of pocket expenses.  By accurately estimating the patient’s financial obligations, you become a patient advocate on behalf of your hospital. 

*HFMA staff and volunteers determined that ClearQuote has met specific criteria developed under the HFMA Peer Review Process. HFMA does not endorse or guarantee the use of these products and services.

Fill out my online form.

 … it’s a win-win-win situation. It’s a win for the patient, a win for the hospital, and a win for my staff.

Carmen Gonzalez

Patient Access Manager, South Nassau Communities Hospital

Benefits:

  • Increase Point-of-Service collections
  • Increase Price Transparency
  • Reduce Anxiety about Payments
  • Reduce Days in Accounts Receivable

Learn More… Download Our Overview (PDF)

Related Blog Posts:

Patient Revenue Cycle Engagement: A New Challenge

Patients are going through a period of financial transformation in regards to medical treatment. They are struggling to adapt to their increased financial responsibility for healthcare costs. Hospitals are forced to find innovative solutions to encourage them to pay as much of their bill as possible (preferably upfront). Engaging patients in the financial side of their healthcare is proven to be the most effective strategy hospitals can implement to increase the likelihood of payment follow-through.

read more

Estimating Patient Out-of-Pocket Costs

Posting a list of charges on a provider’s website may satisfy the letter of the law, but it fails to give consumers an accurate picture of what they will owe for services. The problem for healthcare providers is – how do you give consumers pricing transparency without revealing proprietary information to competitors? Revenue Cycle Management Technology can make estimating patient out-of-pocket costs easier for both the consumer and the healthcare provider.

read more

Fast Track to Revenue Cycle Improvement

In recent posts, we’ve covered how modern technology saves hospitals money, lessens headaches for revenue cycle managers, and increases patient satisfaction. We have detailed how the Revenue360 platform not only saves money, it can increase hospital profitability altogether. Why are we so sure that improving the revenue cycle process is the fast track to improving hospital profits? Because we have seen it first hand via the success of our clients…

read more

High Deductible Health Plans Rise and Hospitals Adapt

The prevalence of High Deductible Health Plans is continuously on the rise – both via the Affordable Care Act and with more employers offering no other options for health insurance. Hospitals must adapt to these changes and tighten up revenue cycle practices to maintain hospital revenue and decrease bad debt.

read more

Consumer Driven Healthcare Trends in 2016

As patients are responsible for paying more of their healthcare expenses than ever before in history – consumer driven healthcare will be the biggest trend for healthcare in 2016. No longer is the focus on what is convenient to the provider, rather it’s become what is convenient to the patient – a huge difference from looking back just five years ago. So what exactly are consumers looking for from their healthcare providers?

read more

ACA, Cost Struggles, and Hospital Patient Education

Hardships under the Affordable Care Act (ACA) seems to be a theme – for both patients experiencing higher deductibles on costlier benefit plans, and physicians struggling to adjust their revenue cycle processes to accommodate changes created by the ACA. There are opportunities today for hospitals to help their patients navigate the changing landscape, which can be beneficial for both the hospitals revenue cycle and for patient satisfaction; truly a win – win. But actually achieving savings for patients and providers in the healthcare industry? The jury’s not yet in…

read more