Revenue360 Pricing Estimation

Pricing Estimation

 

With Revenue360, your staff can provide simple and reliable out-of pocket-cost estimates to the patient before rendering services – significantly increasing POS Collections & Patient Satisfaction

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.

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 … 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)

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