SOURCE: Simplee

Simplee

July 11, 2017 08:00 ET

New Study Tracks Impact of Patient Financial Care to Patient Satisfaction and Hospital Profits

Research finds two times improvement in patient satisfaction, 505% ROI and three month payback

PALO ALTO, CA--(Marketwired - Jul 11, 2017) -  The rising role and positive impact of patient financial care technology is documented in a newly released Total Economic Impact™ (TEI) commissioned study conducted by Forrester Consulting on behalf of Simplee®. Key findings included a doubling of patient satisfaction ratings, investment payback within three months, and total risk and present-value adjusted benefits of $7.4 million for a 505% return on investment (ROI).

The June 2017 study, The Total Economic Impact™ Of Simplee, tracked the benefits, costs and risks associated with health system investments in the Simplee Platform for Patient Financial Care. Prior to Simplee, all of the systems struggled to meet rising patient expectations for an improved financial experience. Further, the use of homegrown or cobbled-together third party financial systems with existing EHRs resulted in lost revenues, administrative inefficiencies and a high cost of collections.

With the Simplee Platform for Financial Care, the TEI study found that healthcare providers realized 505% ROI based on an increase in net collections and reduction in costs. In addition to clear financial benefits, the adoption of the Simplee platform also demonstrated customer satisfaction returns driven in large part by online, mobile and IVR self-service channels that improved billing transparency and the overall patient financial care experience.

Specific provider benefits found by Forrester Consulting's TEI financial model are for a composite organization based on interviewed customers and include:

  • 505% return on investment (ROI): On average, organizations achieved $7.4 million in total risk-and present value adjusted benefits, and an ROI of 505% driven by a 15% increase in net collections of billed after insurance, and a 21% reduction in overall costs that included a 50% reduction in call volumes;
  • Three (3) month payback: Because of fast implementation times of 2-6 months, low upfront costs, near-immediate patients adoption of online self-service, and Simplee's software-as-a-service (SaaS) subscription-based offering, companies were able to achieve fast payback periods of three months on average;
  • Doubling of customer satisfaction metrics: Providers were able to double the number of very satisfied patients to nearly 80% and significantly boost Net Promoter Scores (NPS);
  • Lowered reliance on collection agencies: Several providers reduced their reliance on third party collection agencies through increased collections via self-service;
  • Improved visibility: Providers gained clarity into patient revenue cycle performance from engagement to payment.

"Using Simplee, health systems were able to greatly improve their patient experience, translating into tangible revenue cycle improvements and patient support cost reductions," according to the Forrester Consulting study. "The Simplee platform enables health systems to digitally transform their patient's financial experience, empowering them to convert a common patient pain point into competitive advantage for leading healthcare organizations."

About Simplee

Simplee® is changing how people pay for healthcare. The Simplee Platform for Patient Financial Care is a Software-as-a-Service (SaaS) solution creating a modern billing and payments experience that allows healthcare providers to engage patients on their financial responsibility in a highly personalized way, matching needs to payment options beginning at preservice. The platform creates a best-in-class experience by combining award-winning design, agile innovation, machine learning on the first massive network of patients and providers for financial care. Simplee delivers proven growth in patient satisfaction and system financial performance with near immediate payback. Headquartered in Palo Alto, California, Simplee is founded and led by eCommerce veterans, and its investors include American Express Ventures, The Heritage Group, Social Capital, and 83 North. For more information on Simplee, visit simplee.com or follow @SimpleePay.

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