Grinnell Regional Medical Center Releases Results from
Partnership with Patientco
Two-year engagement has helped promote patient
financial engagement through simplified billing, increased access to payment options
ATLANTA
(June XX, 2014) – Patientco, an
industry-leading revenue cycle management software company that works with
healthcare organizations to improve the way payments occur between patients and
providers, released today results from its two-year partnership with Grinnell
Regional Medical Center, a 49-bed rural medical center in Grinnell, Iowa. By
leveraging Patientco’s cloud-based platform, Grinnell Regional Medical Center (GRMC)
has simplified the payment process and improved billing accessibility for its
patients, increasing cash collections by seven percent, decreasing FTE workload
and enhancing overall patient satisfaction.
“Healthcare
organizations are constantly striving to improve patient care from a clinical
perspective, but many don’t consider the financial aspect of the care journey,”
said Kyle Wilcox, assistant vice president, finance at Grinnell Regional
Medical Center. “We recognize the importance of making the patient payment
process as simple as possible, and Patientco has enabled us to do just that. We
were able to implement the payment automation platform in less than six weeks
and see fast business results as well as positive patient feedback.”
Grinnell
Regional Medical Center partnered with Patientco in 2012 when they realized
their basic payment options and black-and-white statements were not helping to
improve its patients’ overall experience with GRMC or its collections processes.
The improved statements from Patientco, designed around patients’ needs, have
proven to be two and a half times more effective at positively influencing
patient payment behavior, with 79 percent of current payments made through
self-service methods. Additionally, Patientco’s technology has helped Grinnell
Regional Medical Center save approximately 124 hours per month, time which was
previously spent on opening checks, posting payments and processing address
changes or returned mail.
“In
today’s healthcare environment, organizations are focusing more on patient
financial engagement and how it impacts the overall care experience,” said Bird
Blitch, CEO of Patientco. “At Patientco, we are committed to providing our
partners with the right tools they need to better manage the revenue cycle
while enhancing patient satisfaction. As our partnership with Grinnell Regional
Medical Center continues to grow, we will continue to work closely with their
team to improve patient payment processes that will ultimately benefit both
patients and providers.”
Patientco’s
patient-focused solution has also enabled Grinnell Regional Medical Center to:
·
Improve payment
accessibility and flexibility. Patients have access to manage and pay
their healthcare expenses in the method that is most convenient via different
payment options, such as online bill pay, by mail, over the phone or check.
·
Reduce bad debt. With Patientco,
Grinnell Regional Medical Center has not only improved collections, but also
reduced bad debt while simultaneously increasing financial assistance to its
patients.
·
Enhance patient satisfaction. Patients have
expressed positive feedback and less frequently file billing complaints because
of easy-to-understand statements and accessible payment options.
About Grinnell
Regional Medical Center
Grinnell
Regional Medical Center (GRMC) is a private, non-profit and non-tax supported
medical center, serving more than 40,000 residents in a six-county rural area
of central Iowa. A 49-bed hospital with 50 physicians and allied healthcare
professionals, 390 employees and more than 200 volunteers, GRMC provides an
array of services from birth to end-of-life. Specialties include primary care
in family practice, obstetrics and gynecology and general surgery, as well as
specialists in anesthesiology, bariatrics/weight loss surgery, emergency
medicine, internal medicine, mental health, pain management, pathology,
podiatry, psychiatry, obstetrics/gynecology, orthopedic surgery, radiology and
urology. Visiting specialists in 11 areas provide additional specialty care for
area residents. For more information,
call 641-236-7511.
About Patientco
Patientco
is a leading provider of cloud-based patient payment automation solutions designed
to increase revenue and cut costs by simplifying the payment process for
patients and streamlining the patient revenue cycle for providers. Patientco’s
suite of intuitive revenue cycle tools produces easy-to-understand statements, offers
patients their choice of secure payment options, facilitates direct
provider-to-patient communication and automates traditionally manual back-office
processes for providers. To learn more, call 888-747-2455 or visit info.patientco.com/providers.
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