Make Your Revenue Cycle a Competitive Advantage. Corey B. Meyer Director of Patient Access and Virtual Health

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1 Make Your Revenue Cycle a Competitive Advantage Corey B. Meyer Director of Patient Access and Virtual Health

2 Corey B. Meyer is an experienced Healthcare leader in Revenue Cycle with a history of innovation leadership. Corey manages 160+ professionals at Lancaster General Hospital focused on registration, financial clearance, customer service, price estimation, and scheduling functions for nearly a million patient encounters annually. Corey is also responsible for leading the strategy and implementation of technology that allows patients to interact virtually with the health system including leading the strategy for the award winning patient portal, Corey also serves his local community on various community boards, as a youth coach and as an elected municipal official. Corey holds an MBA from Pennsylvania State University and a BS from West Chester University of Pennsylvania.

3 About Lancaster General Health (PA) 3 hospitals, 689 total beds, 37K annual discharges 13 ambulatory locations Network of 300 employed specialty & primary care physicians 1 million patient encounters across the system

4 Gameplan 1. Perspective 2. New model 3. Field learnings

5 Perspective outside healthcare Source: Registered trademarks of Amazon, Inc, Southwest Airlines, Inc, and Vanguard, Inc

6 Consider... Patient view of their financial journey

7 Systems view: Ensure a successful flow Eligibility Pre-Service Call Point of Service Price / Cost Estimate Check-In Post-Service bill

8 The balancing act STAFF ASSISTED Answer phones Post payments Scheduling Challenge Headcount pressure SELF SERVICE Online/mobile payment Patient driven payment plans Challenge Learning skills, no existing headcount Borrowing today, tomorrow s gains

9 The balancing act STAFF ASSISTED Answer phones Post payments Scheduling Challenge Headcount pressure SELF SERVICE Online/mobile payment Patient driven payment plans Challenge Learning skills, no existing headcount Borrowing today, tomorrow s gains

10 Patient financial experience is... A. Last impression B. First impression C. Common to ALL patients D. Affects significant dollars Strategic complement to clinical experience OPPORTUNITY!

11 Gameplan 1. Perspective 2. New model 3. Field learnings Source: The World s Longest (and Scariest) Glass Pedestrian Bridge. Spans across a 1,200-foot canyon in Zhangjiajie National Forest in China. Designed by HAIM DOTAN, Israeli architect.

12 Rising responsibility is a fast moving train 5x in 8 years Sources: Kaiser Employer Health Benefits Survey (2014)

13 "Hearing from members they are seeing an increase in bad debt and even in charity care for people with high-deductible health plans" Caroline Steinberg (VP Trends Analysis) American Hospital Association CFOs are starting to take notice... Sources: The Advisory Board: The Daily Briefing (13 Aug 2013)

14 Links to payment + loyalty Source: Longitudinal study of patient satisfaction with billing and payment experience by Connance (Consumer Impact Study, 5th annual, results published Aug 2014, sample size n=500)

15 Expectations are high Think 1 click. 71% consumers report valuing their time is most important thing a company can do to provide good service. Source: Forrester: Understand Communication Channel Needs To Craft Your Customer Service Strategy, March 11, 2013 Photo credit:

16 Gameplan 1. Perspective 2. New model 3. Field learnings

17 Vision Empower healthcare consumers with a financial experience that enables a successful patient journey (+ builds loyalty!)

18 Goals 1. Raise patient satisfaction 2. Increase net collections 3. Lower cost per payment 4. Engage patients digitally

19 Re-envision the traditional experience

20 Explore processes + technology: Make it easy to be confident along the journey

21 Explore processes + technology: Empower patients to pay on their own

22 Explore processes + technology: Give patients flexibility, portal (SSO) + guests

23 Organize to learn: Cultivate environment of continuous learning Engage Compelling info, easy access (eg, what do I owe & why) Convenient flow: guests + registered users (portal) Empower Pay by any method, any time, any device Self directed financing options Inline feedback, every payment Targeted communications that adapt by stage Align Clean, modern designs Consumer friendly billing details integrated into payment Unified experience across hospital & physician services

24 Metrics matter: Self-service focus drives satisfaction + more Single Checkout for Hospital + Physician Convenient guest flow, integrated into patient portal too 82% Recommend (Due to recent billing and payment experience) 122% Self service increase (YoY 2014 vs. 2015) 14% Net collections (pre + post service 2 ) Source: 2014 baseline analysis from Lancaster General Health (LGH) Rev Cycle team payments summary report from SimpleePAY backoffice for LGH

25 Success in self service raises net collections Overall growth $1.6M, self-service up $1.7M Source: 2014 baseline analysis from Lancaster General Health (LGH) Rev Cycle team payments summary report from SimpleePAY backoffice for LGH

26 Payment can be a source for faster insights I appreciated not having to use a username/password That was quick and easy!!! Love it! LOVE that it let me set up a payment plan without having to call in! "First tried calling to make payment and was on hold at 10 minutes both times I called. Very frustrating. Paying on online was easy. LOVE GETTING THE This was so easy and quick that I almost fell off my chair. Very quick and far less complicated than most bill pay sites And you don't have to be a rocket scientist to go through the whole process. Source: Patient survey after self-service payment on SimpleePAY Comments for question: How likely is it you would recommend [Leading regional hospital] to a friend or colleague due to your recent payment experience? (n=12,749, Response rate = 30.3%, Answers range 0 to 10, average 8.38) simple and fast-love it!

27 Implementation lookback 1. Launched new functionality Self-service payment plans 2. Implement the big bang Point-solutions not enough 3. Organizational vision is key

28 What s next? Friendly estimates (patient + staff) Funded financing EMV chip readers

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32 Corey Meyer Penn Medicine Lancaster General