Medical billing company PatientCredit has changed its name to PatientFocus, to better reflect its mission of “putting the patient first” and its exclusive focus on patient-pay. PatientFocus has tripled clients in 2012 and now serves more than 50 client sites in seven states. To respond to its rapidly growing client base, the company’s employee roster has grown three-fold, and the company has moved to new office space in downtown Nashville, doubling its square footage.
Serving as an outsourced extension of the health care billing office, PatientFocus provides full-service patient-pay account management (payments due after insurance and before bad debt) to hospitals, physician groups and other providers. PatientFocus offers every patient flexible, interest-free payment options without a credit check, and manages all patient communications: statements, inbound/outbound telephone follow-up and online payment options. Current clients include leading national healthcare corporations Anesthesia Medical Group, e+CancerCare and Optimal Radiology.
High-deductible health plans, higher co-pays, and coinsurance are the new normal, and most providers must now collect a greater percentage of revenue from patients (vs. relying solely on insurance). This trend shows no sign of slowing. Patient balances typically comprise 20 percent of the total bill, yet can be five times as difficult to manage and collect, creating a paradox of value for the billing office. This is where PatientFocus comes in.
“Healthcare providers appreciate PatientFocus because we bring the capacity and focus necessary to maximize the value of patient-pay receivables while freeing up time for the billing office to focus on larger insurance claims. Patients also appreciate the PatientFocus approach, which always features outreach from a financial counselor sympathetic to their concerns, knowledgeable about their bills, and willing to be flexible with payment plans that fit within their means,” explained David E. Frederiksen, PatientFocus founder and CEO.
PatientFocus alleviates the burden of managing patient-pay from the billing office, and provides a simple platform that not only answers patient questions in a way that reduces stress and confusion, but also increases patient satisfaction and enhances patient-pay revenues. The platform works seamlessly with any billing or EHR system.
“When PatientFocus handles all patient statements and communications, providers still maintain control of patient accounts but reduce the workload for the business office,” continued Frederiksen.
Leveraging technology to reach patients via text, email and post, patient outreach begins with client-branded statements that offer payment options in a clear and concise way and direct patients to a payment portal. Patients can select payment plans online via their smartphone or computer, and can always pay over time, interest-free, in any way they choose, including check, credit card, bank draft, Health Savings Account, and even PayPal.
Patients can also contact PatientFocus’ multi-lingual financial counselors via phone, text or online with any questions. Working directly from PatientFocus’ downtown headquarters, every counselor has insurance billing experience and is specially trained to treat patients with respect and understanding.
Funded with $1 million from veteran healthcare investors, PatientFocus is profitable, with the company’s revenues tripling since the beginning of 2012. Frederiksen launched the company in 2010 with Evan Austill, PatientFocus COO, fellow Vanderbilt University MBA graduate and co-founder.
The PatientFocus board comprises well-known healthcare executives and medical experts, including: Jim Lackey, founder and former CEO of Passport Health Communications and current CEO of EnableComp; Luke Simons, former managing partner of J.C. Bradford & Co.; and Dr. Rand Frederiksen, a cardiologist with more than 40 years of experience as a health care provider and managing partner for his physician practice group.
Located in Nashville, PatientFocus is a medical billing company focused exclusively on self-pay and patient-pay accounts after insurance and before bad debt collections. PatientFocus functions as an outsourced extension of its clients’ billing office, providing every patient flexible, interest-free payment options without a credit check. PatientFocus manages 100 percent of patient communications, including statements, inbound and outbound telephone follow-up, and online payment options. Online: www.patientfocus.com