How is Financial Health different from a collection agency?
What are the advantages to using Financial Health vs. a collection agency?
How much upfront cost is associated with outsourcing to Financial Health?
What are the technical requirements for working with Financial Health?
How are statements integrated into our existing process?
Are there any technical requirements concerning the hospital system?
What system does Financial Health use?
Does the hospital have to purchase any software to utilize Financial Health's programs?
When do we give Financial Health our patient information?
How is patient information exchanged?
What kind of reporting does Financial Health provide?
How is Financial Health different from a collection agency?
Unlike a collection agency, Financial Health does NOT chase bad debt. Rather, we attempt to resolve your self–pay accounts BEFORE they ever become delinquent. Our proactive, early–intervention, friendly and respectful approach is designed to assist in the account resolution process by explaining bills to patients, inquiring about third–party coverage and identifying charity care. We offer the quality of caring customer service your hospital would provide if resources were available, presenting ourselves as part of your hospital's business office in our Customized Patient–pay Recovery program. And we act as your patient's advocate through our Medicaid Verification & Payment program, again providing hospitals–and their patients–with the highest level of customer service.
What are the advantages to using Financial Health vs. a collection agency?
We work with hospital patients without confronting them with a bad debt scenario. Financial Health partners with hospitals to manage self–pay receivables as opposed to working to collect written–off accounts.
How much upfront cost is associated with outsourcing to Financial Health?
There are no upfront costs. Financial Health creates new statements for clients and pays the postage for those statements. In fact, Financial Health will also help hospitals create the reports and routines required to get accounts and transactions to Financial Health for processing.
What are the technical requirements for working with Financial Health?
Financial Health requires the hospital to permit the establishment of a Virtual Private Network (VPN), or its equivalent, between the hospital and Financial Health. The hospital is also required to transfer accounts and transactions to Financial Health each day. Financial Health will work with each hospital to establish the most convenient and reliable methodology. It is through this process that we are able to ensure quality and meet our commitments to our clients. This process helps us eliminate the risk to you and provide you with real–time status reporting.
How are statements integrated into our existing process?
Financial Health will schedule statements to run through our system. The hospital can control the timing, sequencing and content of all statements and correspondence Financial Health uses to meet the hospital's specific requirements.
Are there any technical requirements concerning the hospital system?
Financial Health will work with any hospital patient accounting system as long as that system has the capacity to permit the transmission of account information to a third party and allows outside users access.
What system does Financial Health use?
Financial Health uses Ontario System's FACS product. Financial Health is on the most current version of FACS and uses Ontario's GC system (predictive dialer) and VoiceTrak (call recording system).
Does the hospital have to purchase any software to utilize Financial Health's programs?
No.
When do we give Financial Health our patient information?
Patient information is transferred to Financial Health only after the Virtual Private Network (VPN) is fully installed and tests prove accuracy to every last penny.
How is patient information exchanged?
Because we apply all reported transactions to your accounts on a Virtual Private Network (VPN), both our recovery specialists and your staff are assured of working with accurate, up–to–date information in a HIPAA–compliant environment.
What kind of reporting does Financial Health provide?
Virtually any kind of reports our clients request can be provided on a daily, weekly, monthly or quarterly basis. Our standard reports are designed to assist clients with planning budgets, determining cash flow and identifying monthly net income. All reports can be customized to any format our clients may require.