Patient Financial Services

PFS is a process intensive department that unfortunately often contributes significantly to cash leakage. The ultimate goal of a PFS department is to convert patient encounter data and net revenue, into cash. However, with the sheer volume of accounts that must be followed-up on and the methods most hospitals employ, cash falls through the cracks every day. So not only should the goal of PFS be to maximize cash, but simultaneously minimize the cash that gets left on the table (or in the drawer, on the shelf, in the trash). This is only possible with teamwork, an expertly designed process, and technology created to support the team and the process.

Signs of Process Failures in PFS:

• Multiple methods of prioritizing follow up work
• Lack of visibility to inventory penetration
• Validation or collection backlog
• Volatile monthly performance
• No validation of account payments
• Associates passing errors between one another
• "Work of art" collection process
• Low associate morale
• Poor cash realization
• Accounts going to agencies

Common issues in PFS:

• Every day is chaos within PFS
• Too many denials
• Underpayments
• Sub-optimized account worklists (e.g. High dollar, age, payer, etc.)
• Non-standardized collection process
• Inadequate account follow-up

Our Solutions:

• CollectLogix
  • - Immediate 3-5% increase in cash realization
  • - Standardize collection process
  • - Integrates will all major host systems
• PFS Kaizen Event
  • - Improve cash realization by 12%
  • - Design process to flow
  • - Standardize collection processes
• ScoreLogix
  • - Quantify the contribution of PFS to cash leakage
  • - Provide the foundation and data for continuous improvement
  • - Provide PFS managers performance based PFS metrics
• Revenue Cycle Academy