KLAS Report Rates TransUnion Healthcare's Patient Payment Estimation and Propensity to Pay Solutions the Highest of Any Vendor
CHICAGO, IL--(Marketwired - Nov 25, 2014) - TransUnion Healthcare announced today it has been rated the highest performing vendor by the KLAS 2014 Patient Access Report for its patient payment estimation and propensity to pay solutions.
"TransUnion Healthcare has empowered providers throughout the nation for the last several years with data and analytics to ensure greater ease of use, accuracy and transparency in the revenue cycle process," said Gerry McCarthy, president of TransUnion Healthcare. "We are particularly honored to receive the KLAS distinction of being rated as the best vendor for our estimation and propensity to pay solutions because these rankings are largely based on the opinions of the providers we have and hope to serve in the future."
KLAS is a research firm that conducts over 1,900 healthcare provider interviews per month, working with over 4,500 hospitals and over 3,000 doctor's offices and clinics. KLAS has ratings on over 250 healthcare technology vendors and over 900 products and services.
TransUnion's patient responsibility estimator received an 8.0 rating from KLAS, the highest of any vendor in the report. KLAS scores are based on a scale where 1.0 is the worst and 9.0 is the highest rating. The KLAS report stated TransUnion's patient responsibility estimator "rises above the other vendors in delivering not only strong functionality with satisfactory accuracy for most clients, but also strong customer support."
The report also found that with increases in uninsured and underinsured patients, some providers find it useful to assess a patient's likelihood to pay before or at the point of service. TransUnion received the highest ranking of all vendors (7.3) for its propensity to pay solution.
A director of revenue cycle cited in the KLAS report explained the value of the TransUnion ClearIQ propensity to pay tool: "Checking the propensity to pay is the last step in all the functionality we have. The collect button gives a score of what a patient's propensity to pay is, and then it will give a financial assessment of how much credit he or she has available and his or her percent of poverty level. That helps our financial counselor."
The KLAS report also found that TransUnion's "service and support" ratings exceeded the market average in each of the category's four subgroups, including: quality of phone/web support; proactive service; executive involvement and lives up to expectations.
TransUnion ranked above or at the market average for 16 of 19 subgroups in the following categories: sales and contracting; implementation and training; functionality and upgrades; service and support and general.
Additionally, 97% of providers indicated that they would purchase solutions from TransUnion again -- the highest of any vendor in the study.
"Our data assets, market-leading revenue cycle technologies, and deep insights into consumer financial behavior allow us to offer one of the most patient-centric revenue cycle management, collections and recovery systems in the market," said McCarthy. "We believe the results from this report will better help us engage and work with providers who want to be efficiently reimbursed for the care provided."
TransUnion also received an overwhelmingly positive response to their point-of-service collections function, with one provider saying, "TransUnion Patient Access has great point-of-service collections. I thinks its accuracy is demonstrated by the fact that we receive very few, if any, customer service calls where we over- or underpriced something. This also speaks to the strength of the payment estimator."
TransUnion's ClearIQ patient access workflow integrates its HFMA peer-reviewed solutions: ID and address verification, insurance eligibility and benefits verification, patient payment estimation, and ability to pay determination to allow for a deeper insight into patients' financial behavior that optimize the consumer reimbursement process.
In addition, TransUnion's industry leading collections and reimbursement solutions have discovered over $4 billion in uncompensated care charges. More information about TransUnion Healthcare's solutions can be found at www.transunionhealthcare.com.
KLAS is a research firm on a global mission to improve healthcare delivery by enabling providers to be heard and to be counted. Working with thousands of healthcare professionals and clinicians, KLAS gathers data on software, services, medical equipment, and infrastructure systems to deliver timely reports, trends, and statistical overviews. The research directly represents the provider voice and acts as a catalyst for improving vendor performance. For more information, go to KLASresearch.com or follow KLAS on Twitter @KLASresearch.
TransUnion Healthcare, a wholly owned subsidiary of credit and information management company TransUnion, empowers providers with Intelligence in an Instant® by providing data and analytics at the point of need. TransUnion offers a series of data solutions designed to provide greater ease of use, accuracy and transparency in the revenue cycle process thereby assisting providers in lowering their uncompensated care. www.transunionhealthcare.com
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion reaches businesses and consumers in 33 countries around the world on five continents. www.transunion.com/business