Price Transparency and Self-Service Options Can Benefit Healthcare Providers as Patients Return for Care
Combined technologies of TransUnion Healthcare and VisitPay create a differentiated patient financial experience, addressing need for transparency and personalization
As patients and providers continue to face the economic impacts of COVID-19, a new analysis points to the importance for the healthcare industry to address the ongoing calls for greater price transparency and more personalized and convenient payment options. A recent analysis to be featured in an upcoming TransUnion (NYSE: TRU) and VisitPay webinar found that between mid-March and mid-May 2020 healthcare providers experienced a 47% decline in daily total patient payments. However, for the subset of patients at those same providers using VisitPay’s platform, the providers experienced a 10% increase in patient payments.
During the same time period, Net Promoter Scores (i.e. a core metric that measures customer experience) for patients using the VisitPay platform averaged 47. This score is on par with top consumer brands and three times greater than the healthcare industry average, underscoring patients’ satisfaction with solutions that offer more personalization and clarity. Further, a case study from TransUnion Healthcare shows a 42% increase in point-of-service collections as a result of the greater transparency provided to the patient through the company’s estimation solution, ClearIQ .
TransUnion Healthcare and VisitPay announced their partnership earlier this year, enabling a comprehensive end-to-end patient payment experience. To arm healthcare leaders with insights and holistic strategies to address patient payments throughout the revenue lifecycle, the two companies will present a webinar on June 25, hosted by the National Association of Healthcare Access Management (NAHAM).
“Given the rise in unemployment – and the transition between health plans that patients may face due to the loss of employer-sponsored benefits – now more than ever, patients are expecting transparency and personalized experiences, particularly as they re-engage with providers amidst COVID-19,” said David Wojczynski, President of TransUnion Healthcare. “In turn, providers will need to accommodate patients’ unique financial needs and utilize their preferred medium for both payment and communication. In partnership with VisitPay, our solutions help providers build a reliable basis of trust with their patients.”
According to a TransUnion Healthcare patient survey, 70% of patients said knowing costs before a procedure helps them anticipate charges and budget for payments, but only 25% are very satisfied with the payment methods offered by their provider. Given this desire to better understand costs, there exists an opportunity to provide patients with pre-service estimates – which can be created by either the patient or the provider – and customized payment options. These elements can help drive patients’ likelihood to pay and demonstrate providers’ understanding of patient financial situations. Further, the combined functionalities of the solutions offered by TransUnion Healthcare and VisitPay enable health systems and patients to create customized payment plans that are manageable and achievable for both parties.
A recent analysis from the advisory firm Aite Group further emphasizes how the partnership addresses the market need for a more personalized patient financial experience. Aite Group found that the combined technologies of TransUnion Healthcare and VisitPay create a turnkey patient financial engagement solution. The key characteristics which differentiate a joint TransUnion Healthcare and VisitPay solution from other offerings in the marketplace are the pre-service patient experience (i.e. the time an appointment is scheduled to the time of the appointment) and the data powering the patient experience behind the scenes. Overall, the analysis focuses on the unique capabilities of the partnership and the fact that it helps address three (3) key consumer/patient requirements: transparency, personalization, and convenience.
“This partnership addresses the need to financially engage the consumer at the earliest point in the process – before a service is provided. The key is the linkage in using an estimate to create a clear pathway to payment,” said Mike Trilli, Research Director for Aite Group’s Health Insurance and Payments practice. “This link is critical as it delivers needed transparency, and time, for patients to make their financial decision on how to pay the bill and for providers to increase their likelihood to collect in full.”
The webinar, titled “Change Your Engagement Approach to Improve and Empower Pre-Service Patient Payments,” is scheduled for June 25 at 1:00 p.m. CT (2:00 p.m. ET). Healthcare leaders interested in learning more can register for the webinar here.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®
TransUnion Healthcare, a wholly owned subsidiary of TransUnion, makes mutual trust possible between patients, providers, and payers by helping them navigate payment uncertainty. Our Revenue Protection® solutions leverage comprehensive data, accurate insights and industry expertise to engage patients early, ensure earned revenue gets paid and optimize payment strategies. TransUnion Healthcare helps over 1,850 hospitals and 550,000 physicians collectively recover more than $1.2 billion annually in revenue.
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.
Founded in 2010, VisitPay is the leader in patient financial engagement. The company’s third-generation cloud-based platform is used by the nation’s largest and most innovative health systems to deliver transparency, choice, and control to patients managing healthcare payments and transactions. Through VisitPay, patients can access a comprehensive accounting of their financial obligations, as well as critical health plan and healthcare information, via a health system-branded portal. VisitPay’s proprietary analytics tailor consistent and fully compliant financing options that meet the unique needs of patients and their families, creating a simplified billing experience that drives both higher payment rates and improved patient satisfaction scores. VisitPay’s investors include Norwest Venture Partners, Flare Capital Partners, and Ascension Ventures.
 Based on internal VisitPay study
 Based on internal VisitPay study
 Based on blinded case study from TransUnion