Welcome!

News Feed Item

TransUnion Survey Finds Patients Willing to Pay More of Their Bills With Improved Billing Information at the Time of Service

TransUnion Healthcare's ClearIQ Platform Continues to Simplify Patient Billing Experience

CHICAGO, IL -- (Marketwired) -- 04/07/14 -- According to a TransUnion Healthcare survey of more than 700 insured consumers, 75% of patients said that pre-treatment estimates of out-of-pocket costs would improve their ability to pay for healthcare. However, nearly six in 10 patients (56%) either rarely or never received an estimate of out-of-pocket costs before they received treatment; 59% said they have been surprised by the costs they were responsible for when receiving their final bill.

Of patients who reported either paying a bill late, leaving a bill unpaid or letting a bill go to collections, three-quarters reported that they were always or often surprised by the costs they were responsible for in their final bills.

"These survey results tell us that consumers are less likely to have payment problems when they obtain more information about the cost of their healthcare services up front," said John Woody, vice president of product development for Transunion Healthcare. "Partly as a response to these issues, TransUnion Healthcare continues to improve payment experiences for patients and help ensure that healthcare providers capture all third-party reimbursements owed to them with the recent enhancements to our ClearIQ patient access platform."

TransUnion has enhanced its ClearIQ platform by adding Medical Necessity and upgrading its Insurance Eligibility and Benefits Verification solution. The ClearIQ platform now features customized business rules, an easy-to-read eligibility viewer, coverage discovery, alerts and work queue enhancements.

The improved Insurance Eligibility solution offers providers real-time electronic verification of patients' insurance eligibility and benefit levels for third party coverage. The update simplifies the payment experience for patients by enabling providers to comprehensively identify coverage options for specific procedures and customized to each patient's unique circumstances. By capturing accurate benefit information at the point-of-service, providers may be able to avoid errors and decrease claim denials while increasing collections from patients.

"From the patient's perspective, the latest enhancement equips them with accurate and essential information about their financial responsibility prior to treatment so they can make more informed decisions about their care and ability to pay," said Woody. "It arms providers with the tools they need to minimize claim denials, streamline front-end registration and, ultimately, reduce uncompensated care."

Medical Necessity, another integrated ClearIQ platform feature, automatically validates procedure codes against Medicare and Commercial Payer medical necessity rules. The solution may reduce the provider's financial-risk exposure for denied claims by identifying medical procedures which may not be covered by third party payors, before the provider submits the claim. Medical Necessity also improves patient satisfaction by enabling the provider to deliver transparent pricing information to the patient before the patient receives medical services.

The Medicare industry estimates that hospitals without a medical necessity program face an average of $960,000 annually in denials and an average staff cost of $53-$117 per denied claim to gather information related to the claim denial.

"Now, more than ever, it is critical that providers capture all reimbursements owed to them, given the impending changes to reimbursement structures under the Affordable Care Act and the introduction of healthcare exchanges," said Woody. "A failure to quickly and accurately verify patients' eligibility and benefits on the front-end can lead to costly billing errors and claim denials on the back-end and, ultimately, significant profit loss for healthcare providers and hospital systems."

Lincoln County Medical Center in Missouri will be one of the first hospitals to integrate Medical Necessity with ClearIQ's Patient Payment Estimation, Insurance Eligibility, ID and Address Verification and Propensity to Pay solutions, providing an improved patient financial experience. Lincoln will have the ability to clearly communicate to patients how much they will owe before receiving treatment and provide them with patient-friendly payment options, or financial assistance, based on their unique financial situation.

"We are excited about being able to provide our patients with the most transparent pricing information prior to receiving medical services," said Becky Kinsella, director of revenue cycle at Lincoln County Medical Center. "Combining medical necessity compliance checks with a contracts-based patient payment estimator and propensity to pay information empowers our staff with the tools necessary to educate patients' on their payment options. It also reduces our financial risk for claim denials post-service. We expect this to have a significant impact on our point-of-service collections and net revenue as we will know earlier in the process how much the patient owes, and what procedures will be covered by their insurance company."

TransUnion Healthcare's ClearIQ technology is an exception-based automated decisioning platform, which automates the work steps necessary to process a patient registration and provides the best possible patient financial experience. For more information about ClearIQ, visit: http://www.transunion.com/corporate/business/healthcare/emarketing/clearIQ_landing.page

TransUnion Healthcare
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

Add to Digg Bookmark with del.icio.us Add to Newsvine

Contact
Dave Blumberg
TransUnion
E-mail Email Contact
Telephone (312) 985 3059

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...