UConn Health improved revenue cycle ROI by tackling the patient financial journey 

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UConn Health boosted its ROI in the revenue cycle by improving the patient billing and payment experience.

Sarah Ginnetti, associate vice president for clinical revenue cycle at UConn Health worked this past year to transform the patient financial journey as the country entered the third wave of the COVID-19 pandemic. 

Ginnetti oversees billing, patient balances, coding, data and health information management, the heart of the revenue cycle. This department manages and converts the clinical information into financial information for inpatients and outpatients. UConn Health has over 500 physicians in the medical group and roughly 169 inpatient beds in a single acute-care hospital.

About four years ago, UConn partnered with patient financing company ClearBalance to offer patients a long-term payment plan at no interest. It combines accounts and billing between the hospital and medical group so that patients get one statement.

"It really can make the difference for patients on deciding whether to move forward with the (medical) service," Ginnetti said. "We're then funded that account balance in advance, which allows us to have access to capital and cash more quickly than waiting for a payment plan."

Over 90% of patients end up sticking with the payment plan and following through, she said. 

During the more than four years the plan has been in place, UConn Health is averaging a 200% return on investment and 43% average annual improvement in collections.

Another important factor is that patients are willing to return to use the hospital's services, Ginnetti said.

UConn Health's latest patient-experience upgrade is through enhanced options via Epic's MyChart patient portal. MyChart lets patients see their medications, test results, upcoming appointments, medical bills and price estimates. Epic began developing the original iteration of MyChart in the early 2000s, with more and more data becoming available to patients over the years.

A series of projects are slated for the rest of 2022 into 2023 designed to continually improve the patient financial experience.

"We have a project plan starting in July generating estimates through automation within Epic directly," Ginnetti said. "We just went live in February with paperless billing."

Since joining UConn Health in March of 2021, almost a year to the day after the onset of COVID-19, Ginnetti has worked to create a patient financial experience that mirrors the high quality of clinical care. "The patient experience is always top-of-mind," Ginnetti said.

This is especially true when it comes to a patient's out-of-pocket financial responsibility. "The patient financial experience is very near and dear to my heart," she said. "It can either make their experience or break it."

THE LARGER TREND

Other health systems are working to update the patient experience in the revenue cycle through automation.

Methodist Health System in Nebraska worked with AKASA to tie an automated revenue cycle into its Cerner EHR.

Mercyhealth Systems in Southern Wisconsin and Northern Illinois also automated for a focus on patient-account management. New technology allows patients to schedule appointments and make payments by phone.

Twitter: @SusanJMorse
Email the writer: susan.morse@himssmedia.com