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TEXPO Conference Healthcare Industry Roundtable Discussion Patient Payment Industry Trends and Developments Patient Payment Lockbox: • Volume is holding steady/slightly decreasing • Driven by enhanced online portals New Patient Payment Portals: • Offering wider payment functionality and improved patient experience via the Internet • Providing access to view test results; medications; diagnoses, educational materials; appointments (viewing and scheduling); billing statements; and notices and balance information • Encouraging online payments and payment plans • Consolidating multiple merchant processing platforms/gateways • Converting to automated paper payment activity Telephone IVR: • Providing patients 24/7 balance and patient responsibility information and enabling online payments via touchtone phone Cashiering/Point of Care & Call Center Payments: • Using patient portals for point-of-care payment activity • Leveraging a front-end, enterprise-wide cashiering platform that is integrated to billing system(s) for inquiries, auto posting of payments and customizing healthcare receipts Advance Outbound Calling: • Requesting payments from patients with scheduled elective procedures (performing estimation and collection prior to patient arrival) Financing Service Option: • Minimizing use of this option due to low ROI and to reduce potential credit exposure Patient Refunds: • Moving from check to electronic payment options: • Pay card or debit card • Digital disbursements o Patient e-mail and cell phone numbers are required and actively collected by providers o Recognized need to educate and market the approach to patients and staff Payer Refunds: • Processing via check or as a “take back” by payers • Performing a digital disbursement approach similar to patient refunds • Working towards using a clearinghouse Healthcare Consumer Insurance Payment Trends Lockbox Payments: • Decreasing Lockbox volume as a percentage of total payments as consumers opt for electronic payment options, especially for recurring quarterly/monthly payments Online portals for Consumer Healthcare Insurance Payments: Implementation phases: Phase 1 Phase 2 • Enable one-time payments by patient/for recurring payments • • Patient calls or sends in paper requests to the payer to establish a recurring payment plan option Fully automated for consumers to make one-time payments or establish recurring payment plans (card or ACH) on a selfservice payment portal Group Insurance Payments: • Processed via mail-in documents • Recurring monthly payments can typically be established via ACH only Refund Challenges for Insurance Customers: • Utilizing check refunds • Exploring use of electronic payment options Contact Information: Tim Phillips BNY Mellon Deputy Head and Business Development Officer [email protected] 704 966 0064 Kimberly Scott Children’s Medical Center of Dallas Director of Treasury Operations [email protected] 214 456 9338 Jordan Timberlake Memorial Hermann Health System Treasury Manager [email protected] 713 338 6672 bnymellon.com BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally and may include The Bank of New York Mellon, 225 Liberty Street, New York, New York 10286, a banking corporation organized and existing pursuant to the laws of the State of New York and operating in England through its branch at One Canada Square, London E14 5AL, England. The information contained in this brochure is for use by wholesale clients only and is not to be relied upon by retail clients. Not all products and services are offered at all locations. This brochure, which may be considered advertising, is for general information and reference purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter, and is not to be used as such. BNY Mellon does not warrant or guarantee the accuracy or completeness of, nor undertake to update or amend the information or data contained herein. We expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon any of this information or data. Trademarks and logos belong to their respective owners. © 2016 The Bank of New York Mellon Corporation. All rights reserved. 03/2016