David discusses automation in the patient on-boarding process for hospitals to make the financial implications flow seamlessly. His company manages this for 300 hospitals.
Sramana Mitra: Let’s start by introducing PatientMatters as well as yourself to our audience.
David Shelton: I’m the CEO of PatientMatters. We’re an organization that focuses on the financial relationship between the healthcare providers and the patients’ experience going through the hospital system.
Sramana Mitra: I want to double-click down on that a bit more. Before we do that, where are you doing this out of?
David Shelton: We’ve got a corporate office in Orlando, Florida. We also have offices in Fortworth, Texas, a call center in Houston, Texas, and then we have some large field offices scattered throughout the United States.
Sramana Mitra: Who is the customer you are catering to?
David Shelton: The customer for us is the hospital or the healthcare provider. We interact with their patients and with their staff in trying to find things to allow everybody to be successful in their relationships.
Sramana Mitra: Let’s do some use cases of how you’re adding value. What is the pain point? How are you addressing that pain point?
David Shelton: We’re several different pieces when we look at the pain points that we’re working with. In working with them, what we’re finding is the way the healthcare provider looks at the patient and interacts with the patient from a financial perspective.
Every patient goes through the healthcare experience with a unique clinical diagnosis and set path for their healing process. In the same way, we think that a patient has a very unique financial path that they’re on. No two patients are the same.
In our efforts, we want to recognize the patient as a consumer – that the consumer has choices. They apply those choices when they’re working with different healthcare providers.
Sramana Mitra: What kind of choices can you impact?
David Shelton: We’re trying to help the hospitals utilize their existing staff, improving their workflow, providing a technology solution to it that brings specific outcomes for the healthcare providers.
Those outcomes include a drastic improvement and an acceleration in the frontend point of service collections, helping the patients to be able to facilitate their payments through various conduits whether they’re pure self-pay or they have the ability to write a check for a 100% of their experience, we want to work with the healthcare providers to improve that point of service.
We’re looking to see at least 100% improvement within six months. We’re also looking at improving the utilization of the hospital staff and equipment. We want to see over 25% reduction in registration time and no-shows.
Our customers, often, operate on very thin margins. When we can improve the operations, it relates to bottom-line improvement for the hospitals. We want to utilize the patient payment algorithms to measure a patient’s ability to pay and put them in a payment plan that benefits the healthcare provider and the patient.