Patient Contact Rate is a key metric in healthcare revenue cycle management that measures the percentage of patients who have been contacted regarding their outstanding balances. This metric is important because it helps healthcare organizations understand how effectively they are communicating with patients about their financial responsibilities. To calculate Patient Contact Rate, divide the number of patients who have been contacted about their outstanding balances by the total number of patients with outstanding balances. For example, if a healthcare organization has contacted 500 out of 1,000 patients with outstanding balances, the Patient Contact Rate would be 50%.A high Patient Contact Rate indicates that the healthcare organization is actively engaging with patients to collect outstanding balances, which can lead to improved cash flow and reduced bad debt. On the other hand, a low Patient Contact Rate may indicate that the organization needs to improve its communication strategies to ensure that patients are aware of their financial responsibilities.
Overall, Patient Contact Rate is an important metric for healthcare organizations to track as part of their revenue cycle management efforts. By monitoring this metric, organizations can identify areas for improvement and take steps to improve patient communication and financial outcomes.
Patient Contact Rate is calculated by dividing the total number of patient contacts by the total number of patient accounts. To calculate this metric, healthcare organizations need to track the number of times patients interact with the organization, including phone calls, emails, in-person visits, and online interactions. This metric is important because it helps organizations understand how frequently patients are engaging with their services and how effectively they are managing patient relationships. By tracking patient contact rate over time, organizations can identify trends and make adjustments to their communication strategies to improve patient satisfaction and retention.
Best practices to improve Patient Contact Rate are:
1. Implementing a patient communication strategy: A well-planned patient communication strategy can help improve patient contact rate. This strategy should include multiple channels of communication such as phone calls, emails, text messages, and patient portals.
2. Using automated reminders: Automated reminders can help reduce the workload of staff and improve patient contact rate. These reminders can be sent via email, text message, or phone call to remind patients of upcoming appointments, outstanding balances, or other important information.
3. Training staff on effective communication: Staff members who interact with patients should be trained on effective communication techniques. This includes active listening, empathy, and clear communication. Staff should also be trained on how to handle difficult conversations and how to de-escalate situations.
4. Offering flexible payment options: Offering flexible payment options can help improve patient contact rate by making it easier for patients to pay their bills. This can include payment plans, online payment options, and discounts for early payment.
5. Tracking patient contact rate: It is important to track patient contact rate to identify areas for improvement. This can be done by monitoring the number of calls made, emails sent, and other communication channels used. This data can be used to identify trends and adjust communication strategies accordingly.
6. Providing excellent customer service: Providing excellent customer service can help improve patient contact rate by building trust and loyalty with patients. This includes responding promptly to patient inquiries, addressing concerns, and providing clear and accurate information.
Overall, improving patient contact rate requires a comprehensive approach that includes effective communication strategies, staff training, flexible payment options, and excellent customer service. By implementing these best practices, healthcare organizations can improve patient satisfaction, reduce staff workload, and increase revenue.
The industry standard benchmark for Patient Contact Rate is typically set at 90%.
This benchmark is essential because it helps healthcare organizations to determine the effectiveness of their revenue cycle management processes. A high Patient Contact Rate indicates that the organization is proactively reaching out to patients to collect payments, which can help to improve cash flow and reduce bad debt.
It is important to note that the Patient Contact Rate benchmark may vary depending on the type of healthcare organization, the patient population, and the services provided. Therefore, healthcare organizations should establish their own benchmarks based on their specific needs and goals.In conclusion, the Patient Contact Rate benchmark is a crucial metric in healthcare revenue cycle management that helps organizations to measure their effectiveness in collecting payments from patients. By monitoring this metric, healthcare organizations can identify areas for improvement and implement strategies to optimize their revenue cycle management processes.
Revenue cycle software can significantly improve the Patient Contact Rate metric by automating and streamlining the patient communication process. With the help of RCM software, healthcare providers can easily send automated reminders, notifications, and alerts to patients regarding their appointments, outstanding balances, and insurance coverage. This not only improves the patient experience but also increases the likelihood of timely payments and reduces the risk of missed appointments.
Moreover, revenue cycle software can also help healthcare providers to track and analyze patient communication data, such as response rates, open rates, and click-through rates. This data can be used to identify communication gaps and improve the effectiveness of patient outreach efforts.
If you're interested in improving your Patient Contact Rate metric and streamlining your revenue cycle management process, we encourage you to book a demo with MD Clarity's revenue cycle software. Our software is designed to help healthcare providers optimize their revenue cycle and improve patient engagement. Contact us today to schedule a demo and see firsthand how our software can benefit your organization.