2. Who We Are 2 MedDirect is a patient-centric healthcare service company focused exclusively on delivering comprehensive revenue cycle services to physicians and hospitals; increasing patient pay revenue while also enhancing the overall patient experience.
37. What Revenue Cycle Problems Does MedDirect Address? 6 COMPLEX REIMBURSEMENT SYSTEM LACK OF EDUCATION & OPTIONS Patients FINANCIAL RISKS / THREATS LACK OF PATIENT-CENTRIC TOOLS & SERVICES Providers
38. The Market We Knew SITUATION: Since Medicare era, patients pay a tiny fraction of reimbursements to healthcare organizations. OBJECTIVE: Extract maximum reimbursements from 5 to 7 major health payers (e.g. Blue Cross, Wellpoint, Medicare, Medicaid, United Health, etc.). INSURANCE ±97% REQUIRED: Effective business to business processes that were documentation oriented and included tight integration between healthcare organizations and payers. PATIENTS ±3% 7
39. Emerging Market Reality SITUATION: Patients are projected to pay, or influence, as much as one third of reimbursements to healthcare organizations by 2012. OBJECTIVE: Optimize payments from tens of thousands of individual patients, while continuing to extract maximum reimbursements from health plans. INSURANCE ±70% PATIENTS ±30% REQUIRED: A new approach. 8
42. 11 MedDirect’s Approach Resolution Call-Center Staffed with Patient-Pay Experts Multi-Lingual Call Center w/Extended Hours Advanced Patient Web Portal & Other Education tools Multiple Payment Options Service-oriented focus on the patient
43. 12 MedDirect’s Approach Resolution Validation Value Assessment Resource Assessment Service-oriented focus on the patient
44. 13 MedDirect’s Approach Resolution Increased Revenue Increased Patient Satisfaction Improved Operations Service-oriented focus on the patient
45.
46. Labor Reallocation/ Reduction Opportunities(Up to 25% of billing and follow up staff and patient services staff in practice offices)
47. The MedDirect Hub 15 Technology and service allows MedDirect to become a information, processing and customer service hub - - consolidating the entire back-office process and the patient experience Urgent Care Center Lab Primary Care Pro-Fee Facility Fee Radiology Surgery Fee
54. Contact MedDirect For questions or inquiries, please contact: MedDirect, Inc. 3200 Broadmoor SE Grand Rapids, MI 49512 616.940.0500 phone 866.575.6436 toll free 616.954.2800 fax www.meddirect.net 22
Notas do Editor
We show this slide to provide an overview of our experience and commitment to healthcare.
We currently operate in 25 states, with 100 plus offices/locations
I want to start by immediately answering perhaps the most important question: What revenue cycle problem does MedDirect address. [click to bring in circles – describe each one]. Explain that these problems have always existed to some degree –-- proceed to next slide
Let me explain whey the previous slide creates a business opportunity for MedDirect….with patients responsible for a tiny percentage of a providers revenue, the problems identified on the previous slide could be written off or ignored. Explain this slide…. Today, providers don’t have that luxury – click to next slide
Explain this graphic,….In short, MedDirect provides tools that allow healthcare providers to effectively address problems exacerbated by the massive shift in payment responsibility from commercial health insurance companies & governmental health programs to patientsHelpful analogy – think of it as a company with a b2b model having to suddenly live in a b2c world.ADD: Why aren’t there more companies like MedDirect? Because this a new phenomenon. MedDirect is sitting in a part of the revenue cycle that has previous been unoccupied. It was unoccupied not because the tools did not exists, but because there was simply no need. Additionally, providers have never been under more margin pressure by insurance payers – some have described the patient portion of their revenue as their margin.
A Fundamental barrier to translating consumer concerns over health-related expenses into sales is a legacy industry mindset that believes consumers make rational benefits decisions when, in fact, they are making complex emotional decisions with the aim of achieving piece of mind.Rethink distribution to focus on consumers’ need for peace of mind by designing a simple, quick process that targets consumers when they are open to act and delivers recommendations.Create an experience that builds trust by consistently delivering on what we promise and avoiding negative moments of truth.
A Fundamental barrier to translating consumer concerns over health-related expenses into sales is a legacy industry mindset that believes consumers make rational benefits decisions when, in fact, they are making complex emotional decisions with the aim of achieving piece of mind.Rethink distribution to focus on consumers’ need for peace of mind by designing a simple, quick process that targets consumers when they are open to act and delivers recommendations.Create an experience that builds trust by consistently delivering on what we promise and avoiding negative moments of truth.
One of the primary goals of education is to set expectations and obligationsA Fundamental barrier to translating consumer concerns over health-related expenses into sales is a legacy industry mindset that believes consumers make rational benefits decisions when, in fact, they are making complex emotional decisions with the aim of achieving piece of mind.Rethink distribution to focus on consumers’ need for peace of mind by designing a simple, quick process that targets consumers when they are open to act and delivers recommendations.Create an experience that builds trust by consistently delivering on what we promise and avoiding negative moments of truth.
Validation – Do I owe this, Is this mine, Should this be covered by insuranceValue Assessment – Did I value this encounter, what was my experience, does the provider deserve to be paidResource Assessment – Am I able to pay the amount due in full – are there payment options to pay over time? A Fundamental barrier to translating consumer concerns over health-related expenses into sales is a legacy industry mindset that believes consumers make rational benefits decisions when, in fact, they are making complex emotional decisions with the aim of achieving piece of mind.Rethink distribution to focus on consumers’ need for peace of mind by designing a simple, quick process that targets consumers when they are open to act and delivers recommendations.Create an experience that builds trust by consistently delivering on what we promise and avoiding negative moments of truth.
Patient revenue cycle experience hierarchy is predetermined. The lowest level is patient communication, while the uppermost level is resolution. The higher levels in the hierarchy can only come when the lower levels in the pyramid are accomplished.A Fundamental barrier to translating consumer concerns over health-related expenses into sales is a legacy industry mindset that believes consumers make rational benefits decisions when, in fact, they are making complex emotional decisions with the aim of achieving piece of mind.Rethink distribution to focus on consumers’ need for peace of mind by designing a simple, quick process that targets consumers when they are open to act and delivers recommendations.Create an experience that builds trust by consistently delivering on what we promise and avoiding negative moments of truth.
This is what we are starting to do with our existing customers – MedDirect acting as a information, payment, processing, and customer service hub and consolidating the entire patient responsibility segment.
This is an example of a customer service process. It is typically based on the needs of the customer and is driven by a variety of factors including payer mix, average balance, volume, etc.
