What We Do
Raxia’s platform gives healthcare providers and their patients the tools they need to meet the challenge of growing out-of-pocket healthcare costs through a combination of patient financial engagement and outreach, modern digital billing, and patient-payment-focused analytics. But we live in uncertain times and our solution also balances a practice’s need to improve cash flow with a positive patient experience that makes paying for healthcare expenses manageable, convenient, and frustration-free.
Faced with a Decision
While in the midst of deploying our platform for a customer, the global pandemic exploded into everyone’s consciousness and we were faced with a question: how would a new patient payment technology be received by our customer’s patients? Although our platform includes features to make healthcare expenses more affordable, was launching a digital outreach program to ask patients to pay their medical bills as the US economy unravels the right thing to do now?
The impact of COVID-19 presented other new and pressing challenges for our customer’s practice. After closing for two weeks they faced decreased appointments, difficulties with telehealth reimbursement, and new coding guidelines. If we were to move forward, we would have to ensure our solution did not disrupt customer’s efforts to reconfigure their practice operations. Furthermore, the practice’s patient population is elderly and not accustomed to receiving digital communications about their medical expenses.
For this independent practice, the decrease in patient appointments — from thousands of visits a month to less than one hundred — created financial strain. And given that it was still early in the year, patients who were being seen had not yet met their deductibles, compounding the practice’s financial predicament. Their cash flow had not only shrunk but patient billing, with all of its associated miseries, became an outsized portion of their revenue stream.
In consultation with our customer, we decided the best way to launch the platform was to create a set of messages that highlighted the convenience of our platform and its ability to accept contactless payments. The platform was quickly adopted by their patient population. Nearly four times as many patients used the Raxia platform to pay their bills as opposed to using the practice’s traditional payment method of mailing in a check. Most users were also over 65 and paid using a variety of mobile devices, tablets, and computers. We received considerable positive feedback and our customer satisfaction score (CSAT) was 100%. In addition, our customer only had to dedicate a few hours to help us get the platform up and running, and they are now saving hours of staff time that would’ve typically been spent answering billing questions and taking payment over the phone.
Improvement in paid claims
Engage vs. paper billing