Prevent Patient Revenue Loss Before It Begins:
A Lifeline for Wayne Memorial Hospital
“If we reduce our unsecured patient revenue, we will have the ability and the opportunity to invest in our hospital’s future.”
~David Hoff, CEO, Wayne memorial Hospital
The Wayne Memorial Story
Between fiscal 2014 and 2016, Wayne Memorial Hospital (WMH) lost over $22 million in revenues. now in 2017 that number is skyrocketing as many patients are forced to choose more “affordable” high-deductible health plans. alarmingly, the percentage of patient-responsible revenues owed to all American hospitals has risen tenfold since 2005, from 3% to 30%!
For nearly 100 years, WMH has been woven into the fabric of their northeastern Pennsylvania community, and is Wayne County’s largest employer. Like so many other American hospitals, WMH was hurting financially because of rapid changes in the American healthcare system during the last decade. Wayne realized they must adapt their culture and billing practices to the new reality, or face extinction.
“We needed to do something, but we didn’t want to drive patients away. We wanted a new process and VestaCare stood out.”
~Mike Clifford, CFO, Wayne Memorial Hospital
VestaCare provided WMH with the only system that secured the patient’s total obligation at or before the time of service, and the only system that gave patients many options to ensure they can afford their monthly payments.
VestaCare provided training for WMH’s “patient-facing” staff, with VestaCare’s chair-side assistants guiding them through the cultural change needed to secure payment up front and help patients avoid receiving massive hospital bills or collection agency calls months after being discharged from the hospital. VestaCare even helped improve the patient experience and increase patient satisfaction.
“If I reduce unsecured revenues by 30% we are pro table. that also means I can purchase a new CT or MIR, or recruit more specialist physicians or expand our emergency room. Preventing revenue losses increases our ability to provide patients the highest quality care.”
~Mike Clifford, CFO, Wayne memorial Hospital
VestaCare’s Cure for Patient Revenue Losses
Find out how we can help cure patient revenue loss at your hospital. Call 858.454.7800 or visit vestacare.com for details.
7825 Fay Avenue, Suite 200, La Jolla, Ca 92037 858.454.7800 | Fax: 858.454.8680 | vestacare.com