Video Transcript
Brad Tinnermon, Vice President of Revenue Cycle, Banner Health
Hi, I'm Brad Tinnermon. I'm the Vice President of Revenue Cycle here at Banner Health. I manage the enterprise revenue cycle for our hospitals, physician practices, and our ancillary services. Banner Health is a fairly large integrated delivery health system based out of Phoenix, Arizona. We have 30 hospitals, roughly 300 clinics, over 50 urgent care centers, and we serve over six and a half million patients a year. We're around $11 billion in net revenue. We are in a constant battle with two other major health systems in this market, and it starts with that patient experience. If we create a poor patient experience, or a patient doesn't feel like we're being flexible or helpful, or we create a bad debt situation, we risk losing patients to our competing health systems. Having these tools in place to create a friendly environment for the patient financial experience is absolutely critical.
Before Flywire, we had, I would consider, a fairly harsh point-of-service experience with patients. We didn't have great patient engagement tools, and on the back end, we didn't have the self-service options for people to review their account and set up a payment plan.
Alex Paraison, Senior Director, Patient Balance Management, Banner Health
My name is Alex Paraison. I'm a Senior Director of Patient Balance Management at Banner. Flywire has enabled us to be more modern in the way that we work with our patients. In the first four months of us implementing Flywire in our preservice operations, we saw an increase of $10 million in our collections. Between 2020 and 2021, we saw a 15% increase in our point-of-service collections. What that means from a cost-to-collect standpoint is that's fewer statements that we need to send. It also means that's less bad debt that we have, and less uncompensated care. 77% of Americans want to pay their medical expenses over installments, and our relationship with Flywire allows us to do that.
Brad Tinnermon
Managing a revenue cycle is complicated. Managing the patient balance portion of revenue cycle is emotional. Having strong tools that help you engage with patients and help them manage their experience with our health system and manage their accounts is absolutely important. Flywire brings some great tools that we use within our patient balance management program that helps improve that patient experience, create flexible options, and helps drive financial results for Banner.
Alex Paraison
Having a negative financial experience is enough for our health system to lose a patient. 85% of our payment plans are being set up online in our portal. 89% of our post-service payments occur in our portal as well.
Brad Tinnermon
We want to meet the patient and the consumer where they want to be met. We want patients to be in control of their financial experience. Flywire helps us do that.
Alex Paraison
Our mission at Banner is to make it easier for our patients. Flywire has been instrumental in that. They've been instrumental in us providing a better experience for our patients.
Brad Tinnermon
We've been able to accomplish what the market demands from a modern health system today.