Moline, IL - Nov 11, 2019 - Avadyne Health, a leader in patient self-pay account resolution and bad debt recovery for some of the largest health systems in the country, announced today they have been ranked No. 1 in patient communications and financial satisfaction solutions by Black Book Research. The rating - the highest offered by Black Book - is based on a survey of 3,300 users of competitive solutions from more than 700 healthcare provider organizations.
This top-rank achievement, recently published in Black Book's Coding and Health Information Management Report comes on the heels of Avadyne Health's six-state, 28-hospital launch of early out account resolution services and the industry's first augmented reality Patient Concierge billing app for patients of Banner Health, based in Phoenix, Ariz. The Patient Concierge billing app is accessible to patients with a Banner Health hospital billing account. It is available to download from the App Store® and Google Play®.
"We're thrilled to earn this top industry recognition," said Jayson Yardley, CEO of Avadyne Health. "It reaffirms Avadyne Health's excellence in helping health systems address the increasing need for better patient financial communication, experiences, solutions and technology. Patients' expectations for healthcare service are changing: They desire a more consumer-like experience from hospitals. Yet healthcare remains complex and communication and transparency are critically important to achieving patient financial satisfaction," he said.
A recent market study of patients and providers reveals a gap between what patients want and what providers are delivering when it comes to the patient financial experience:
- 56% of patients want healthcare providers to proactively offer options to resolve out-of-pocket expenses
- 50% want help and guidance understanding out-of-pocket expenses
- Patients overwhelmingly want consolidated bills
- They desire personal control over how bills are delivered and the payment options offered
- They want an experience consistent with a positive retail purchase experience
- Patient want a dedicated concierge to help them through their healthcare billing experience
The study also shows the nation's hospitals are in need of help to meet these expanding patient expectations:
- Only 27% of hospitals surveyed offer payment plans
- Just 9% of hospitals offer financial clearance outreach
- 55% of health systems do not offer combined billing statements
- Providers are focusing on improving portals, but progress is slow
- Only 12% offer online support for financial services
"Clearly there are opportunities where patient financial satisfaction can be improved," Yardley said. As an organization with 'The Patient Financial Experience Company' as our tagline, we are passionate about the patient financial experience and strive to exceed patient expectations for communication, transparency and overall experience during every engagement on behalf of our health system clients."
About Black Book Research
Black Book Research surveys healthcare executives and frontline users about their current technology and services partners and awards top-performing vendors recognition based on indicators of client experience, loyalty and customer satisfaction. This year's rankings are the result of survey responses from 3,300 users of competitive solutions from more than 700 healthcare providers organizations.
"Black Book Research is a well-respected firm in the healthcare industry and we are honored our people and solutions rank as No. 1 in patient communications and financial satisfaction solutions," Yardley said. "Our solutions help hospitals reduce costs, increase collections and improve patient communications and satisfaction."
About Avadyne Health
Avadyne Health helps hospital revenue cycle departments reduce costs, increase collections and improve patient satisfaction with self-pay account resolution and bad debt recovery services. For more information, contact us or visit our website at avadynehealth.com.