Salud Revenue Partners today introduces PayVow™, a revolutionary
solution to healthcare’s rapidly growing self-pay problem. An
integration of telecommunications technology, customer service and best
practice processes, PayVow allows a hospital or physician office to get
patients quickly “on the record,” creating a context of commitment to
paying. It also applies proprietary, Patient Friendly Billing^®
practices to resolve accounts based on patients’ intention regarding
payment.

Changes under way in healthcare make PayVow especially timely. Health
insurance premiums have doubled since 2003, and deductibles have shot up
146%, according to the Commonwealth Fund, resulting in patients paying a
much larger share of medical bills. Hundreds of new insurance plans have
arisen since passage of the Affordable Care Act in 2010, leaving
patients unaware of their out-of-pocket costs. As a result, self-pay
collections have become a far bigger revenue cycle challenge for
healthcare providers.

“Most hospitals focus on high-charge bills, but even people with higher
incomes pay late or won’t pay at all,” said Jesse Ford, Salud’s
President and CEO. “Small balances are easier to collect, but there is a
diminishing return on investment in pursuing them. We invented PayVow to
solve this dilemma.”

The PayVow™ Collection Suite is ideal for smaller accounts, allowing a
large number of accounts to be contacted with less labor time. Staff is
freed up to focus on larger balance accounts, and overall collections
are improved. Healthcare providers can collect on accounts earlier,
reducing bad debt. They can also proactively identify charity care cases
to meet or exceed community benefit requirements.

PayVow is unique in harnessing the power of social psychology to improve
collections. A vast array of research has cast light on the power of
verbal or written statements in influencing future behavior. Robert
Cialdini, Regents’ Professor Emeritus of Psychology and Marketing,
Arizona State University, and the author of the 2006 book, Influence:
The Psychology of Persuasion, wrote: “Once we have made a choice or
taken a stand, we will encounter personal and interpersonal pressures to
behave consistently with that commitment.” PayVow is designed to obtain
that personal commitment from the patient.

“This approach is new to healthcare but it has been successfully applied
in other industries,” said Richard DeSoto, Salud’s Vice President of
Consulting Services, who leads the PayVow project. DeSoto has worked on
such applications previously. “PayVow changes the nature of the
interaction from a collections approach to customer service outreach,
where you can have a dialogue about the patient’s available insurance
coverage, ability to pay and charity care options.”

About Salud

Salud Revenue Partners provides hospitals, health systems and physician
practices with revenue cycle management, extended business office
support, leading-edge coding solutions and patient access services. As
an accountable partner, we only provide the services our clients need to
optimize reimbursement, reduce claims denials, enhance coding compliance
and implement patient-centered solutions to self-pay.

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Contacts

Salud Revenue Partners
Jesse Ford
jford@saludrevenue.com
765-637-2404

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