2023 Best In KLAS Patient Financial Engagement

Performance

Patient Engagement Ecosystem 2023

13 July 23 | Adam Cherrington and Dan Czech

Amid the pressures of today’s economic environment, healthcare organizations are investing heavily in patient engagement technology to help reduce costs, alleviate staffing challenges, and consolidate technology in other areas. Both provider and payer organizations seek to understand what patient engagement capabilities vendors offer that can meet their core needs. This study (along with additional deep-dive content that will be published on KLAS’ website) is an update to KLAS’ 2021 report and shows which vendors report the broadest capability sets, which vendors have made the most progress over the last two years, and how the industry as a whole has matured. For reader ease, links to relevant online content are provided where applicable. Note that the data in this study is based primarily on vendor-reported information, accompanied by a limited amount of KLAS performance data.

Patient financial engagement solutions help healthcare organizations deliver a more consumer-oriented experience and support patients’ financial needs. Patients are more likely to have a satisfactory healthcare experience when they have a strong understanding of their cost of care. This report examines customer satisfaction with patient financial engagement solutions—including functionality, integration, and the overall impact on patients.

Attempting to interpret a medical bill can be a frustrating experience for even the most informed patients, and the collaborators in this case study knew that this systemic problem could be solved only through a joint effort. The partners integrated billing information from the provider organization with claims, HSA, and EOB data into one platform. The platform provides patients/members with more transparency related to their financial responsibility and gives them options for immediate payment or, if needed, helps them select a payment plan. User satisfaction with the system is nearly 90%, and patient-responsibility payments have increased.

Company/solution	Overall performance score (100-point scale)	Total evaluations	Trend (2022-2023)	Culture	Loyalty	Operations	Product	Relationship	Value

Waystar Patient Financial Experience	91.8	n=22	-3%	A	A-	A	A	A	A

RevSpring PersonaPay Financial Engagement	91.5	n=31	N/A	A-	A	A-	A-	A	A

Flywire Patient Financial Engagement Platform	89.5	n=17	N/A	B	A	A-	B+	A	A-

HealthPay24 HealthPay24	89.1	n=18	N/A	A-	A	B+	B	A-	A-
	50.0	100.0

Company/solution	Trend (2022-2023)	Culture	Loyalty	Operations	Product	Relationship	Value

Waystar Patient Financial Experience 91.8 n=22 COMMENTS	-3%	A	A-	A	A	A	A
RevSpring PersonaPay Financial Engagement 91.5 n=31 COMMENTS	N/A	A-	A	A-	A-	A	A
Flywire Patient Financial Engagement Platform 89.5 n=17 COMMENTS	N/A	B	A	A-	B+	A	A-
HealthPay24 HealthPay24 89.1 n=18 COMMENTS	N/A	A-	A	B+	B	A-	A-

Company/solution	Overall performance score (100-point scale)	Total evaluations	Culture	Loyalty	Operations	Product	Relationship	Value

Cedar Patient Financial Engagement Platform * L	88.5	n=12	B	A	A	B	A	A-

Epic Patient Financial Experience * [NR] L C	88.6	n=9	A-	A+	B	B+	B+	B

Company/solution	Overall performance score (100-point scale)	Total evaluations

Cedar Patient Financial Engagement Platform * L culture B loyalty A operations A product B relationship A value A-	88.5	n=12

Epic Patient Financial Experience * [NR] L C culture A- loyalty A+ operations B product B+ relationship B+ value B	88.6	n=9

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