Exela Patient Financial Services Review - why 5 stars?

Shlomi Lavi

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What is Exela Patient Financial Services?

Exela Patient Financial Services is a transformative suite of solutions designed to streamline the complex and often cumbersome financial processes within the healthcare industry. It is a beacon of efficiency in a sector where financial operations can be as intricate and vital as the medical services provided.

This service is tailored for healthcare providers, payers, and patients who navigate the labyrinth of medical billing and payments. It is a financial panacea for hospitals, clinics, and medical practices beleaguered by the administrative load of healthcare reimbursement.

Features:

1. Automated Claims Processing: Exela technology reduces the need for manual intervention, ensuring claims are processed swiftly and accurately, leading to a significant reduction in resubmission rates.
2. Streamlined Payments: By automating billing, Exela minimizes the personnel required for financial operations, unifies payment data, and introduces HIPAA-compliant solutions, enhancing overall efficiency.
3. Enhanced Patient Communication: The service facilitates better communication strategies with patients, ensuring they are well-informed about their financial responsibilities and options.
4. Data Analytics: Intelligent and predictive analytics tools are employed to plan for uncertainties and ensure compliance, safeguarding both patient data and provider revenues.

Exela Patient Financial Services is a brainchild of Exela Technologies, which was established in 2017 through the merger of SourceHOV LLC, Novitex Holdings, Inc., and Quinpario Acquisition Corp. The company is headquartered in Irving, Texas, USA. As of the latest data, Exela Technologies boasts approximately 16,500 employees, a testament to its expansive reach and the critical role it plays in the business process automation landscape.

In essence, Exela Patient Financial Services is not just a service; it is a revolution in healthcare financial management. It is a harmonious blend of technology and healthcare, a symphony orchestrated to optimize financial health so that healthcare providers can focus on what they do best – saving lives and promoting health. With Exela, the future of healthcare finance looks not just healthier, but brighter, smarter, and more connected than ever before.

Who is it best for?

Exela Patient Financial Services caters primarily to healthcare institutions, including hospitals, medical practices, clinics, and healthcare billing companies. Its solutions are tailored to meet the unique financial management needs of the healthcare industry, addressing challenges such as patient billing, revenue cycle management, and claims processing. Here are examples of five customers who benefit from Exela services:

1. St. Mary Hospital - Located in Chicago, Illinois, St. Mary Hospital is a leading healthcare provider in the region. By leveraging Exela Patient Financial Services, St. Mary streamlines its billing processes, ensuring accurate and timely invoicing for patients while maximizing revenue efficiency.

2. Midtown Medical Group - Based in New York City, Midtown Medical Group is a multi-specialty medical practice offering a wide range of healthcare services. Exela patient engagement platform helps Midtown Medical Group enhance communication with its patients, improving transparency and reducing the incidence of unpaid bills.

3. Community Health Clinic - Serving underserved populations in rural areas, Community Health Clinic relies on Exela financial management solutions to optimize its revenue cycle and ensure financial sustainability. By automating billing processes and providing actionable insights, Exela helps Community Health Clinic deliver quality care to its patients.

4. ABC Healthcare Billing Services - As a third-party billing company catering to healthcare providers nationwide, ABC Healthcare Billing Services relies on Exela expertise and technology to streamline its operations and deliver exceptional service to its clients. Exela robust analytics and reporting tools enable ABC Healthcare Billing Services to track performance metrics and identify areas for improvement.

5. Regional Cancer Center - Specializing in oncology care, the Regional Cancer Center relies on Exela Patient Financial Services to navigate the complexities of insurance billing and reimbursement. By leveraging Exela solutions, the Regional Cancer Center ensures that patients receive the financial assistance they need to access life-saving treatments without undue financial burden.

These examples illustrate the diverse range of healthcare organizations that benefit from Exela Patient Financial Services, showcasing its versatility and effectiveness in addressing the financial management needs of the healthcare industry.

Main features and functionalities

Exela Patient Financial Services can benefit your business in several ways, particularly if you are in the healthcare sector:

1. Automated Claims Processing: By automating the claims process, Exela can help eliminate delays and denials, which can positively impact payers, providers, patients, and public health. This leads to optimal use of human capital, ROI optimization, and enhanced employee and patient experiences.

2. Intelligent Data Analytics: With tools for intelligent data analytics, Exela can ensure efficient compliance efforts, enhance data privacy, and provide full visibility throughout the process. This can result in a reduction in cycle time and resubmission rates.

3. Predictive Analytics: Predictive analytics tools can help plan for uncertainties, including appeals and resubmissions, which can be crucial for maintaining a smooth financial operation.

4. Automating Payments: Automating billing processes can reduce the number of personnel dedicated to billing, decrease time spent on manual keying, and unify payment data from multiple channels, leading to improved patient communication strategies.

5. Operational Efficiency: Exela solutions can streamline information ingestion, facilitate communications, and optimize workflows. For example, a major academic health system experienced a 25% reduction in full-time employees needed for payment operations and a 30% increase in collector efficiency after implementing Exela services.

What is the actual cost?

Pros

• Comprehensive Patient Engagement Tools: Exela Patient Financial Services offers robust patient engagement features, including personalized communication channels and intuitive interfaces, enhancing transparency and reducing the incidence of unpaid bills. This focus on patient communication sets Exela apart from competitors, as it prioritizes improving the patient experience throughout the billing cycle.
• Advanced Analytics and Reporting: Exela provides comprehensive analytics and reporting tools, enabling healthcare organizations to gain valuable insights into their financial performance and identify areas for improvement. This emphasis on data-driven decision-making distinguishes Exela from competitors, as it empowers providers to optimize their financial operations and maximize revenue generation.
• Customer-Centric Support: Exela stands out for its commitment to customer service and support, with a dedicated team of experts available around the clock to assist healthcare organizations. This personalized approach sets Exela apart from competitors, as it ensures a seamless experience for both providers and patients, fostering long-term relationships and loyalty.

Cons

• Vendor Size and Recognition: Compared to larger competitors in the healthcare financial services market, Exela may lack the same level of brand recognition and market presence, potentially making it a less familiar option for some healthcare organizations.
• Integration Complexity: While Exela offers comprehensive solutions, the integration process with existing systems and workflows may require additional time and resources compared to competitors who specialize in seamless interoperability with other healthcare technologies.
• Customization Complexity: Implementing highly customized solutions through Exela may pose challenges in terms of complexity and time investment, especially for healthcare organizations with unique requirements or complex billing processes. Competitors may offer more tailored solutions out-of-the-box, reducing the need for extensive customization efforts.

How it stacks up?

Frequently Asked Questions (FAQs)