TransUnion Healthcare (NYSE:TRU) announced its Patient Financial Clearance solutions are live in production with the Epic Outgoing Address Verification Query Interface (AVQI). The integration allows Epic clients to query TransUnion’s consumer databases to validate patient demographic and financial data at scheduling, pre-registration or registration.
The integration takes place at a time when patient financial responsibility for healthcare continues to skyrocket despite efforts made by the Affordable Care Act (ACA) to expand insurance coverage. A recent American Hospital Association study found that one in four adults (31 million people) are considered underinsured, and lack the ability to fund their care. The same study found that one in three Americans struggle to pay their medical bills even though 70% of them have access to some level of insurance.
“Patient Financial Clearance solutions integrated into Epic Systems equips front-end staff with the necessary information to quickly determine the patient’s ability and willingness to pay, or likelihood to qualify for financial assistance. This solution is especially important as the industry is pushing the burden of healthcare costs downline so the patient is the new payer.”
John Yount, vice president of product for TransUnion Healthcare
A recent TransUnion Healthcare Report demonstrated how payment responsibility for medical costs continues to shift from employers to patients. Between 2014 and 2015, patients experienced a 13% increase in both deductible and out-of-pocket maximum costs. The average deductible for consumers in 2015 was $1,278 while out-of-pocket costs rose to $3,470.
For more information about TransUnion Healthcare’s Patient Financial Clearance solutions, please visit https://www.transunion.com/product/charity-financial-aid-screening.
About TransUnion Healthcare
TransUnion Healthcare, a wholly owned subsidiary of credit and information management company TransUnion, is a trusted provider of revenue cycle management solutions for maximizing reimbursement, improving patient engagement, and ultimately increasing the effectiveness of the healthcare system. We deliver this by leveraging our data assets, market-leading revenue cycle management technologies, and deep insights into consumer financial behavior, to help providers reduce uncompensated care and improve cash flow with one of the most patient-centric revenue cycle management systems on the market today. www.transunionhealthcare.com