The NaVectis Group exists to educate and train healthcare providers on how to improve the process of patient financial navigation services. The solutions we provide result in decreased financial distress for your patients and a reduction in financial losses for your organization.
Financial distress has unfortunately become the main stressor of cancer patients. Recent data from the Community Oncology Alliance shows that more cancer patients demonstrate a major source of anxiety over the cost of treatments than over dying from their disease. This creates negative implications such as decreased medical compliance, treatment abandonment, decreased patient satisfactions scores and lowers the job moral of oncology staff members. NaVectis addresses these issues by providing focused attention to this highly complex problem by educating and supporting your Financial Navigator on how to transfer the patient and provider portion of the financial obligation to other coverage instruments, thereby reducing the dollars being billed to your patient and dollars adjusted to bad debt, charity and insurance denials.
Over the past decade, the U.S. health care system has undergone a major shift with the cost of care increasingly being transferred to patients. Much of this financial burden falls on doctors and hospitals when patients are unable to pay their cost sharing responsibilities for their medical care. The need for expertise in providing financial navigation services, has never been greater.
Oncology Roundtable reports that hospitals’ uncompensated care in 2010 had risen to $39.3 billion, an 82 percent increase since 2000. The American Hospital Association reports that uncompensated care, including charity and unpaid bills, made up 5.8 percent of hospitals’ expenses. As a result, Oncology Providers are finding themselves in financial hardship and are attempting to find ways to protect their practice from financial ruin. There has been a marked increase in infusion clinics being sold to hospitals in an attempt to buffer the financial losses providers are finding themselves in. Although a decrease in reimbursement from third-party payers has played a role in this, financial losses from uncompensated care has been a major contributor to the downfall of many private practice oncology groups.
NaVectis addresses these issues by providing focused attention to this highly complex problem by educating and supporting your Financial Navigator on how to transfer the patient and provider portion of the financial obligation to other coverage instruments, thereby reducing the dollars being billed to your patient and dollars adjusted to bad debt, charity and insurance denials.
Traditionally, most financial counseling programs focus on charity care, patient assistance programs and Medicaid. Many of these programs, although very helpful to both the provider and patient, are more like “Band-Aids” that only temporarily stem health care costs for patients and financial losses for the provider. The NaVectis solution emphasizes obtaining or improving health insurance coverage for the uninsured and underinsured patient in combination of the above programs.
The NaVectis Group helps hospitals understand and use our current health care laws to benefit both the patient and provider. Used in combination of other programs available to people diagnosed with a major Illness NaVectis has been able to save mid-size hospitals millions of dollars that otherwise would have gone to bad debt or charity.