Higher Early Out Payments from A/B Testing

Key Points:

1. Americollect is constantly working on ways to improve early out revenue recovery.
2. We ranked patients on their ability to pay and customized in-bound call scripting to guide them towards higher payments.
3. A successful A/B test showed 14-percent greater promise to pay totals.

Snapshot

At Americollect, we continually strive to recover the most revenue possible for our clients and one important avenue we take to accomplish this is A/B testing for higher early out payments. Our internal data scientist constantly analyzes available data, looking for ways we can improve our processes. There is always a story in the data, and it comes down to being able to analyze the information and make it work for both us and our clients. Read on to see how Americollect’s data scientist was able to take this information and turn it into increased revenue from higher early out payments just by tweaking the words we use in our revenue recovery efforts.

The Question

Based on previous data, we knew that the higher a patient was ranked, based on more than 100 data points used by our data scientist, the more likely they were to set up a payment plan with a higher dollar amount. Armed with these new patient rankings, our team wanted to find a way to use this information to increase early out payments.

The Solution to Higher Early Out Payments

In this instance, it turned out that the answer was flipping the script. Simply knowing that these accounts were highly ranked for collectability wasn’t enough. We needed to go deeper than that and turned to our Ridiculously Nice Patient Services Specialists (PSS) abilities to treat patients Ridiculously Nice to make a difference.

For the solution, we took our early out patients and split them into the control group and the test group. The control group heard the standard scripting used for our early out patients who contacted us by phone. On the flip side, the test group heard dialogue designed specifically for them when they called to make or set up a payment plan. When a patient had a higher ranking, our PSS teammates would use language created to guide them towards a higher initial payment and higher monthly payments. Through this test, we were able to show that how you speak with the patient can lead to increased early out payments.

Higher Early Out Payments Results

Our data scientist found that tweaking the script and taking the time to guide higher-ranking patients towards a higher initial payment and monthly payments did have an effect on the test group. Small changes in how we spoke to patients showed a 14-percent increase in the amount promised to pay. By looking closer at patient data and changing how we work with the ones that rank higher for propensity to pay, we were able to take that knowledge and turn it into higher early out payments for our client.

Conclusion

How you communicate with someone can have a positive impact, as this test resulted in higher early out payments. Being able to combine the knowledge of our data scientist with the Ridiculously Nice power of our PSS teammates highlighted how we are constantly looking for ways to utilize all aspects to improve early out revenue recovery for our clients. If you are interested in what Americollect can do for you, contact one of our Ridiculously Nice sales representatives today!