The Problem
Providers face difficulties in efficiently delivering invoices to patients, and patients encounter challenges in conveniently settling their unpaid bills. Previously, patients received paper invoices containing a web link for payment processing. However, this link lacked service details, only displaying the amount due. Consequently, the conversion rate remained minimal, leading to delayed payments and even instances of credit bureau reporting due to overdue bills.
The Goal
The objective involved crafting a product that empowers providers to expand their businesses while maintaining cost efficiency. Simultaneously, the aim for patients was to grant them online access to all network providers and the capability to make payments for their bills, accompanied by a detailed bill breakdown.
Solution
The approach taken involved establishing an online portal catering to both providers and patients. Providers gained the capability to seamlessly dispatch automated invoices to patients, accompanied by comprehensive Explanation of Benefits (EOB) for enhanced transparency, thereby streamlining payment collection. For patients, the solution manifested as an all-encompassing healthcare management platform, consolidating their various responsibilities. This platform empowered patients to conveniently access and manage outstanding bills from multiple providers, offering diverse payment alternatives to enrich the user experience.
My Role
As a product manager, my role involved shaping the product's vision, initiating design processes, supervising execution, and facilitating communication with the board. Notably, when I initially joined the company, there was no dedicated design team. In pursuit of optimizing the product's user experience, I proposed the establishment of a design department to the board. This initiative led to the recruitment of our inaugural Designer and the successful realization of the project in alignment with the envisioned goals. My collaborative efforts with both the development and design teams yielded successful outcomes, allowing us to complete the project ahead of schedule and under budget.
Result
The product's outcome yielded a remarkable 5X revenue increase during the initial quarter of its launch. With a vast network of over 100 million patients nationwide, providers experienced a significant surge in payment collection, streamlining the reconciliation process. Patients, in turn, enjoyed improved communication and satisfaction, thanks to simplified explanations of their financial obligations to providers, which ultimately led to higher payment rates.
