CHICAGO, IL--(Marketwired - Dec 18, 2013) - TransUnion Healthcare released today a new scoring model for its Financial Assessment solution that accesses patient financial data from public records to offer healthcare providers an enhanced solution to deliver more charity care or payment assistance options to patients.
"TransUnion's new scoring model helps healthcare providers assist the neediest patients who often fall through the cracks when it comes to charity care or payment assistance," said John Woody, vice president of product development, TransUnion Healthcare. "Many of these patients have limited credit histories and do not complete the hospital's traditional, documented charity care process. As a result, hospitals have struggled to determine if they meet charity care guidelines. Our latest solution gives hospitals the tools they otherwise would not have to ensure many of these patients receive proper financial assistance."
The new model uses non-credit, public record-based data sources to identify patients who may be eligible for charity care or payment assistance. By not relying solely on personal credit data sources, the solution typically covers more patients living in poverty. The solution delivers a charity score, verified patient demographic data and financial estimates, including household size, income and percent of Federal Poverty Level.
Using a scale from one to 1000, the scoring model assigns a numeric value to each account based on the evaluation of a set of criteria used to define that patient's financial condition. The higher the charity score, the less likely the patient qualifies for financial assistance, resulting in an objective charity decision. The score is based on a customizable rule set that is defined from the analysis of a hospital's historical charity care approvals.
TransUnion Healthcare, a wholly owned subsidiary of credit and information management company TransUnion, empowers providers with Intelligence in an Instant® by providing data and analytics at the point of need. TransUnion offers a series of data solutions designed to provide greater ease of use, accuracy and transparency in the revenue cycle process thereby assisting providers in lowering their uncompensated care. www.transunionhealthcare.com
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion reaches businesses and consumers in 33 countries around the world on five continents. www.transunion.com/business