How a healthcare system achieved a 20% revenue increase and treated more patients faster with PROS
This healthcare company delivers high-quality healthcare to self-pay and National Healthcare System (NHS) patients across the UK in the areas of neurology, general surgery, orthopedics, oncology, and gynecology.
With long wait times for quotes, the company knew that their pricing and quoting for patient procedures were disorganized and outdated, causing revenue leakage.
How a system of sticky notes didn’t work
This company’s pricing and quoting process consisted of spreadsheets and sticky notes, and varied between locations. With nearly 3,000 procedures offered, 7,000 clinicians, and varying stages of patient care, the company was working with more than a million spreadsheets and sticky notes a year—creating errors, causing patients to wait a long time for quotes, and leaving pricing teams and other employees spending inordinate amounts of time pricing out procedures.
The organization needed to streamline and accelerate their pricing and quoting processes to ensure they were charging the correct amounts to the correct people and avoiding pricing hiccups. Additionally, they needed a technology company with experience in the healthcare industry to:
- Deliver a faster quote: The current pricing and quoting processes were causing delays in treatment, double billing, and more
- Discover additional revenue: The company understood that quoting accurately and quickly would potentially bring in additional patients
They were also concerned about the experience of their employees and wanted a software solution that could have impact here. The same system of spreadsheets and sticky notes was used for onboarding employees, sometimes making an employee’s initial introduction to the organization long and drawn out. An improved employee experience affects retention, productivity, and ultimately, revenue goals.
Partnership with PROS
The company partnered with PROS because of their ability to create customized digital transformation solutions for profit optimization and for their experience in the healthcare industry. After consulting with this new customer, PROS recommended a 2-phase deployment, starting with AI-powered Quoting by PROS to do away with the spreadsheets and sticky notes, then AI-powered Pricing by PROS to support optimized pricing for the self-pay market.
Working better together
During the implementation process, the company’s employees were able to test the new software to get acquainted with it before it went live so they could gain comfort and expertise. The PROS implementation team maintained constant contact with the company throughout the process, which gave them additional confidence in using the new technology. The partnership resulted in the solutions package going live within 7 months with full compliance by the company’s employees.
The benefits of AI-powered Pricing and Quoting by PROS
The organization benefited from PROS in multiple ways. First, the company achieved an ROI on the installed products of nearly 20% within the first year. Second, the healthcare company was able to process more quotes and win more business in a week than they previously could in a year. They also achieved a better understanding of patient pricing packages and other revenue drivers. Ultimately, these changes led to faster patient quoting, resulting in 2.2 times more self-pay patients.
Next, it became possible to onboard employees faster so they could start working in days rather than months, ultimately making them more productive more quickly and impacting the company’s financial goals.
And lastly, the organization could now see and analyze the actions of sales agents, such as which quotes are generated and what discounts are given, allowing them to understand how different factors affect conversion rates. The company plans to use this new information to optimize sales processes and further increase revenue.
The healthcare company is pleased with the outcome of implementing PROS.
Visit PROS today to learn more about how profit optimization can help your company drive revenue growth or contact an industry specialist.