Flywire's Intelligent Discounting is the use of financial incentives to encourage patient action and ultimately encourage behavior that is optimal for patients and providers.
Flywire's Intelligent Discounting comes in two forms:
Prompt Pay Discounting
What is a Prompt pay discount?
If the patient is eligible to receive a discount as long as the patient pays the eligible bill(s) by the specified expiration date.
How does prompt pay discounting work?
Prompt pay discounting uses a combination of 1) a discount amount and 2) an expiration date in order to incentivize patients to pay specific balances in full. The goal is to ultimately accelerate time to cash, increase overall collections, and reduce the cost to collect.
Example: The client has configured that bills paid within 30 days will receive a 15% discount. If a patient has a $100 bill, the patient must pay $85 (aka pay the bill in full) within 30 days of the eligibility start date. If the patient pays, the patient will receive $15 off (15%). If the patient does not pay, the discount eligibility expires.
How does prompt pay discounting display in the Patient Experience?
Here is an example of a prompt pay discount offer in the Patient Experience:
Eligible bills will be shown with a discount indicator on the individual bill, if the patient has multiple bills.
If the payer accepts the discount offer, the discounted amount will be reflected in the next steps of the payment flow:
Checkout Flow
As part of the checkout flow, if the patient is going to receive a prompt pay discount as part of the payment, the prompt pay discount is shown in the payment summary to the patient.
Payment History
Discounts applied to patient visits are surfaced in the “Payment History” tab in the patient experience.
Relief Discounting
What is a Relief Discount?
Relief Discounting is a feature to make expensive bills more affordable.
How does relief discounting work?
When a bill is eligible, Flywire will adjust the balance, send the adjustment to the host system, and proceed with a smaller, more affordable balance. This feature is turned on only after legal sign off from the customer.
How does relief discounting display in the Patient Experience?
When a bill is discounted, the bill will show the applied discount in the Patient Experience. Below is a picture of the discounted bill and breakdown.