Take the last step in your Revenue Cycle
Causes & Effects
of Swelling Patient Financial Responsibility
The pace of change in the healthcare industry is accelerating rapidly. Higher expectations by patients for quality, cost, and transparency reflect our consumer-centric economy.
One of the most significant changes impacting healthcare providers is the shift from third-party payers to patient responsibility…
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Traditional Revenue Cycle
Processes No Longer Work
Increased patient responsibility is squeezing providers’ revenues and margins. The vast majority of patients are willing to pay what they owe but they also expect to get clear cost estimates up-front and flexible payment options.
Ballooning subscriptions to HDHPs magnify the importance and urgency of verifying patients’ eligibility, estimating patients’ out-of-pockets costs…
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Read The Latest Posts From Our Blog: C&E Perspectives
Fewer than 20% of hospitals do anything to collect patient bad debt accounts except to “Set ‘em and Forget ‘em” with one or two primary collection agencies at about day 120. Unpaid patient accounts languish with contingency collection agencies indefinitely while hospitals recover only 10% of bad debt according to a Self-Pay study by HFMA… Read more »
We speak with lots of healthcare CFOs and revenue cycle executives who constantly deal with multiple competing priorities. While juggling these priorities, a consistent goal is to make sound decisions based on useful information, not just data. Many projects under consideration are chock-full of estimates and assumptions having hypothetical, potential paybacks. So, many CFOs play… Read more »
The American College of Healthcare Executives has released its annual report on the Top Issues Confronting Hospitals. The top five issues based on a survey of 350 organizations within their membership are: Financial Challenges Patient Safety and Quality Governmental Mandates Personnel Shortages Patient Satisfaction Within the financial challenges, the top five areas of concern include:… Read more »