Healthcare CFOs have a lot of things to think about right now. From keeping up with the latest technological trends to maintaining relationships between physicians and hospitals, it is likely your schedule is already full. Therefore, the last thing you need is to worry about patient medical debt. Let’s take a look at what healthcare CFOs should and should not have as their top concerns.
Going Digital With Medical Records
Electronic health records make it easy to transfer patient information between healthcare providers. However, the process of transferring medical records from paper to digital form can be both lengthy and costly. Electronic medical records provide long-term benefits for patients and doctors, such as improving communication and transparency, so working out how to fit a digital transformation into the budget of your organization should be one of your top priorities. Patients today are beginning to expect a digital approach to record-keeping, which means that putting off your digital transition could damage your reputation.
As a healthcare CFO, you need to ensure that relationships between your physicians and your hospital remain strong. Look out for signs of strain in the relationship and find ways to resolve problems to protect your healthcare organization. For example, you may need to invest in systems that provide physicians with the information they need to be involved in all aspects of their patients’ care, or put in place systems that give physicians a greater voice in the running of the hospital.
Health Insurance Exchanges
Since the upheaval introduced by the Affordable Care Act, CFOs have had to pay close attention to health insurance exchanges, where patients shop for insurance policies that suit their families and budgets. Now, there is a chance that healthcare will face further reforms, which could once again change the way the exchanges operate.
Designing a Care Management Infrastructure
At the heart of every successful healthcare organization is a well-designed care management infrastructure. This structure ensures that all patients receive timely care, including follow-up care, which helps them to manage or recover from their conditions. As a CFO, you must ensure that your organization’s care management infrastructure provides efficient care that produces good outcomes for patients without breaking your organization’s budget.
Medical Debt Collection
With so many other concerns on your plate, you cannot spend time worrying about bad patient debt. The more time you spend trying to extract money from patients who cannot or will not pay, the less time you have available to address all the other concerns facing healthcare CFOs today. However, you cannot afford to simply give up on recovering any of the money your organization is owed.
C&E Acquisition Group Is Different
One simple solution to the time-consuming problem of bad patient debt is to discuss a valuation of your aged self-pay accounts receivable with C&E Acquisition Group. C&E is a buyer of bad debt, not a collection agency. This model allows you to have some instant cash flow and we take one worry off your shoulders.
C&E Acquisition Group’s valuation process can provide some of the money your hospital needs to focus on other projects, such as digitizing patient medical records, building stronger relationships with physicians, and dealing with changes to the health insurance exchanges. Isn’t it time you took bad patient debt off your list of concerns?