From providing hospital pricing transparency to patient collections to revenue cycle management and patient access to information, hospitals are currently facing an array of access management challenges. Join us as we explore the current news and updates about patient access management.
From providing hospital pricing transparency to patient collections to revenue cycle management and patient access to information, hospitals are currently facing an array of access management challenges. Join us as we explore…
While patients are calling out for a better understanding of their out-of-pocket costs, hospitals need a way to better predict a patient’s ability and propensity to pay. Now that a larger portion of financial responsibility has shifted to the patient, many of the newly insured have found themselves on high deductible plans, and the portion of bad debt from unpaid out-of-pocket expenses has grown in tandem. In a bid to better understand a patient’s ability to pay, some hospitals are turning to credit checks through third-party companies.
For uninsured patients, inpatient hospital stays dropped by over 44% between 2013 and 2014 in expansion states, while non-expansion states saw inpatient stays rise by nearly 6%. This is at the heart of the situation where most non-profit hospitals have accepted the new 501(r) financial assistance policy regulations, but to some – like the Louisiana hospital mentioned in this article, the measures required to maintain non-profit status have proven unsustainable.
While it appears hospitals will continue to see revenue growth through 2016, the cost of care is still a major concern for consumers, and remains a challenge for healthcare executives working to improve revenue cycle results. Improving the revenue collection process at the point-of-service (POS) is a key strategy to improve the overall financial health of a facility.