Patient pay obligations are expected to keep rising. How do we adjust?
CommerceHealthcare and The Academy offer research-based guidance.
With sponsorship from CommerceHealthcare, The Health Management Academy (The Academy) surveyed financial executives from some of the nation’s leading health systems (LHS) to understand the patient revenue landscape and how hospitals are working to improve the patient financial experience. Because CommerceHealthcare is a Solvent Networks endorsed partner, they have generously shared the results of that research with us. Click here to read or download the “Patient Financial Experience eBook.”
Here’s an executive summary of the findings.
- Nearly a quarter of those surveyed believe patient obligation will increase significantly (more than 10%) in the next five years, while 71% expect more modest increases.
- Of the LHS that are working to improve the patient financial experience, nearly two-thirds offer in-house financing plans, and all offer online bill pay portals.
- The number-one roadblock to improving the patient financial experience is “competing priorities.”
In analyzing the input, The Academy offers key informed practices, including prioritizing the patient financial experience, improving patient awareness and understanding of their obligations, offering longer-term payment options, and aligning the organization’s finance and consumer executives.
The Health Management Academy (The Academy) is a membership organization exclusively for executives from the country’s Top-100 Health Systems and most innovative healthcare companies, offering research and policy analysis, leadership development programs, and issue-based collaboratives.
CommerceHealthcare, a national leader in payments and revenue cycle management, can help SC hospitals and health systems implement best practices in payments and revenue management by bringing innovative banking technology and best practices to the healthcare industry. Their solutions help providers streamline financial processes, optimize revenue and payments, and improve cash flow.
As a division of the South Carolina Hospital Association, we understand the hospital business. Our ready-to-deploy solutions can save you money or generate revenue that you can re-invest in improving healthcare for the people of South Carolina. For more information, visit Solvent Networks, follow us on LinkedIn or watch HERE. Access your network today!