Sixty-one percent of providers said they expect to make greater use of third-party patient financing over the next two years, according to a study from management consulting firm CWH Advisors.
The CWH PatientPay 2022 survey was compiled with interviews of 38 hospital and medical group executives in the fourth quarter of 2022.
Three takeaways:
1. Workforce shortages and staffing turnover continue to negatively affect revenue cycle operations and patient collections.
2. Sixty-eight percent of executives surveyed said excellent customer service is among their top three priorities for selecting an external patient payment service.
3. The market for patient payment services is highly fragmented and confusing to provider executives.