RCM tip of the day: Address the patient financial experience

As hospitals and health systems pursue the retail-like financial experience patients seek in today's healthcare environment, they should focus on price transparency, according to Kevin Lathrop, president of TriZetto Provider Solutions, a Cognizant company.

Mr. Lathrop shared the following tip with Becker's Hospital Review.

"Healthcare providers who acknowledge the significance of cost and quality in this time of increasing premiums and copays, and already large and growing deductibles, can be an important part of this new, more open patient [financial] conversation. To do so, providers can make treatment cost information available to patients prior to appointments for non-acute health issues. Advanced revenue cycle tools make it easier than ever to gather and share this information before or immediately following an appointment. A revenue cycle management solution with built-in patient financial data is the first step in responding to and staying aligned with healthcare consumers now and in the future."

If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series. 

 

More articles on healthcare finance:
15 hospitals seeking RCM talent
6 recent hospital, health system outlook and credit rating actions
Intermountain donates $15M to U of Utah for new medical school: 4 things to know

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months