RCM tip of the day: Understand changing expectations

Listen

As hospitals navigate today's healthcare environment, they need to recognize that patient, provider and employee expectations will change and focus on meeting those expectations, advised Richard Madison, network vice president of revenue cycle for Bethlehem, Pa.-based St. Luke’s University Health Network.

"In general, I think we need to understand the expectations that are changing for all our constituents we provide service to. That would be our providers, our patients and our employees and how do we meet those expectations," he said.

Mr. Madison was one of three panelists who spoke during Navigant's annual Forum of Revenue Cycle Experts conference May 9 in Chicago.

As far as provider expectations, he gave the example of one family member who is an independent primary care physician and another who begins medical school in August.

"My brother-in-law, [the independent primary care physician], likes spending time with his patients and sees value in understanding what the patient concerns are, what their health is — the whole socioeconomic impact on their healthcare," said Mr. Madison. "My son, [who is about to start medical school], is deciding what's the best work-life balance I can achieve in providing care. So, we need to understand those expectations that are really changing the dynamics in our healthcare industry."

He said that patient expectations change as they take on more financial responsibility for their care and want more choices about how they receive care.

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: 

8 hospital CFOs share their proudest moments
For-profit stock report: Week of May 13-17
Baylor St. Luke's vows to correct deficiencies identified in CMS report

 

© Copyright ASC COMMUNICATIONS 2021. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Featured Whitepapers

Featured Webinars