RCM tip of the day: Use technology to navigate increased patient financial responsibility

Deploying revenue cycle management software can help healthcare organizations meet patient demands for an effective and efficient payment experience, according to Matt Hawkins, CEO of the newly combined Navicure and ZirMed company.

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

"It's no secret more employees are choosing high-deductible health plans over the higher-priced options to help control costs. However, when care is needed, they oftentimes find themselves at risk for increased medical bills, resulting in the struggle to meet their financial responsibilities. In fact, a report put out by TransUnion Healthcare states nearly 68 percent of patients with hospital bills less than $500 didn't pay the full balance in 2016.

"To minimize these effects, healthcare providers are faced with the challenge of finding ways to help patients understand their financial obligations earlier in the encounter to avoid uncompensated care. This includes the use of RCM software to better serve patients by offering payment plans or alternative payment options.

"These emerging technologies can help physician practices, hospitals and health systems give patients the experience, transparency and consumer-friendly options they want. In years past, greater technological capabilities often meant greater complexity, but now healthcare organizations are finding it creates a more seamless experience."

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. 

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


Featured Webinars

Featured Whitepapers