The move to “cashless” will help the health system reduce administrative costs by removing cash handling expenses. An average of 3 percent of payments to UIHC are currently made in cash.
“We are always looking at how to reduce expenses in ways that do not affect patient care quality and safety,” Tom Moore, a spokesman for UIHC, wrote in an email to The Des Moines Resister.
Mr. Moore said similar policies exist at Stanford University and other West Coast facilities. However, UIHC is the first Iowa system to make the change, according to the report.
More articles on healthcare finance:
Summa Health System to cut 300 jobs due to $60M operating loss
60% of finance executives underestimate impact of QPP, survey says
Hackensack Meridian Health, St. Vincent top achievers in patient pay recovery
