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
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
