Today, too many hospitals and health systems are stuck in their revenue cycle status quo. While some providers have automated parts of their revenue cycle, many are still burdened by manual processes, paper statements, phone calls, bolt-ons and an overall lack of data transparency.
Carrie Moneymaker, vice president of solution design for Zotec Partners, thinks that no matter where hospitals and health systems are on their revenue cycle journey, their processes are outdated in some way. She made the comments during a Dec. 2 webinar hosted by Becker's Hospital Review and sponsored by Zotec. One trend challenging outdated revenue cycle processes is high-deductible health plans and health savings accounts, which have created a new — and sometimes abrasive — billing relationship between patients and providers.
"If we're all being honest with ourselves, we make the patient financial experience far too cumbersome. It's not timely, it's not transparent, and most patients don't understand what's going on," Ms. Moneymaker said. In fact, 40 percent of patients don't pay their medical bills because of a lack of understanding, according to data cited by Ms. Moneymaker. As a result, providers see their outstanding accounts receivable grow.
In addition to lower or delayed payment, providers often aren't measuring if their patients are satisfied with their end-to-end billing experience, a mistake Ms. Moneymaker said providers can no longer afford to make in an era of consumer-driven healthcare. While providers have hired new talent and added bolt-on technologies to address some of these deficiencies, outdated revenue cycles ultimately put healthcare organizations at risk for increased waste and cost.
The future revenue cycle won't look like this. Automation powered by artificial intelligence will be ubiquitous. Customized billing experiences will be a reality for each patient, as will greater interoperability between technology systems and data reservoirs.
But providers can't wait for the future. They need to make the future happen now, Ms. Moneymaker said. Most providers are realizing this: 74 percent of hospital CFOs have started outsourcing multiple revenue cycle management functions, according to data cited by Ms. Moneymaker. She said leading providers will be the ones who trust in technology and predictive analytics to do the repetitive work of the revenue cycle and allow people to manage high-level tasks.
Zotec offers providers end-to-end revenue cycle solutions that allow patients to schedule visits online, see cost estimates and check eligibility in real time, lessening the burden on providers' human capital and helping patients own their billing experience. The solutions are compatible with EHRs, allowing providers to see the same information that patients see and carry the financial conversation throughout the care journey. Additionally, the solutions enhance the revenue cycle through automation and predictive analytics.
"Streamlining and finding an end-to-end solution will help mitigate adding bolt-ons," Ms. Moneymaker said. In exchange, providers will see more data-sharing, standardization and productivity, and fewer costs, risks and errors.
"Ultimately, you're going to improve the patient experience and improve transparency across the system," Ms. Moneymaker said.
To learn more about Zotec's revenue cycle management solutions, click here.