So often in talking about Revenue Cycle Management (RCM) the focus is placed onto the organization. How do we improve RCM? How to can we incorporate digital solutions into RCM? Because when talking about the money of an organization, we automatically look towards the business of the organization. However, that leaves out one huge piece of RCM. The patient. Without the patient, there is no one giving you the revenue you are trying to manage. So let’s take a moment and focus on the patient’s experience with RCM.
We reached out to our wonderful Healthcare IT Today Community to get their insights on what RCM looks and feels like on the patient’s end. Read what they had to share down below.
Vince King, Chief Commercial Officer at TailorMed
We are finding that clinical outcomes are becoming inextricably linked to the patient’s financial experience. In today’s environment, where patient’s out of pocket payments are becoming an ever increasing component of the reimbursement for providers, it is simultaneously becoming a potentially gating factor to driving clinical outcomes.
This is especially true in today’s climate in which soaring healthcare costs, coupled with rising inflation, have deepened financial barriers to care. One in five US adults report they are unable to afford healthcare, and 41% of Americans currently face medical debt. As more patients struggle with affordability, they have a vested interest in understanding their financial obligations upfront.
They also want their financial experience with a healthcare provider to mirror the convenient, “one-click” experience they’ve come to expect from other service sectors. In one survey, 90% of healthcare consumers said that a good financial experience is a deciding factor for returning to a provider.
Digital solutions empower providers to create positive financial experiences–and build patient loyalty. For example, new technologies enable healthcare organizations to proactively flag financially at-risk patients, and match and enroll them in relevant assistance programs. By leveraging these and other solutions to optimize financial experience, hospitals and health systems can drive affordability at scale. In doing so, they can alleviate the financial burden of care, while easing collections, increasing revenue, and supporting the bottom line.
Seth Cohen, President at Cedar
Healthcare billing is among the single worst consumer financial experiences in the U.S. This unpleasant experience, which impacts multiple stakeholders (think: unpaid bills, dissatisfied patients, expensive revenue cycle activities, payer consumer friction) often stems from payers and providers operating in silos that lead to miscommunication and lack of financial clarity for patients.
If payers and providers invest in technology – and most importantly, collaboration – that can yield superior communication and coordination, leading healthcare organizations can avoid the negative effects of misalignment and significantly improve the patient that offers one unified source of truth, not to mention a boost in payment rates and revenue.
Noel Felipe, SVP & Revenue Cycle Practice Leader at Firstsource
Effective digital outreach is key to improving revenue cycle management. Moreover, a consistent and trusted financial experience can have a significant effect on patient satisfaction and engagement. Communicating with patients clearly and reliably with a customized message, through a preferred channel, sets the scene for optimum engagement. In addition, providing simple, accurate estimates with clear explanations prior to an appointment – along with digital self-service pay options – is key for successful collections.
Helen Lamons, SVP of Revenue Cycle Management at Advata
The financial experience continues the patient’s visit experience with a lasting impact. Advanced data analytics can show where problems are happening, predict future results, and automate action for better outcomes. In an increasingly competitive world for patient loyalty, it is crucial the patient focuses on their health and not on chasing down billing errors. A seamless billing process improves the patient experience and allows patient health to be prioritized without distractions.
So interesting! If you have anything to add to this conversation, comment your thoughts down below or on social media. We’d love to hear what you have to say!
