Generally speaking, the revenue cycle is solely responsible for monitoring money flow in a healthcare organization. But have you ever stopped to consider what kind of role it may play in influencing a patient’s experience? After all, there are several instances where a patient spends a greater amount of time interacting with revenue cycle management staff than they ever do the clinical staff. And yet, the focus remains on how to improve the bottom line versus focusing on improvements to the patient experience.
Changes may be afoot. Health systems may wish to start evaluating ways to create a fusion between consumer demands and the revenue cycle process. It only makes sense that a better patient financial experience will ultimately yield a better bottom line.
Considering the surge of high-deductible health plans, patient financial responsibility has significantly increased. As patients face greater costs, hospitals may be noticing a shift in their revenue sources. A TransUnion Healthcare study reveals total hospital revenue attributable to patient financial responsibility after insurance skyrocketed by more than 85 percent from 2012 to 2017, meaning hospitals have a greater reliance on patient collections to receive complete payment for services. Hence, hospitals and health systems should take the necessary steps to ensure their financial processes are in line with patient needs so that the revenue cycle functions smoothly.
To read more, please visit https://revcycleintelligence.com/news/aligning-the-healthcare-revenue-cycle-with-patient-experience.
This update is by Medical Accounts Systems, a full-service healthcare revenue cycle management company providing a number of services including insurance follow up and managed care disputes, physician reimbursement, extended business office services, and more. For additional information on our services or for any questions you may have on topics such as medical bill debt collection, please call 877-759-6315.