The patient financial experience and No Surprises Act are top of mind for revenue cycle leaders as we move into 2023.
As hospitals try to navigate the COVID-19 crisis, inflation, labor shortages, and rising expenses, organizations are going to finish out the year in the red, according to the latest National Hospital and Physician Flash reports from Kaufman Hall.
To increase collections and build a stronger, more positive relationship with patients amid these struggles, hospitals are putting the spotlight on the patient experience. While streamlining front-end and back-end operations are a must, there is a wrinkle that leaders have been struggling with: The No Surprises Act.
Novant Health’s Senior Vice President of Finance, Geoff Gardner, spoke exclusively with HealthLeaders on the changes he sees for the patient financial experience considering the No Surprises Act and price transparency.
“In light of recent legislation around price transparency and surprise billing, it’s critical that providers listen to their patients and find ways to engage that work for them,” Gardner said.
“Part of the reason we decided to implement new technology was because we wanted to optimize our billing experience on mobile devices. I’m sure we’ll see this trend continuing—both at Novant Health and across health systems in general. Providers should be empowering patients with a digital-forward experience that helps patients understand their bills and how insurance benefits apply.”