Tag: Patient financial responsibility

Outsource Revenue Cycle Management Services
  • April 12, 2023

Study States, Providers Look to Outsource Revenue Cycle Management Services

In their quest to enhance cash flow and deliver exceptional customer care, healthcare providers are actively seeking suitable vendors to outsource their Revenue Cycle Management Services. To overcome staff shortages and financial challenges, healthcare providers are mostly planning to outsource revenue cycle management processes, according to a study. From the research conducted by PatientPay in […]
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EHR-RCM Integration Can Improve Revenue Cycle Efficiency

Partnering with a vendor that provides EHR and RCM capabilities helped one healthcare organization boost communication and improve revenue cycle efficiency for 150 care centers. Leveraging automation for revenue cycle management (RCM) processes can streamline tasks and improve efficiencies. Specifically, partnering with an EHR vendor helped a healthcare organization to achieve $1 billion in patient […]
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High Out-of-Pocket Costs Led to Low Patient Collection Rates

Self-pay after insurance patient collection rates dropped from 76 percent in 2020 to 55 percent in 2021 as the share of out-of-pocket balances over $7,500 grew. Patient collection rates at hospitals declined and bad debt increased when out-of-pocket bills reached $7,500, according to a report from Crowe Revenue Cycle Analytics (Crowe RCA). The report reflects […]
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The Major Strategies to Improve the Patient Collections

Open communication, payment options, and understanding are all key to improving patient collections in a consumer-oriented healthcare landscape. The rising cost of healthcare in the United States has left consumers feeling lost and overwhelmed. High deductible healthcare plans, co-pays, and out-of-pocket medical expenses have all contributed the emergence of healthcare consumerism, which is the pursuit […]
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Physicians Collect More From Surprise Medical Bills in ED

Physicians in a hospital’s emergency department (ED) collected significantly more of the charged amount for likely surprise medical bills compared to other patient cases, a new study in Health Affairs reveals. In the event of a likely surprise medical bill, physicians collected 65 percent of the charged amount compared with just 52 percent for other cases. Researchers also found […]
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Top 5 Trends Impacting Healthcare Revenue Cycle Management

The world is changing and the operations behind healthcare reimbursement is changing with it. Healthcare organizations are recovering from an unprecedented public health crisis during which entire service lines shut down so providers could focus on stopping the spread of a deadly virus. Meanwhile, healthcare has been going through a digital revolution. The clinical shift […]
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Adapting Patient-Friendly Medical Billing to a COVID-19 World

Monument Health in South Dakota is adapting to a new definition of patient-friendly medical billing as COVID-19 transforms patient needs and their ability pay for healthcare. Patient financial responsibility has been impacting the hospital revenue cycle far before the world knew what COVID-19 was. But the unprecedented public health crisis has shed new light on patient-friendly […]
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How COVID-19 Is Impacting the Healthcare Revenue Cycle

COVID-19 is creating unique healthcare revenue cycle challenges around billing and coding, patient financial responsibility, and resource allocation. As entire nations encourage their populations to stay inside to avoid COVID-19, healthcare providers are more active than ever in response to the outbreak of the novel coronavirus. This activity is having a significant impact on the […]
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Strategies to Mitigate Shrinking Reimbursement in Emergency Medicine

Emergency departments are under intense pressure to do more with less, and drilling down into clinical and operational data can provide opportunities to offset decreasing revenues Many emergency providers are starting to find themselves caught within a perfect storm, with pressure from reduced reimbursements building steadily across all payer types. Medicare payments for emergency care have effectively […]
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