Revenue Cycle Management
Healthcare organizations need to adopt solutions that overcome revenue cycle challenges, mitigate revenue risk and maximize return on investment.
Management consulting firm McKinsey & Company estimated that the rate of bad debt is increasing at more than 30 percent each year for insured patients in some hospitals. Kaiser Family Foundation found that 20 percent of insured Americans had difficulty paying medical bills in the last year.
As patients assume more of the financial burden for medical expenses – especially for the 25 percent of employed patients under high-deductible health plans - hospitals are spending more money, revenue cycle resources and time collecting medical payments. Unfortunately, this trend will most likely accelerate in the coming years.
According to a 2015 survey by Black Book, 83 percent of hospitals outsource collections to a third party. Typically, secondary bad debt collectors charge services fees between 25 to 30 percent on revenue recovered for hospitals.
All of this represents significant costs and loss of revenue, potentially in the millions of dollars.
Healthcare organizations need to adopt solutions that overcome revenue cycle challenges, mitigate revenue risk and maximize return on investment. Automating portions of your revenue cycle can be highly cost effective, driving efficiencies and increasing collections.
PatientBond will automate payment reminders that provide subtle but effective notice for those with unpaid bills. Simple, effective and relevant reminders, written with psychographic insights to motivate compliance, promote payment.