Hospital CFOs' big challenge? Curing medical bill ills
Insights from industry leaders rethinking the patient financial experience
Increased enrollment in high-deductible health plans has significantly altered the way provider organizations are paid for services. Payments from patients now make up a much larger share of hospital revenue. Since 2012, revenue attributable to patient balances after insurance have increased steadily for health system's nationwide. To maintain fiscal health, provider organization finance leaders must work to optimize the patient financial experience and improve patient payment collection rates.
In 2016, Falls Church, Va.-based Inova Health decided to modernize its billing experience. Its effort yielded significant success, increasing the collection rate for patients with insurance by more than 30 percent. In addition to detailing Inova's success, this e-book examines the forces driving the rise of the patient as payer, assesses the reasons patients don't pay, and offers insights into the emerging tools and strategies executive leaders can implement to create a more streamlined, satisfying billing system. The content is based on a Becker's roundtable discussion with several finance leaders from major health systems.
Fill out the form to download the e-book.