The patient financial responsibility conundrum: How healthcare organizations can manage fiscal challenges and deliver patients an empathic experience
Prior to the health and economic crises created by COVID-19, many of America's hospitals were struggling to navigate a difficult financial environment, due in part to declining reimbursement and increasing patient financial responsibility.
In a survey of more than 130 hospital leaders conducted by Becker's in conjunction with Zotec Partners in January 2020, respondents were asked to rank the influence of seven different challenges on their organization's financial performance on a scale of 1 to 10. Patient financial responsibility received the highest weighted score. While this survey predates the surge of COVID-19 cases in the U.S., concern among hospital leaders about patients' ability to pay their medical bills has likely intensified as the nation contends with the worst economic crisis since the Great Depression.
This white paper offers analysis of the survey results and offers insights into delivering patients an empathic financial experience.
In a survey of more than 130 hospital leaders conducted by Becker's in conjunction with Zotec Partners in January 2020, respondents were asked to rank the influence of seven different challenges on their organization's financial performance on a scale of 1 to 10. Patient financial responsibility received the highest weighted score. While this survey predates the surge of COVID-19 cases in the U.S., concern among hospital leaders about patients' ability to pay their medical bills has likely intensified as the nation contends with the worst economic crisis since the Great Depression.
This white paper offers analysis of the survey results and offers insights into delivering patients an empathic financial experience.
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