#MillenniumLive , Data , Digital
Nearly 50 million Americans live in rural areas and depend on their community hospitals for care. These hospitals, however, face significant financial challenges. If unaddressed, these challenges could jeopardize the availability of services at these vital healthcare organizations. To remain financially practicable, rural hospitals must build a culture of revenue cycle excellence.
Many virtues of telehealth are widely understood at this point but a perhaps lesser known emerging use for the platforms is to streamline the revenue cycle by enhancing billing and payment collections.
Keeping The Patient In Mind
Survival is the biggest challenge for hospitals today. Nowadays, collecting revenue from the patient is much different. It is especially different from collecting from the payer. Much of the patient portion is captured post-care, and what revenue cycle departments across the country are now dealing with is how best to collect that remaining balance. However, it is not an easy endeavor as some may think; Sometimes patients have no idea what they owe. Bills are often needlessly complex, and even if a patient understands their financial responsibility, they not be able to pay immediately, and so they put it off
Commenting on the potential of Telehealth, Dan Berger, national director at health financial technology company AxiaMed, says “What telehealth and other new delivery models have done is stumble upon potential fixes to these problems almost as if by accident.”
What Is Gaining Momentum?
The concierge medicine model, in which patients pay a monthly fee for premium health services, has not taken off to the extent that telehealth has. However, one billing concept that has contributed to the discussion of improving the hospital revenue cycle is the idea of recurring payments.
“Convenience has become so important that patient portals are not that successful, because someone has to log in to the portal to make a payment. Just to log in is a deterrent. What is successful is pay-by-text. You get a text message that says, ‘You owe this balance, would you like to pay now? His 1 to say yes, 2 to say no.’ Again, that requires the card to be on file somewhere.” Dan Berger.
These types of payment models are becoming more common, and in order for that billing scheme to work effectively, providers need to keep a credit card for the patient on file, along with a system that can send out the monthly bill with a reminder. It is also easier to accept payment plans when a card is on file, and plays into the convenience factor, saving consumers the step of having to actively log onto a patient portal to fulfill their financial commitments.
As generational attitudes start to shift in favor of technology and convenience, it behooves providers to provide convenience, clarity, and simplicity. With today’s reality being technology-centric, telehealth is providing hospitals with just that.
ABOUT PATIENT EXPERIENCE TRANSFORMATION ASSEMBLY
The Millennium Alliance is thrilled to announce the second Patient Experience Transformation Assembly this year!
Working with our Members and Advisory Board, we are putting a program to enable you to test out new technology and hear from experts about the latest strategies changing the patient experience. We understand that for C-Level executives time is precious, so we are bringing the best content and technology together this October in Denver to jump-start your transformation this fall.
Interested in becoming a sponsor? Download your copy of the sponsorship prospectus>>
Our agendas and attendee lists are for Millennium Members only. Apply today for access! Already a Millennium Member? Simply click the link and enter your password when requested.
Jenny Schecher is a Client Services Director & Social Media Manager at The Millennium Alliance. Jenny is an avid contributor to our blog, Digital Diary, as well as all social media platforms. When she is not writing about digital transformation and technology, she is working with her team to make visions come to life at our events. (and eating all of NYC's best food.) Follow her on Instagram: @jennyschecs or find her on LinkedIn!
Reach thousands of C-Level
Executives every month.
Do you have content that you feel will
resonate with our audience? We'd love to
welcome you as a guest contributor!
Premium content to our readers
interested in all things business.
Millennium Membership offers Fortune 1000 C-Level executives, leading public sector/government officials, and thought leaders across a variety of disciplines unique and exclusive opportunities to meet their peers, understand industry developments, and receive introductions to new technology and service advancements to help grow their career and overall company value.About Millenium Alliance
Launched in 2017, Digital Diary was created to provide premium content to our members interested in executive education and business transformation. With C-Suite executive and top academic contributors, interviews with industry leaders, and digital transformation insights from technology experts, Digital Diary has all of the professional development tools you need to stay ahead of the curve.
We are dedicated to distributing meaningful opportunities for our reader to increase their personal knowledge, simplify business initiatives, and to have the right information to build their capabilities and leadership skills at every level.
In the midst of disruption across all industries, our members are given the tools they need to digitally transform their organizations.