Advice for Improving Revenue Cycle Performance from 7 Healthcare Leaders

Hear it directly from the providers!

In the new reality where patients are responsible for more of their healthcare expenses, hospitals need to be more “patient-centric” in their approach, as this shift from payer reimbursement to patient reimbursement has major implications for revenue cycle management. Frankly, it forces hospitals and health systems to abandon traditional processes for the adoption of patient-centric practices, according to a panel of healthcare leaders polled by Hospital CFO.

Jon Neikirk. Assistant Vice President of Revenue Cycle for Froedtert & the Medical College of Wisconsin, shared an almost retail approach:

My advice would be to focus on the patient experience, and make it the driving force behind projects you take on. Price transparency is our biggest one lately. The healthcare industry needs to move this topic to the front of conversations with patients. Let them know what to expect in a way that’s meaningful to them. We recently started giving patients out-of-pocket cost estimates. I also would recommend keeping an eye on self-service technology — apps that let patients self-schedule and do other things.

Facilitating a flexible payment mechanism is important in this consideration, offering everything including debit, credit cards, line of credits, and even check payments.

Will healthcare facilities be able to adopt this new viewpoint, or will they resist the “retail mindset”?