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Patient financial responsibility for healthcare costs has grown rapidly over the past few years, rising from 5% to 35% in two decades. Today, patients are now the third-largest payer behind Medicare and Medicaid. This increase in responsibility can be challenging for healthcare providers when it comes to collecting revenue. However, it is also challenging for patients. High-deductible health plans continue…

Patients are now responsible for a larger-than-ever proportion of healthcare bills than ever before. Patients now have larger deductibles and have to pay closer attention to their costs. With this new swing toward the patient-as-payer, healthcare providers need to do more to keep patients satisfied and avoid patient bills from going into debt collection. Healthcare providers today face many challenges…

While many patients are surprised by the sticker price of healthcare, they should also be shocked by the administrative costs created in a healthcare revenue cycle. The Journal of the American Medical Association (JAMA) published a study that found that the average cost of insurance claim processing and billing for a single primary care provider is $99,000. The study found…

Positive healthcare culture is a critical part of remaining competitive in an industry that's increasingly driven by patient satisfaction. But what is healthy healthcare culture, and how can you cultivate it within your practice? About healthcare culture A healthy healthcare culture supports an environment in which you and your employees are fully empowered to deliver patient-focused care. When you and…

From reducing medical errors, staff turnover, or increasing patient collections, there are common areas that hospitals tend to focus on when wanting to reduce errors and improve their bottom line. But one area that is often overlooked is hospital culture. Culture is hard to define but is essentially the collective behavior of your workforce. It is the behavior your hospital…

Healthcare revenue cycle management is a complex process that involves the management and improvement of all parts of the revenue cycle. Many healthcare providers struggle to find the time to efficiently and accurately manage their own revenue cycle because healthcare revenue cycle management requires a fair amount of training and expertise in the areas of billing and coding. For this…

Claim denials are a common issue that not only complicates your revenue cycle but also negatively impacts the patient experience, which can have lasting repercussions on your medical practice. If your practice serves Medicaid, Medicare, and VA patients, you may need to be prepared for strict rules and regulations. Every year, Medicaid/Medicare denies, loses, or ignores approximately 30% of claims.…

Patient financing is a critical part of delivering a positive healthcare experience for customers and is directly linked to retaining their loyalty. Yet, many healthcare organizations don’t measure the impact the financial experience has on customers. The financial experience is the final perception that customers are left with after seeking medical care. This means that even if the patient has…

As healthcare costs rise, and administrative burdens grow, healthcare providers are increasingly looking to outsource parts of their services to alleviate some of the strain. If your organization is considering outsourcing your revenue cycle management, you’re not alone. By 2023 the outsourced revenue cycle management market is expected to be worth $23 billion. Outsourcing is not just a great solution…

In 2020, consumer finance company Credit Karma conducted an analysis of 20 million members in the United States. The results showed that Americans owed a total of $45 billion in medical debt — around $2,200 per member surveyed. Hospitalizations were responsible for one-quarter of all the medical debt. Medical debt has been growing since the coronavirus pandemic, during which millions…